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Financial Planning Tips For Freelancers

Not too long ago freelancing was considered job of the uneducated/unskilled people. It meant people with no degree or less formal education sold their skills to people who might need it. But with advent of internet, technology, valuing of skills above degrees and increase in penetration of internet connectivity all this is changing. As per a report by The Hindu, India could have up to 20 million ‘freelancers’ — individuals who use computers/internet to offer services in both domestic and export markets. Some experts believe the number of freelancers in India could double every five years until 2035.

With changing life dynamics, stress levels, pressures of balancing work home life, majority of us now want to be our own Boss instead of working in Corporate World from 9am-6pm. Freelancing offers flexibility and freedom.
But this comes with its own set of challenges. With no fixed salary and security of pay check job of a freelancer can be a tough one. As a freelancer one is the business owner and every facet of business needs to be sustainable and cared for. Financial life of a freelancer need not be unpredictable just because pay checks are not regular. Here are some ways you can plan your financials wisely and save even when your incomes fluctuate:

  • Plan for lean time and Pay yourself regularly

Freelancing can be a roller coaster ride. One is likely to earn different amounts from month to month depending on the number of jobs and timely payment. Even as earnings grow overall, uncertainty of monthly earnings will probably never change. So, it’s important to recognise this and accept the slower months as a risk of freelancing and plan for the lean periods by getting a realistic sense of your average income.
What did you earn last year? Divide that by 12 and you have your average monthly earnings. Do you have five years of freelance experience under your belt? Average those years out too and look at the numbers. Hopefully your earning are growing from year to year, but if they aren’t you need to take that into consideration and average out your income for the past few years to get a better sense of what you truly make. Once you have a solid number as
your average monthly income, use that number as a baseline for your budget.Based on the budget gift yourself a consistent pay check as if you are a regular employee of the business you are running. This will reduce stress and make monthly budgeting easier.

  • Track Everything

First step towards this is opening separate bank accounts for personal and business spending. Track every business and personal expense. Free apps are available on both Google Play store and Apple iTunes. It will give you a visual representation of spending habits and can highlight areas of waste in both in business and personal spending, as well as help decide how much one can spend each month.

  • Create an Emergency Fund-Non-Negotiable

Ideally, we should have this in place before we say good bye to safe and secure regular job. If not than this should be on top of the priority list. The fund can vary from person to person,but planners majorly recommend saving for at least 6-9 months expenses for both personal and business expenses. This will come to use during lean times or when you don’t want to take up work you don’t like. The stress of of irregular income is lessened when there is emergency Fund. In a perfect world client pay regularly as you work but in real world it seldom happens. Payment fluctuates and arrive late than the promised time line.

  • Save for Retirement

Being the business owner freelancers need to plan and fund their own retirement without the luxury of matching contribution from employer etc. Small contributions in Mutual Funds every month through systematic investment route can be initiated. One can also boost savings by making use of windfalls, such as Tax refunds or big client payments.

  • Risk Management

Some of the Insurance one can, consider buying:

  1. Term Plan – To cover the risk for your loved ones.
  2. Health Insurance – Most required and significant to ensure timely health facilities for yourself and your family.
  3. Disability Insurance – To be ready for any unforeseen and unprecedented happening and to cover the risk of dependency due to an accident, illness etc.
  4.  Professional Insurance – Professional liability insurance protects individuals from professional risks and related legal expenses. It provides indemnity in case a third-party sustains injury, harm, death or damage to property due to the professional service or advice provided by the insured.

Top 10 Financial Goals everyone must have and why Travel should be a part of it

Gustav Flaubert describes the goal of our life in one sentence when he says, “Travel makes one modest. You see what a tiny place you occupy in the world”. Travel as a mode of experience is rising as a habit among the people. Travel is invariably a costly affair if you fail to plan your financials properly and may prove to be disastrous. Here are the top ten financial goals everyone must have and also travel as far as this world can go without falling peril for the financial crunches.

