New Year 2023: 10 financial resolutions to save more money next year

Holistic financial management is necessary. Although how we invest or save is vital, managing our time and maintaining our health is more crucial. Since it's almost time to bid goodbyes to this year as the new year eagerly awaits, here are some new year personal finance resolutions that you can take this upcoming year.

Here are a few ideas for inspiration:

1. I won't rush into investing or saving money before I have adequately protected my family with life insurance, health insurance, and an emergency fund.
2. I’ll build up a savings pot for an emergency fund of between three to six months of your earnings.
3. I’ll also build up a retirement pot which will depend on what sort of life I want to lead in retirement. I’ll follow the retirement thumb rule of the percentage of my pre-tax salary that I should be paying into my pension each month which should be my current age divided by two.
4. I'll acknowledge the significance of inflation and give up worrying about things like regular income, pensions, "safety," and "guarantees."
5. I'll start the new year by outlining my financial objectives, devising a plan, and only then worry about investing. 
6. I'll recognise the returns I need to invest in order to meet my financial objectives. I won't chase after returns crazily.
7. I'll make sure that every aspect of my tax strategy exactly reflects my objectives. I won’t care what month it is; my tax preparation will entirely be based on the goals I have, for which I put money aside all year.
8. I won't look for an "excellent child plan" or a "good pension plan." I will only create good plans based on a broad portfolio.
9. When the market falls, I won't be concerned about my mutual fund holdings. Building wealth with equity requires persistence and continuous investing, regardless of market conditions.
10. I won't be influenced by articles, comments, or news that forecast market moves or make recommendations for stocks, gold, properties, bonds, or anything else. I already have a plan for my investments, and I will follow it.