As the first week of the new year rolls by, a few women share their financial goals and strategies for 2015 with Avril-Ann Braganza
Travel has been and will always remain a priority. So my first goal is to start a travel fund. I plan to save ₹10,000 a month in a recurring deposit, which will help tick those long-pending trips off the bucket-list. I also plan to be more tax-wise by making tax-saving investments such as insurance, so I get to keep more of my hard-earned money. You never know when you’ll need that extra money for an unforeseen circumstance, so I've decided to open a fixed deposit and save at least ₹50,000 this year. Lastly, I think it's important to give more. There’s always someone around me, who could use some money, for more important things than I have in mind for myself. So I'm going to sponsor a child or donate to a foundation I believe in. Maybe both!
–Asha Cherian
Like everyone else I know, my goal is to increase my savings. As of now, I save 1/3 rd of my salary. But now I need to start another recurring deposit for a travel fund. This way I can ensure one good long international holiday every year without touching my long term savings. I have also decided to to spend less on my credit card and reduce unnecessary expenditure.
–Claudelle Monis
I have a short term and a long term goal for 2015. My short term goal is to buy a car, for which I had started investing in gold, thinking it's value would increase, but apart from that I will use the money I have saved up for it. Secondly, I had invested in a flat in Palgarh last year, so this year I aim at paying that off completely. I also aim at saving some of my income in fixed deposit as I have no money in there, yet. I have a monthly salary allotted to me, from which I plan to save ₹10,000 in a fixed deposit. After I spend for my basic necessities, I will save the rest, which will help me not to over spend and to stay focused on my goals.
–Rishita Das
I have decided to keep track of my daily expenses. Suddenly at the end of the month, I wonder where that salary evaporated to. I'm also going to watch out for unnecessary expenditure, which means I'm going to reduce my visits to malls and watching movies, cut down on coffee from expensive brands and I won't fall prey to sales. I plan to save a fixed amount every month in savings and recurring deposits for my future and make at least two big investments, this year. I'm determined to finish my second investment by May. I want to take a trip to the Himalayas so of course, I'm going to save for that in my second savings account.
–Rama Sreekant
My resolution is to clear two debts, which I plan to do in monthly installments and also by investing in equity and then clearing it as a lump-some. Secondly, in order to save for the future, I will check what's already in my wardrobe before I buy anything new, calculate average household for a month and put the rest in fixed deposits or other savings instruments to avoid splurging on expensive gifts for others and myself. Thirdly, I still have to figure out a way to afford to buy the car I want.
–Averil Nunes
Would you like to share your goals for 2015 with us? Write to dnaofwomen@gmail.com and tell us how you plan to meet your financial targets this year.
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