1. Plan your finances and set a saving goal for the year:

Assess your income sources carefully and examine whether you are getting the worth of your hard work. If you answer is yes, and you are satisfied, and your hands are tied and weighed down by the limitations of life and your profession, then plan out your finances and set a saving goal for the year. Explore other income opportunities you can take up without putting yourself under the boulder. Stick to the saving goal, assess your savings and expenditure periodically, and review the saving goal and push to save more. Before planning to spend money, ask twice is it worth to spend and how important and urgent it is to spend money on what you planned for. It is also advised not to push yourself too much and allocate a separate fund for refreshing and recreating yourself occasionally to keep you going.

2. Prepare to meet the emergencies with a fund dedicated to it:

Society and life always present surprises. Not all the surprises are sweet, and sometimes emergencies might push over the cliff. The emergencies might be of health emergencies, family emergencies, and emergencies presented by the friends and obligations. Expect the worst and be prepared to mitigate the situation and not to get yourself to be trapped in debt. Allocate a separate fund for meeting the emergency exigencies and save yourself the stress and turmoil. On the brighter side, if there are no emergencies, the fund can be used for your traveling and other investment plans.Nevertheless, it is also advised to allot a sum for an emergency fund.

3. Plan early retirement and plan it right:

It is desirable to work hard when you are young, and it is also important to plan your retirement early. What is the point of working hard if you are unable to enjoy the fruits of your hard work and follow your passion and soul? Plan your finances to create an income source for your retirement and plan them in the areas where they are safe. Estimate the amount that needed to spend your retirement peacefully and hustle free.

4. Make budget-friendly trips:

Traveling not only rejuvenates your soul but also gives different meaning and perception to your life. It is important to undertake trips occasionally, but it is seriously advised to make them budget-friendly, if you intend to travel often and far. Budget-friendly trips don’t mean to put yourself in the discomfort; however, at the same time, it also does not necessarily should make you enjoy the luxuries you do not need them.

5. Keep track of your expenses:

No matter how small the expense, keep track of it. You should know where the money goes. This will allow you to revisit and question yourself where did you fall short in your saving goal and where is your money leaking through your fingers. This will also help you to avoid unnecessary expenses and become financially smart.

6. Know your strengths and passion and try to make money out of it:

The whole human beings can be categorized as those who follow the herd and those who follow their passion. It is important to follow ones passion and do things which one love to do, as it gives the immense, immeasurable happiness, which keeps the stress away. It is also advisable to work ones passion at the same time make money.
This should be defined as a dream job. The passion makes you excel and make you achieve new heights in your profession.

7. Explore the options to invest and plan your stable retirement income:

Along with the savings for the retirement, it is also advisable to invest the fund in order to get some stable income at the retirement. This will also allow you to travel extensively in your retirement. Mutual funds and share market with fewer risks is also an option one should explore. Alternatively, coming up with innovative and creative start-ups which will ensure minimum income sources at retirement.

8. Include your partner in planning the finances:

As it is more fun to travel with your life partner, it is also advisable to take your partner along your financial journey too. One it provides you some assurance and second opinion on the decisions you are making in your financial plans. Second, it also gives you another option of the source of income if you partner also happens to have a similar plan and orientation to include you in the financial matters.

9. Know your place and do not put the eggs in crusher:

It is an adage to say ‘do not put all your eggs in one basket.’ However, it is also important that one should not unknowingly put the eggs in the crusher. As one plan their finances, it is also important to not to be too ambitious and venture into the areas which one is not familiar and loose the hard earned money leading to make the life and the financial situation hell.

10. Insure yourself to insure your future:

It is also advisable to opt for various insurance plans such as pension plans and health insurances in order to save yourself from the financial crutches and lead a smooth and peaceful planned life. It is vital that the planning to should start early and gradually progress to be a long term venture to reap the benefits when you want to hang the boots and relax. It will also make sure that you are following the passion of traveling.

By following the above ten financial goals, one can ensure that they are traveling plans are on and exploring the world better. Some even choose to make their traveling plans as a source of income too, which is also advisable as emerging creative plans to earn money. Travel the world while traveling in the well planned, insured, income assured financial journey.

