New Year 2015 is about to begin & I am herewith 15 Money mantras of 2015. Following these money mantras will improve your financial life and will make you a better investor.
15 Money Mantras of 2015
I will not shy away from stock market
Stock market gave magnificent return in 2014 and it is expected that stock market glory will continue in 2015. If you are not investing in stock market first money mantra for you is don’t shy away from stock market.
I will invest in stock market for long-term only
Stock market gives very good returns but it demands time. You need to stay invested in stock market. Don’t invest in stocks if you have an investment horizon of less than 3-4 years. So second money mantra for 2015 is “Invest in stock market for long-term only”.
I will invest in Direct MF Plan
Direct MF plan means plans in which you can directly invest without help of any agent. These plans are directly operated by fund house without distributor help. This direct plan will have separate NAV which is higher than normal NAV because of expense ratio is lower. It will be always beneficial to invest in Direct MF Plan.
I will purchase Insurance policy only after understanding
Life insurance is complicated product. Some life insurance produce is meant for risk cover while others are for saving. Before purchasing insurance policy define your goal clearly. Purchase policy only after understanding.
If my insurance cover is less, I will buy Term Plan
Are your insured with sufficient amount? If not please buy term plan. Term plan will give you only risk cover. For comparison of term plan you can refer to our article – Comparison of 27 term plan.
I will do effective tax planning
You can save more money if you do effective tax planning in advance. Instead of doing tax planning at end of year this year plan to do tax planning from beginning of year.
I will file Income Tax return by self
Filing tax return is child’s play now. You will find number of websites which will help you for filing return so this year instead of giving money to advocate for filing return file tax return by self.
I will review and re balance my portfolio regularly
Monitoring and aligning investments as per goal is necessary today. Plan to review your portfolio every quarter and carry out necessary changes in portfolio. You can use online free portfolio tracker for monitoring.
I will purchase TOP up plan for Health Cover
Healthcare expense are growing every day. If you are not covered with health insurance please plan to buy it immediately. If your coverage is less instead of buying new policy TOP up existing health insurance policy.
I will make prepayment of my Home Loan
Prepayment of Home loan is very good decision. Every small prepayment at earlier stage will create huge difference in net interest paid. If you make prepayment of home loan you will end up saving more money.
I will plan my expense in advance
This year instead of doing haphazard expense let’s do proper planning. Prepare document containing expense you are likely to incur in 2015. This document must contain information about source of income and nature of expense. Do effective planning before committing expense.
I will upgrade my skill for good career prospects
It is always good idea to enhance knowledge and skill set you possess. This will help to enhance your career prospects. Take training course in filed which you are serving or opt for certification. This will increase your demand and market value.
I will protect my money from unwanted expenses
Let’s learn to protect money. Don’t do any unwanted expenses. Before doing any expense ask yourself whether it is necessary or not?
I will start part-time job or business to earn more money
Earning more money is always good for your finance. This year you can think of starting part-time job or business to earn more money. If you are in need of business idea you can refer my post 40 small business ideas with low investment.
I will do some charity
Last money mantra of 2015 is you should do some charity. Charity can give multiple benefits like tax saving, sense of satisfaction, improving society etc.
If you like these money mantras of 2015 we recommend to share this with your friends and relatives!