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New Year 2016: Five financial resolutions you must make this year

It is very important to take pragmatic decisions so that you have a secure and safe future. Here are five financial promises you should make to yourself this Year.

Updated: Jan 04, 2016, 09:54 AM IST
New Year 2016: Five financial resolutions you must make this year

Zee Media Bureau

New Delhi: New Year is also a lot about resolutions. It is very important to take pragmatic decisions so that you have a secure and safe future.

Try making these five financial resolutions or promises this year.

I WILL TAKE TERM INSURANCE

It is very important to to take a term plan so that you can secure the future of your family.  Promise to yourself that you will take a term insurance policy. The sooner you start, the better.

I WILL TAKE HEALTH INSURANCE

Don't just be dependent on the company's mediclaim plan. Rather take a personal health insurance plan. Remember, if you are off job for a while, your company plan will become useless. Take health insurance plans that take care of hospitalisation.

I WILL OPEN PPF ACCOUNT

PPF is the most tax-efficient fund and you can also claim tax deduction under Section 80C. Its 15-year lock-in period also makes it ideal for long term saving plans. You must open a PPF account as early as possible.

I WILL MAKE RETIREMENT PLANS

Right now it might seem laughable to think of retirement plans. But the fact is, retirement plans are better planned ahead. Be very careful while calculating the fund.

INVEST IN MUTUAL FUNDS, SIP

Investment in Mutual Funds or Systematic Investment Plan (SIP) actually gives you a lot of breathing room because your fund managers will manage your investments. You don't have to keep worrying about your investment money like you do on stock or other equity options. Start investing in small amount this year while you can always keep increasing the bracket.