Tips for financial independence for Millennial Workforce

Wondering on how to best plan your financial life at the beginning of the career itself? Well, while it may be the right thought coming to you, it is not quite easy a task. In case you are just recent fresh graduate or fresh into the job market, several life transitions are on your way, and it is all in your hands to handle several financial situations from now on. It is essential to plan and guide the present and future successfully.

Be it just fresher in a career or starting a new life in a new city or taking major life decision, financial decisions always play a vital role in your life. You may have trouble to think about planning finances and cash flows, we understand that. Being just the beginner, you would need the help of some tips and tricks which can possibly guide you on the path of financial freedom. Let us see a few of the life changing tricks in this article.

Financial plan

There is nothing like having a tentative plan for future and present finances. They are like backbone which helps you to know the smart goals. Create a list of important financial goals and life goals and make a log. Make sure you create a dream board which can tell what all you want in life and finances you would require for that. Along with that, create life goals, possible life events and finances, regular expenditures, long term savings, and retirement goal. These will help you be prepared and know what is in store for you and what your responsibilities are. This may be a first home, marriage, parent’s health plan, travel and so on. Taking a good time to create this list is important as this will help you prioritize on finance plans as well.

Begin to create a budget every month

One cannot emphasize the importance of creating a budget every month. This is a realistic and flexible idea of knowing what is in store for you. This will also give you the financial freedom to know what you can spend on, what can you splurge on and how much to save. On average, Indians generally do not have the habit of creating budgets and spending plan in general. However, this may not be as difficult as you may think so. Creating a few guidelines at the beginning of the month does no harm but instead is good. you can also follow through online and digital tracking tools to create a comfortable budget and spending plan. Make sure you divide into savings as well, with short term saving, emergency fund, future savings, savings for a particular goal in the near future and so on. This will help you evaluate the expenses and know what is essential for you.

Create automatic savings

Once you make your spending plan, you can also go ahead and put a savings plan. While savings is done by many, the right savings plan should be taken into consideration as per income source, consistency, life goals and so on. One important thing is to make an emergency fund which is maintaining six months of minimum living expenses in case of unforeseen incidents. This will help you get sorted at the first level and then think of long term savings. One can create automatic savings as well where at the beginning of the month, the savings are automatically debited from your account and are deposited in respected realms. Make sure you have automatic savings through the deduction for at least ten percent of your income consistently.

Clear your Debts

While we know a few exceptional situations may throw us to take debts, it is crucial to make sure there are no underlying debts at first. Personal loans, debts should be first cleared before you begin saving a goal. Further, do not load up your credit card balance; make sure to pay it up on time always. That is why the emphasis on the emergency fund is also made so that debts situation may not likely arise in the future of unforeseen circumstances.

Limit on your temptations and spending

There are various aspects and things in life which we may want. But prioritizing them is firstly required. It is not simply ending of life in case you do not acquire the thing you need. However, one does not need to forgo necessary and required dreams as well in life. Hence once you chalk out your plans for savings, do not get tempted for spending on things which you may regret later in life. Withdrawals from savings should be limited to least extent in the case of most required purpose in life or for what you sincerely wish to have in life. Or else, in other cases, it is not recommended to withdraw and use up your savings for short term temptations.

Financial priorities and financial independence

Once you make sure you do not have any debts or outstanding balances to pay, then you have to make sure of prioritizing every financial aspect. For instance, you took an education loan for your studies, and you got a job. The first thing is to pay off all the educational loans you have in hand. These should be viewed as a priority. Further, just like this case, you have to chalk out your preferences every month in even small spending behavior and actions. You want to buy two things in the month; you should see
what is required for you and what is splurging. You can take a wise decision in this way.

Always remember, financial freedom is just not about earning much and saving much but knowing what it means for you and how freely you can have an idea of finances planned, goals planned and emergency sorted. It does not really matter on how much you earn, what matters instead is knowing what to spend on and what not to. it is knowing what goals you have and want to achieve and what you look forward in doing. Now one should note that this definition keeps changing for everyone. Hence make a plan and prioritize on every financial aspect in your life, from short term to present to future. This will enhance your clarity.

