And just like that, in the blink of an eye, another year has come to an end. As 2024 concludes, and you reflect on your financial achievements, this is also an opportune time to look ahead and establish some guardrails to secure a financially sound start to your 2025.
Here are some ways you can upgrade your financial health in the coming year:
Banking is now faster than ever before, fueled by efficiency and security as the cornerstones. If you haven’t experienced the efficacy of ultramodern banking apps, now is the time to give it a try. Download SIB Mirror+, a comprehensive and secure banking platform, offering you 100+ banking and utility services, easing your banking experience through the comfort of your smartphone.
If there’s one thing the past few years have taught us, it’s the importance of being prepared for the unexpected. Aim to save at least three to six months’ worth of living expenses in a high-interest Fixed Deposit or recurring account like the one offered by South Indian Bank.
The end of year is the perfect time to review your investment strategy, especially if you haven’t explored varied opportunities such as SIPs, mutual funds, equities, and stocks. Diversifying your portfolio should also include starting a retirement fund, which might seem like a nonessential now, but will only prove extremely beneficial in the long-run. Another way to invest long-term is through Sovereign Gold Bonds (SGB), an easy alternative to physical gold. With SGBs, you can enjoy the capital gain benefit while also earning an interest of 2.50% p.a.
It’s no secret that high-cost debt on various fronts can cast a long dark shadow on your financial well-being. Mounting multiple EMIs and piling interest rates can drain your savings and mess with your mental health. One effective solution is to consolidate your debt with a lower cost, long-term personal loan. A single personal loan can allow you to structure your EMIs without having to worry about multiple dates or stressing about penalties. Get in touch with us today to review your options with our cost-effective personal loan possibilities.
With education, guidance, and commitment, you can make 2025 your best financial year yet. Start now and let this be the year you achieve your financial aspirations. Happy New Year!
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Disclaimer: The article is for information purpose only. The views expressed in this article are personal and do not necessarily constitute the views of The South Indian Bank Ltd. or its employees. The South Indian Bank Ltd and/or the author shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial/non-financial decisions based on the contents and information’s in the blog article. Please consult your financial advisor or the respective field expert before making any decisions.