5 Financial Resolutions For you to set in 2015

The year 2014 may have come to an end but the fiscal year 2014-15 still has some time to end as the final quarter reaches its middle. With the new fiscal term nearing a close what are the things you should be looking at to improve or intake in the next one. I am sure all of you may have some ideas and so do we. So let us assist you with your financial resolutions for fiscal year 2015.

 

Here are 5 financial resolutions you should make in 2015

 

Do not buy complex insurance policies

 

Life insurance plans can be complicated products. Some give large covers, others act as savings instruments. Some may charge premium for the entire term, others for a limited period. Some offer cover for life, others till a certain age. Some may pay at regular intervals; others give out a lump sum. Thus knowing your policy thoroughly should be a prime financial resolution.

Each policy has its own terms and conditions and its own utility. Understand your needs and then buy a policy. Always make it a must to understand all the complexities of the policy you are interested in buying. Make sure you understand how it works, how the premiums are calculated and how fair are the linked returns. Always stay informed and make calculated decisions.

 

 

Learn to file your own Income Tax Return

 

Filing your tax returns is not rocket science. Even someone with basic knowledge of taxation terms can do it himself. Tax filing portals have made the process easier by De-jargonizing the tax forms. For a small fee, they even check your tax return for mistakes and guide you on the nest course to save more tax.

Thus your financial resolution this year should be to drop your aversion for this annual ritual and file your return yourself this year.

 

Learn new skills to enhance your career prospects

 

This should the top most priority and the most important financial resolution you should take in 2015. The job market is a jungle in which only the fittest will survive. Therefore it is imperative to hone your skills or learn some new ones to stay ahead of the herd and make yourself indispensable at the workplace. Not only will you be in demand from other companies but your own company will leave no stone unturned to return you.

Thus improve your brand value and become a favourite of the employers.

 

Look for a better job to suit your profile

 

Are you unhappy, underpaid or just plain bored with what you are currently doing? If the answer is yes then this is must fulfil financial resolution to make in 2015.  Go ahead and start updating your resume on all the portals you are signed on and start looking for a better job and by that we mean something which perfectly matches your profile and compliments your skills.

The job market is buzzing with opportunities and the sky is the limit for the right candidate. You need to step out of your comfort zone and turn into an dynamic and proactive individual.

 

Don’t let distractions impinge your retirement

 

Retirement planning is not something which should be left for when you are fifty. You should make a financial resolution to review and analyse your retirement plans first hand when each fiscal year begins. If you don’t have a retirement plan yet then you must keep other priorities like your kids’ education, a new car, a second house in the suburbs etc. These goals must not pose an obstacle for your retirement plans.

Whether you like it or not, one day you will retire. While you can take a loan for your other goals, it won’t be possible to take a loan for your retirement requirements! Just something to think about

 

 

 

Thus, go ahead bring out your calculators, tax slabs, insurance documents and what not and start analysing and understanding each one of them. The biggest financial resolution for all in 2015 should be to achieve a more long-term financial stability and security than they had achieved in the last year.

All the best!!