Know the smart saving behavior

Further, it is not just about savings but doing the right savings. Know more about savings behavior in your country. In India, people save mostly in the form of real estate, gold, deposits, bonds, shares, and mutual funds. Now one should know to what percentage of savings one should keep in these. Not everyone can depend on one formula due to differences in salary, lifestyle, savings goal and life goals, along with necessities. Hence know what you want to invest on at first, and how you want to diversify your savings.

Further, do not under estimate the tax saving method too. Know what suits your best, talk your HR in the office and know how you can take advantage of saving tax through your savings every month. for instance, you are planning to buy a home then you know how much you want to do EMI and how much down payment through which you can save particular portion of the tax. Further, know tax savings bonds, and tax savings schemes in the country like National Savings Certificate and so on. The employer can help you get an idea on taking full advantage of tax savings which can help you a better plan.

Being at the beginning of the career, you are at the right point of time in knowing how to begin and get to know the foundation of achieving real financial freedom. This is the time you can clearly start with planning financial choices smartly. While many of us do not really understand and learn these financial lessons, it is essential for a graduate to know how to plan smart, celebrate the goals and set life’s stage early and in a transparent way.

Influence of money mindset on financial freedom

When can we save or spend wisely? It is not when we earn more salary or money but rather when we inculcate wise spending behavior and the right mindset on money management. That is when any individual can instill and achieve financial freedom. While many have been earning more as per their required levels, they are literally not best in terms of financial literacy as the money management is not an easy task. The financial decision making plays a key role in tackling real life situations.
In this article let us consider the different methods of changing to right mind set on money to achieve financial freedom.

Assessing financial literacy

Well, how many of the recent college graduates or new in the job market among young age individuals know what is financial literacy? How many of them really know how to save and how to plan a budget? Financial literacy can be defined by a set of things which can help know better about your financial situation, budget, expenses, and savings. The basic questions one needs to ask themselves is:

  • How to create a budget?
  • Do I regularly follow budgeting?
  • What may be my regular expenses and what are hidden expenses that I may fore see in this month?
  • How to reduce expenses and spend wisely?
  • Do I create an emergency fund? Is it necessary to make one and how to do it?
  • How to save for long term plans?
  • What all methods of savings do I know in general?

These set of questions should be well known firstly before we inculcate and know more on financial independence. One can achieve the right financial mindset only when these questions are wisely answered. The budgeting is important amongst them, and the spending should always be lower than income.

Achieving financial independence

A healthier lifestyle in case of financial planning and freedom is required for peaceful mindset. Financial issues can certainly disturb our life in general, and hence the foundation is to maintain regret free spending and maintain financial goals. It is important to always resonate with ideas and spendings. Let us see what will help in achieving financial freedom and changing the regressive financial mindset.

Money is not an end

It is not about earning any time. It is rather about spending. You may earn much more than your peers in general, but if you cannot save on an average from income, then there is certainly no financial freedom for you. The net impact should always be calculated of a situation in prior, and one should fore see certain things always for better safety.

Freedom for right spending

You may have a pile of money, but there is no point as well in case you are not able to spend on everyday use or on what you love. This does not mean again unnecessary spending. Hence make a list of priorities. Keep a table with yourself. Mark urgent and essential category vs. non-important and non- essential ones.

It is not just about spending less but rather being protected from the unexpected

In case you are thinking all that you need is to spend less, then you are again wrong. It is about having the financial freedom to spend when in an emergency or when you are least expecting the expense. It is not just about simply saving money after paying bills and shelter but rather know correct insurances and have positive cash flow.

Financial freedom is knowing that you have to take care of responsibilities

You should realize that you are grown up and how much expenses you have to take care and incur in the upcoming future. Managing money is what you need now, not about saving money or spending less.
Hence key here is to take responsibility for yourselves. Know more about financial expertise and enhancing spending habits.

