As you break out of crippling money mistakes and poor financial decisions of last year, don’t forget to add a few whacky vows in the new year.
To lose weight without losing money in a gym membership
You may be bent upon losing weight this year (as you were in the past three years), and you may be sure you won’t stop going to the gym after three weeks (as you did in the past three years), but will you really? Stop lying to yourself. Do not pay the outrageously high gym membership fee this year. Start walking. It will save you money. And guilt.
To not buy life insurance sold by my wife’s cousin’s colleague’s friend
Do you become tonguetied or are pressured into acquiescence when you are accosted by a well-meaning acquaintance trying to sell insurance plans? This year, learn to mouth the word ‘no’. Do not consider ‘guaranteed income’, ‘assured return’, ‘money back’ traditional life insurance plans, which are not an instrument to invest. They offer low returns, and do not provide adequate insurance. Buy pure protection term life insurance instead, and invest in other options that offer better returns.
To not have the same password or use ‘password’ as password for all my online accounts
If you thought you had surpassed the genius level IQ when you thought of ‘password’ as the password for your online account, or your kid’s name and birthday for other accounts, it’s time for a reality check. Think different, do not repeat passwords, keep changing passwords every few months, and do not have the same password for all your accounts. If this is likely to take a toll on your brain power, download a password management app, or note these down in a safe place.
To not ruin my ‘Future’ with derivative trading when I have other investing ‘Options’
Whether you have been lured into Futures & Options by plain greed, or are feeling particularly bold about your investing skills, or have an urge to become rich overnight, derivative trading is not a good idea. You will invariably end up losing money. A lot of money. So stay away from this risky investing option that’s skewed against retail investors, and opt for mutual funds, a much safer instrument.
To not fall into a spending trance on hearing the word ‘sale’
If festive discounts and online sales are all it takes to part you and your money, you certainly need this resolve. Buy only what you need. Avail of the price fall only if you have kept tabs on the prices during the non-sale period and know it to be a genuine discount. Put this money to better use by starting an SIP or buying health insurance instead.
To think of creative new excuses for taking leave from office
If you feel your boss is beginning to suspect the authenticity of your excuses for taking leaves, resolve to make a list of all-new reasons for staying off work this year. Give vent to your creativity and move on from the traditional ‘sick child’, ‘food poisoning’ and ‘car breakdown’ to newer ones like ‘pet emergency’, ‘gas leak in the house’ or ‘took a wrong medicine by mistake’.To not take hot investing tips from cool social media finfluencers
If you have not already been deterred by the debacle of finfluencer ‘Baap of Chart’ Nasiruddin Ansari, who was banned and penalised by market regulator Sebi, it may be a good time to stop following finfluencers blindly. Do not apply their half-baked, unprofessional financial tips to experiment with your money. Try approaching a financial planner instead.
