Financial tips for a happy and prosperous year

Vijay Valecha, Special to the Gulf News Dec 22, 2023

As the new year approaches, many people are looking for ways to improve their financial situation and achieve their fiscal goals. Whether you want to save more, pay off debt, or invest wisely, Vijay Valecha, Chief Investment Officer, Century Financial, offers some tips to manage your finances in the new year and the future:

Educate yourself on financial matters: The more you know about money, the better the decisions you can make.

There are many resources available online or offline that can help you learn about budgeting, saving, investing, taxes, insurance, retirement, and more. You can also consult a financial planner or advisor if you need professional guidance or advice.

The region’s first industrial city, managed by the Saudi Authority for Industrial Cities and Technology Zones, has reached an occupancy rate of more than 95 percent, the government agency said on Monday.

Leverage technology for financial agility: Embrace fintech tools and apps that empower you to take control of your finances effortlessly. Explore budgeting apps to gain real-time insights into your spending patterns. Emphasize mobile banking features for quick bill payments and automated savings transfers. The first step to managing your money is to know where it goes. Track your income and spending for a month and see if you can identify areas where you can cut costs or increase your income. You can use apps or spreadsheets, to do this. A good rule of thumb is to save/invest at least 20% of your income.

Unlock the power of micro-investing: In the era of digital finance, micro-investing offers a revolutionary approach to wealth-building where you can pitch as low as spare change from everyday transactions, offering an accessible and automated means to build wealth over time. While the amounts involved may seem modest at first, the cumulative effect of consistent micro-investing, especially over the long term, can result in meaningful portfolio growth.

Debt-free dominance: Break free from the shackles of high-interest debt and make 2024 the year of financial liberation. Prioritize paying off high-interest debts to alleviate financial stress and redirect funds towards wealth-building opportunities. Resist the temptation of accumulating new debt by cultivating mindful spending habits. A debt-free approach not only improves your credit profile but also unlocks financial freedom and flexibility.

Harnessing the power of long-term investments: Position yourself for long-term financial success by embracing the power of compounding through strategic investments. Consider a diversified portfolio that aligns with your risk tolerance and financial goals. Whether through stocks, bonds, or retirement accounts, the compounding effect can exponentially grow your wealth over time. By adopting a patient and disciplined approach to investing, you’ll harness the compounding power, turning modest contributions into substantial financial milestones.Source:

Gulf News