Inculcating habit in everyday life

There are no shortcuts. Success can be achieved only after step by step progress. Hence you should know and make it a habit in daily life on what you need, what you may want, what you aspire and what you may fore see. This is what will give lasting financial freedom. Creating a sustainable approach is always good. Think about the present and then think about the future too.

No excuses, please

There are never excuses. In case you are wanting to buy on luxury or take certain risks, there are never excuses. You should think and take a decision. These missteps may also lead to bad results. Hence know what luxury or risks is required and what are unnecessary. It is fine to make mistakes once a while but not excuses. Never!

Create a log

Know what regular expenditures vs. a monthly one time expenditures are. Know how much emergency fund is required and how much for long term saving. Find out on different saving options and understand what is best for you. What one may follow may not suit you depending on lifestyle, short term and long term goals, situations, and salary figures. Hence it is always good to do research and work on the number of skills!

Learn on country specific saving behavior

In India, most of us save through emergency fund which is easily diluted required cases immediately. Then mostly it is through bonds, shares, mutual funds, deposits, real estate and gold. Know what is best for which lifestyle people, read on savings behavior of same income group like you, and personalize it to your specific case and requirements along with goals. This is what will tell you which is best way for you.

All you require to do is work on financial foundation and skills. It can get you started. Then know what money means to you, what is needed, what is good to have and what you aspire.

Answering these specific questions in life will help you prioritize your needs and savings. Because all that needs for financial literacy and attaining financial freedom is clever actions but not excuses.

Wondering about financial freedom ?? Want to know more about financial resolutions. Feel free to write us on contact@sbsfin.com

Retirement Planning through Tax Planning

Retirement means the end of your working period. It also means the end of the earning period. But to maintain the set lifestyle, a continuous flow of money i.e. regular income is a basic need. To efficiently do so, one has to foremost determine your retirement cash flow needs, 30 – 35 years down the line. And then identify your sources of income. Determine how much pension income you will receive with your current plans. And then plan things out accordingly. Having said that, building a retirement portfolio with a mix of fixed income and market-linked investments remains a big challenge for many retirees. But not when you know how to build a retirement portfolio with tax efficient plans. This post will help you get an overview of the same.

Opt for Pension Plan Tax Benefits.

Depending on the plan chosen, pension plans provide tax benefits along with a lump sum amount. Under Section 80CCC, any contributions towards pension funds can be deducted from the gross income, leading to tax savings. And the great news is at the time of withdrawal, you can withdraw one-third of your accumulated pension funds without paying any tax! This traditional plan may not give you a higher return but provides a stable return.

Health is wealth – Prioritise that

Unexpected and large expenses like medical contingencies need to be accounted for before you estimate your regular income need, else these expenses can eat into your retirement savings. Many who retire, especially in India, don’t plan for medical insurance at all. With health costs rising, this is a risk that needs to be covered. Most health plans come with tax advantage, which typically grow tax-free and can be withdrawn without incurring taxes when used toward qualified medical expenses.

Diversify your savings

Try to split your retirement savings efforts among three different buckets – diversification is key.

  • Tax-free-  Think of the traditional plans where you put in after-tax savings that then grow and can be withdrawn tax-free in retirement.
  • Taxable- This bucket includes options such as brokerage or mutual funds accounts and savings, where you’re taxed on interest, dividends and/or gains.

Having a mix can also help you better control your tax situation in retirement because you have more flexibility on how much you withdraw, from where. Diverse savings could also be key if you plan to retire early.

Keep in mind the Tax treatment of Mutual Fund Retirement Plans before investing.

Investment in Mutual Fund Retirement Plans is subject to tax deduction under Section 80C of Income Tax Act for mutual funds retirement plans (most plans). However, the maturity proceeds of retirement plans are not entirely tax free. Non equity oriented mutual funds, i.e. the mutual funds where equity allocations are less than 65% are subject to debt fund taxation. Long term capital gains for non equity mutual funds are taxed at 20% after allowing for indexation benefits. Indexation benefits allow you to adjust the acquisition price of units by the ratio of cost of inflation index in the year of redemption and the year of purchase. As a result although long term capital gain for income tax purposes is not tax free, it is lower and hence the tax obligation is also lower compared to many other fixed income investments, for instance fixed deposits.

