Jan 1st is just another day, but we consider it a time for new beginnings. If you want to manage money better, here are 15 personal financial resolutions and resources to consider for the new year.
In his 2013 Ted Talk, former Google search quality chief Matt Cutts talked about the power of trying something new for 30 days. He says if you try something new for 30 days or stop doing something for 30 days, it becomes a habit, and we are likely to stick to it. So the goal will any new year resolution should be to see it through at least Feb. Hopefully, it will become second nature then.
Money management should be holistic. How we save or invest is important, but our health and time management is more important.
Personal Finance Resolutions for 2023
- I will not be in a hurry to invest or save money – not before I protect my family with adequate life insurance, health insurance and an emergency fund. See: How do I get started with money management as a beginner?
- I will strive to be fitter and eat healthier. See: Sugar: The Bitter Truth and Warning, you could be the next diabetic! Simple steps to prevent, manage and even reverse diabetes.
- Rain or shine, I will exercise for one hour a day. I will also double this time to think about my life and process diverse thoughts. Don’t touch that mobile or headphones! Also, see The art of doing nothing.
- When I read a piece of information on investing, I will ask, “who has written it?” and “what’s in it for them?” (conflict of interest). Better still, I will not consume personal finance information unless required. See The Information Diet: How Less Information Can Make us More Informed.
- I will recognise the importance of inflation and stop obsessing about ‘regular income or pension or “safety” or “guarantees”. See: Inflation has reduced Rs. One Lakh to just Rs. 5741 in 41 years!
- I will list my financial goals first, plan a strategy and then worry about investments. Get started here: Basics of portfolio construction: A guide for beginners.
- I will recognise the returns I need for my financial goals and invest accordingly. I will not madly chase after returns.
- Trading will not make you rich unless you have a lot of money and time to invest. Young earners are better off trying to increase their income. You need money to make money!
- I will ensure all my tax planning is perfectly aligned with my goals. I do not care whether it is April or November; my tax planning depends only on my goals, for which I invest all through the year.
- I will not search for a ‘good pension plan’ or a ‘good child plan’. A good plan is the only one I make based on a diversified portfolio. See: How to build the ideal retirement portfolio.
- I will not worry about my mutual fund holdings when the market slumps. Patience and consistent investing, regardless of market conditions, is the secret to building wealth with equity. However, I must first create a plan that will work in all markets. Also see: Don’t make these mistakes while investing in mutual funds!
- I will not stop my investments because the market is at an all-time -high or wait for a dip. See: Why SIP or lump sum investing need not be stopped when markets hit all-time highs! And Myth Busted: Investing during market dips will result in more returns.
- I will learn to analyse investments beyond returns in a goal-based manner. See: How to Conduct a Personal Financial Audit and Portfolio Audit 2021: How my goal-based investments fared this year.
- I will not be swayed by posts/comments/news that predicts market movements, suggesting stocks, gold, real estate, bonds, or anything. My investment plan is already in place, and I will stick to it.
- I will either be a true DIY investor – research information and take decisions myself or consult a SEBI-registered fee-only financial advisor. (More than 1000 of our readers are working with these advisors)
- Once my basic fortifications (insurance, emergency fund) and savings and investments are in place, I will only look at my portfolio once a year for a review. I will also “graduate” from reading/viewing personal finance content, particularly freefincal.com.
Happy money management in 2023!
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Now watch Let's Get Rich With Pattu தமிழில் (in Tamil)!About The Author
Dr M Pattabiraman giving a lecture
Dr M. Pattabiraman (PhD) is the founder, managing editor and primary author of freefincal. He is an associate professor at the Indian Institute of Technology, Madras. He has over 14 years of experience publishing news analysis, research and financial product development. He is a patron and co-founder of “Fee-only India,” an organisation promoting unbiased, commission-free, AUM-independent investment advice. Connect with him via Twitter(X) LinkedIn YouTube Pattabiraman has co-authored three print books: (1) You can be rich too with goal-based investing (Published by CNBC TV18) for DIY investors. 
This book helps you ask the right questions and find the right answers. It also includes nine online calculators to create custom solutions.
(2) Gamechanger: Forget Startups, Join Corporate & Still Live the Rich Life You Want. 
Both the boy and girl versions of "Chinchu Gets a Superpower".
Most investor problems stem from a lack of poor decision-making. We made bad decisions and money mistakes when we started earning, and we spent years undoing them. Why should our children go through the same pain? What is this book about? As parents, what if we had to groom one ability in our children that matters not only for money management and investing but for every aspect of life? My answer: Sound decision-making. So, in this book, we meet Chinchu, who is about to turn 10. The story follows what he wants for his birthday and how his parents plan it, while also teaching him key ideas about decision-making and money management. What readers say! 
Feedback from a young reader after reading Chinchu Gets a Superpower!
Must-read book even for adults! This is something that every parent should teach their kids right from a young age. The importance of money management and decision-making based on their wants and needs. Very nicely written in simple terms. - Arun.
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