6 Money Goals to Conquer this Dussehra!

Snneha Lukaa June 16, 2019

Every year, the holiday season comes comes along, throwing our budgets astray and draining our savings account. Depending on how well you’re doing with your money, the back-to-back holidays may or may not drastically affect your finances. The last few months of the year are also a good time to reflect and re-evaluate your plans for the coming year so you can start January 2019 in full swing.This Dussehra, work on building the stepping stones towards financial growth in the coming year with these 6 tips:

1.Sort out your life priorities:

As we progress in life, the things that really matter to us become crystal clear, and this translates to what we choose to spend our money on. It takes self-awareness to set strong boundaries with spending money. This includes knowing when to say ‘no’ to lending money, avoid the temptation to spend because you don’t want to miss out on social activities, and being mindful of making purchases that are worth the investment and will add great value to your life. It’s equally pointless to hoard money and rarely spend it on things that will actually enrich your life experience, only to feel miserable and empty inside. Authentic fulfilment is the key here when it comes to managing and spending money.

2. Know your net worth:

Calculating your net worth lets you know where you stand financially and thus help you understand how you can get to where you want to be. Basically, your net worth is the total value of your assets (savings, investments) minus your liabilities (loans, debts, EMIs). Your net worth can fluctuate every year depending on your income and expenses. This is why it’s equally important to track every outgoing expense on a daily basis, and knowing at any given moment how much money you have in the bank, the value of your investment portfolio, and the status of your debt repayments (if any). Following this will give you a greater sense of financial clarity, control and responsibility when it comes to making money decisions.

3. Automate your savings:

There’s a reason why automating your savings works. When you set aside a small amount every month such as 10% of your take-home salary, it’s a painless way to save without creating a drastic impact in your spending budget. Saving a low percentage of your income is easy for anyone because it’s money that would have been otherwise spent on frivolous things. Put this money into an SIP so it won’t be touched, and you’ll amass a decent sized nest egg that you can use for investment purposes or set aside as part of your retirement savings.

4. Set SMART money goals:

Vague goals won’t get you anywhere, and that’s why you need to set SMART goals (Specific, Measurable, Achievable, Realistic and Time Bound). For example, setting a goal to save Rs 1 lac might be specific, but it lacks the other components of a SMART goal. Consider the amount of time you will need to save up 1 lac rupees. How will you measure whether you’re on track to this goal? Let’s say that given your monthly income, it’s easy for you to save Rs 5,000 every month over the next 20 months to accumulate Rs 1 lac. This goal is now specific measurable, achievable, realistic and time bound, which makes it more likely for you to succeed.

5. Upgrade your skills:

As the saying goes, the best investment you can make is in yourself. Staying up-to-speed with new developments in your industry and upgrading your skill set will enable you to increase your income, whether you are an employee or self-employed. There are numerous online courses that are free or cost-effective that help you upgrade your knowledge and increase your income. The best part is that the majority of online courses are self-paced which means if you have a busy schedule, you can take these courses at your own convenience.

6. Hire a professional:

If you’re looking to increase your wealth, there’s only so much you can do by yourself. Find a good financial planner, accountant or advisor who can help you make profitable investments or reduce your taxes owed. You might think you can’t afford a good professional, but this is another investment worth that is really worth making because you stand to increase your savings and net worth multifold. Nowadays, there are numerous financial planners, advisors and tax consultants in India to suit any budget and requirement.Remember that effective money management isn’t always just about cutting back on expenses, regardless of how much you earn. Dussehra is a great time to reflect on your short-term and long-term goals to be on track to financial success the next year. Assess your current financial progress and decide your money goals for the coming year ahead. Take action now and you’ll be closer to achieving your financial goals in 2019!

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Snneha Lukaa

June 16, 2019

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