Thinking about your retirement planning??  Want to know more about retirement plan. Feel free to write us on contact@sbsfin.com

Taking Charge is the first step of Financial Independence for Women

Women of today – They make headlines, they are trend-setters, they manage home and workplace like a pro, they work, they party, they slay. They multi-task like there’s no tomorrow, they micromanage to make others life convenient. They are independent thinker and believer. They conquer mountains and sail through the beaches. Bottom line women are self-sufficient and independent. Yet when it comes to money matters, it is the man of the house who is entrusted with the responsibility. Women aren’t given or probably they don’t prefer taking the financial matters into their hands. There could be plenty of reasons behind it – since it’s always the men who have handled money matters, women don’t feel the confidence to take independent financial decisions (even if they are the breadwinner of the family, imagine!), women lack awareness about how savings and investments work.

Whatever her reason may be, a woman who brings income to the house, should participate in the financial matters. The realities of life are harsh. Suddenly, you may be faced with situations where you are required to handle all financial issues on your own. It’s advisable to take charge of personal finance (not just being financially independent) and be prepared to face any unforeseen financial eventualities.

Build your financial confidence. Take charge.

Women are always the victim of stereotyping – be it driving a car or handling the finance. Now either it’s the social pressure, the stereotyping or the fact that most find it time-consuming and difficult (yes even the men for that matter), women usually shy away from financial planning. But what women really need to understand is that being truly financially independent is not just about earning money, but to handle the finance and utilise it smartly. One can begin with reading about financial planning, have honest conversations with your spouse/partner/friends or colleagues, and consult financial experts. The key is to take charge. Knowing where to invest, what to save, how much to spend – the nitty-gritty of personal finance. Taking smaller steps is the best way to overcome the challenges of finance.

Make yourself the priority. Always.

Every time a woman enters a new phase, it demands a newer version of the person. For instance, it’s common for women to take breaks in their careers and compromise on their professional aspirations. After marriage, they prioritise their partners’ career and after child birth, they prefer parking themselves at home. But it’s important to prioritise yourself first. Don’t give up professional lives easily (always remember the effort you have put in), and try to work out a solution, where you can continue to be financially independent (very very important at any stage). A stable income is must for implementing any financial plan. Any.

Protect yourself. No Alternative.

You can be married, or an independent woman taking care of the family. In either situation, it’s always advisable to protect yourself against the uncertainties of life. Any unforeseen event can adversely affect the overall financial well-being of the family. Hence, make sure to get an adequate insurance cover for yourself by opting for a pure term policy. How does that help? Well Term policies provide high risk covers at very low costs. Opt for cover equalling at least 15 times your annual income. Besides regular insurance, it’s advisable to not overlook health insurance. The rising cost of healthcare and the increase in critical illnesses in India make health insurance imperative for women. You can look for policies designed for women or choose a regular health policy with additional benefits for maternal and child care.

Prepare your mind. For anything and everything

The uncertainties of life may also include falling out of love with your partner, a divorce, and other unfortunate situation like these. Make sure to know where you stand when you enter the state of married bliss or co-living. Organize titles to property, such as your house and car. Recognize that excluding your name on a title means you will no longer have ownership in the event of a divorce. Consult your financial and/or legal adviser to ensure you’re safeguarded upon a split. Now you may not consider doing all this for obvious reasons – we never wish for such events. But like we mentioned, these are part of the uncertainties of life, so it’s best to be well prepared for the worst!
No matter how comfortable you feel now, whether you’re single, married, or living with a partner, always plan your own financial future as if you were already on your own!

Your Credit Score, don’t ignore it.

