At the beginning of the year, all of us made a few financial resolutions.

Which was. “Saving Money”

But most of us have already given up on them, haven’t we? In fact, a lot of us wonder what the point of making these resolutions are?

Not overspending, making a budget, not spending on luxuries, do these little things impact our financial future at all?

You’re wrong. These are small things, but they make a big difference in our lives!

If you are frustrated about why your bank balance does not increase, I’ll let you on a secret, it’s probably the most simple things that you aren’t doing, which is drifting you away from your resolution.

In this article, I will ask you five questions which will help you to analyze why you aren’t meeting your financial resolutions

1. Are You Investing?

I can’t stress enough about the on the importance of investing

Whether you are a beginner or well established in your career, investing is a must in today’s day and age. Remember, earning money is not the end of your goal, increasing that money to a substantial amount is.

These days, there are options like stocks and mutual funds which are popularly being referred to as the ‘invetsing option of the millennials’.

If you think that investing in these instruments is jumping into a pool of risk, then you’re wrong once again!


Instruments like mutual funds comprise of low-risk options (debt and liquid funds), which provide higher returns than securities like fixed deposit and savings bank accounts

2. Are You Using Your Credit Card Way too Often?

Psychologists have established that shopping is as addictive as alcohol. And the purchase of something new always gives satisfaction to humans.

With the introduction of credit cards, the message is loud and clear that you can have what you want and satisfy your wants!

A credit card can be used in a number of establishments and gives you an easy access to buy something for which you don’t have to pay immediately.

It is not surprising that credit card debt is rising steadily at a high rate.

Moreover, you can say that over-spending has become a norm within youngsters especially. Most of our economy depends on consumption, thus over-spending plays an important role in creating our economy.

There are various credit card debt counselors, credit card debt support groups, credit card debt consolidators and budgeting softwares which support you and of course, add on to your expense.

We’re not saying that credit cards do not help you, but you need to know how to use them wisely and when to use them. In fact, you must only subscribe to a credit card if you can control your urge to not overspend and you are able to settle off your debt in time.

3. What are You Spending On?


If we dig deeper, the fact is that most people do not want to know what they spend on.

They are comfortable in the zone of denial and do not want to plan their finances. Some people are also afraid that tracking the daily or weekly expenses will make them a fun-deprived, life-hating person.

Thus, they are ready to risk their financial health.

It is extremely important for you to know three things:

  1. Where are you spending money?
  2. On what you are spending money?
  3. How you can decrease unnecessary expenses?

Once you have an answer to these three questions, you can move on to the next step, which is making your budget.

4. Are You Keeping a Financial Record?

To keep things simple and easy to manage, you yourself have to take a step forward.

Many people think that keeping a record of your spending is a time-consuming process, but trust me, it will not take more than 10 minutes of your time very day.

Think of it this way.

You go out to eat on a weekend, you come back and you note it down in your budget diary. Slowly, but surely, when this becomes a habit, you will be able to realize where you’re spending unnecessarily and you can cut down on your expenses accordingly.

Next, you can make a budget and decide how much you can spend on each segment.

5. Is Your Income Aligned With Your Expense?

The last question I want to ask you is are you spending in accordance to your income?

A lot of people, especially the one’s who have just started working spend more money than they actually earn, this is in fact the root cause for subscribing to credit cards.

It is in fact foolish to spend 20,000 on a bag if your salary is only 15,000!

Always spend money in accordance to your earning abilities!


We hope these 5 questions will help you make adequate financial decisions and make the process of financial planning easy!

Remember, every penny counts!

Happy Invetating!

Disclaimer: Thviews expressed in this post are that of the author and not those of Groww