Even if you’re married, keep your own credit score healthy. Creditors do not consolidate your scores—they look at them individually. In the worst-case scenario, you do not want to be in a situation where you have a low credit score, which will hinder you from taking out low-interest loans if you need it. Check your credit report and evaluate it for any errors. Pay off debts if any. Like pay off the highest-interest debt first. This is usually credit cards. Then if you have enough savings, dip into your savings to pay off high interest debt so you aren’t losing money from interest payments. You can also transfer debt from high-interest rate loans to those with lower interest rates.
Financial independence gives you a sense of self-worth, sure, but you can achieve it only with the power of financial decision making which is all about accumulating confidence and safeguarding yourself from contingencies.

Wondering about your kickstarting your financial planning ?? Want to know more about financial planning for women for independent life. Feel free to write us on contact@sbsfin.com

Financial Resolutions for Millennials

Fitness, career, relationship – New Year’s resolutions fit in all the categories. Although one that gets ignored the most is the Financial Resolution. Just like any other resolution, taking small steps at the start of the year can really create a bigger impact in years to come. After all it’s about the money –the key that improves other aspects of life. But all this can fall in place, only if the person is committed. As Millennials – the focused bunch, the dedicated bunch, the ‘go-make-a-big-difference’ thinker this shouldn’t be a hard task. So for you, we have handpicked few significant financial resolutions that can truly help you getting your financial health in place this year. Dive in!

Save first – Make it a habit

As a millennial with a first job in hand, this should be your foremost motto – saving. Instead of trying to put large sums of money away at once, try taking a little bit of money out of each of your paychecks regularly (start of the month). Have a recurring deposit, or dedicate a bank account just for savings purpose. Starting from January, try to set calendar reminders for every month so that you can remember to save and invest regularly.

Have what you need, shop what you really want

Before you check out to pay (online and offline), take a glance at your cart and ask yourself – do I really need this? Does it make sense to buy in bulk? What kinds of sales are offered for these items?
Are there any alternatives? Can this purchase wait for couple of months? May be you can buy more when the ‘discount’ season is on. Ask these important questions and you will find yourself reducing half of the items from the cart.
Avoid impulse buying. Your pocket will thank you. So, this year, focus on checking all the items before you make a purchase – even if it means spending more time emptying than filling your cart.

Learn How to Cook / Hire a Cooking Hand

Ordering food has now turned into ‘digital shopping’. You visit multiple apps, pick the deals and order breakfast, lunch, dinner and what not! Although your tummy gets happy in the whole process, your body and wallet feel otherwise. So instead of burning a hole in your pocket, why don’t you put in a bit of effort to learn the art of cooking or hire a helping hand, even better! The amount that you can spend in your homemade meals is drastically cheaper than the prices of their comparable restaurant versions. So, this year indulge in a bit of cooking or have a friend show you the basics or get a helping hand – you could end up saving hundreds and eating healthier, too!

Unsubscribe and Chill

The gym subscription, the entertainment subscription, cable, magazines – just take a pause and think which subscription you have taken seriously so far. Do you need so many entertainment options with similar content? How often do you read all the magazines you’re paying for?

Odds are you’re signed up for more subscription-based services than you even remember. Odds are you’re probably paying for a lot more subscriptions than you really need. Unsubscribe and De clutter! This New Year make note of all of the subscriptions you use and bag the ones you don’t – you will save up big time.

Change One Money-Spending Habit

Is celebrating Friday a must? – Indulge in reading maybe. Do you order a medium coffee every day and really only drink half of it? Order a small. Is dining out during weekend a ritual? Break it with a pot luck get together. Can you bring lunch to work?

Do you really need to make the movie going thing a mandate every weekend? Sure no. You get the drill right. Don’t let any habit break your monthly budget.

A side hustle is always a good idea

One big financial resolution I think Millennial should make is around creating a side hustle/side stream of income. This is your time when you can juggle between things. Perform at a gig, give private classes to kids, be a blogger – options are many, pick the best that suits your interest or profile.

That way you can tick off things from your bucket list! You are from a time where you can make as much as you want to if you’re willing to think outside the box.

Want to know more about financial resolutions for millennials? Feel free to write us on contact@sbsfin.com