blog Money Personal Finance | 5min Read

5 Financial New Year Resolutions for Students in 2022

Published on February 12, 2022

blog Money Personal Finance

5 Financial New Year Resolutions for Students in 2022

Wishing you all a very happy new year! Like every other new year, you probably are coming across tons of posts on social media, advertisements, TVs and even your family members would have asked you at once – “What’s your New Year Resolution?”

Still in dilemma, are you?

Setting resolutions and following them seems like a difficult task, right? Let’s try setting goals that you want to achieve this year! Then, the things you need to do to achieve these goals, become your resolutions for the year. Simple?

Think about your top 3 goals this year. 

Now, write them down on a piece of paper.

Ask yourself – Do any of these goals involve developing money management skills?

If yes, you’re in the right place! If not, maybe you need to understand this! Think about it – this is probably the first time you are being told to plan about money while setting your new year’s resolutions, isn’t it?

While students plan to create general resolutions related to their school, grades, extra-curricular activities, learning a new sport or hobby, staying fit, etc. they often forget about one of the important aspects, i.e. finance and money.

It’s high time you embrace money management skills and the best way to do so is by incorporating them into your new year’s resolutions! So, let’s have a look at these unique financial resolutions and how they are going to change the course of your financial journey this year.

Why Should You Set Financial New Year Resolutions?

Buying a new gadget, starting a new project, eating healthy and staying fit, going on a thrilling adventure, etc. have been some of the most common new year resolutions you’d come across. But this year, you can literally live by the popular “New Year, New Me.” saying, and set an example for your friends! Finance plays a pivotal role in everyone’s life and you can be the pioneer who sets financial resolutions this year! These resolutions will not only help you this year but will also prepare you for years to come.

5 Financial New Year Resolutions For Students

1. Save More. Worry Less.

Undoubtedly, the top financial resolution is saving more money. The first step starts with tracking your expenses, pocket money, and how much money you can save every month. Later, you can cut down your spendings on food, books, subscriptions, and other basic amenities. You can look for student discounts while spending on daily needs. Remember to “Pay yourself first.” i.e. “paying” your future self. Because if you pay yourself last, chances are, you won’t pay yourself at all. So, the next time you receive your pocket money, make sure you save wisely.

2. Budget, Budget, Budget.

Set a monthly budget for better money management and keeping good track of each and every expense. Develop your own financial plan by doing an analysis of your income/pocket money, expenses, and investments. Or if you have trouble sticking to a budget, you can make a spending plan instead, that will offer you more freedom and peace of mind. You can opt for the old-fashioned way with a pen and paper, or choose a money management and budgeting app that will serve your purpose. Having a foolproof and good budget will determine your financial success for the year, so pay special attention while making one!

3. Start Investing Right Away

Initially, many students are afraid of investing as they lack the proper knowledge on where, when, and how to invest their money. But once you explore and find out about the investment plans for students, you can gain confidence and start investing in the right way. Mutual funds, stocks, cryptocurrencies, etc. are some of the best investment options available. Set a monthly target of investing Rs. X, regardless of what’s going on in the markets. Therefore, a regular and systematic investing approach will help to achieve your financial goals and set a strong foundation for the long run.

4. Start An Emergency Fund

Apart from savings, investing, and managing your money, an emergency fund is one of the most important financial aspects that will help you with unexpected expenses. This fund should be designed specifically such that it would help you to withdraw the money whenever you need it without any delays. It cannot be built overnight, but gradually by setting aside some amount every month in a different bank account. Also, it’s fine to cut down on investments while building this. Experts often recommend having three to six months of living expenses as an emergency fund, and investing it in liquid funds as it provides better liquidity and higher returns compared to bank savings accounts.

5. Learn And Grow

As they say, “A little knowledge is a dangerous thing”. Make sure that you don’t just learn from a few resources and call yourself a financial expert. It’s a long journey, thereby understanding and having knowledge on all finance-related things is extremely critical to building wealth. You can learn and do your research through plenty of sources like finance newsletters, personal finance books, best finance podcasts for beginners, online classes, financial literacy courses, and more. Explore these resources in-depth as you can to clear your basics on personal finance, budgeting, investments, etc. Taking one step at a time will help you with your financial plan and these resolutions can act as a checklist to make brilliant progress in your financial journey this year.

Final Thoughts

Be it these financial resolutions or any other resolutions that you have planned for 2022, you are bound to have some obstacles coming your way. There will be times when you just feel like giving up and changing your path, but believe us that’s just a phase and it will pass. Don’t try to follow 50, 100, or 200 resolutions, stick to just one or two, and try to achieve them. So, say au revoir to 2021 and embrace 2022 by sticking to these financial resolutions and fulfilling them this year! Will you? Come, join hands with The Big Red Group and complete your new year financial resolutions together.

P.S. Good financial resolutions aren’t always related to saving money and investments. Resolving to donate to a worthy cause in 2022 is a magnificent way to spread positivity and make a difference. Take some time to research some of the notable charities in your locality and try helping out the ones in need. Your small actions can go a long way!

Ready with your resolutions now? Don’t forget to share them in the comments below!

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blog Money Personal Finance | 6min Read

5 Amazing Financial Literacy Apps for Money Management

Published on December 22, 2021

blog Money Personal Finance

5 Amazing Financial Literacy Apps for Money Management

Not everyone around you is an expert when it comes to finance and money. People will tell you several answers to the question “What to spend money on?”, but often find it hard to answer the real question- “Where did I spend all the money?”

Did you ever observe how your grandparents used to track money, and how your parents are taking care of their finances right now? If yes, what’s the major difference that you’ve seen? It’s technology! They lacked the technical resources and technology to manage their finances. Your parents never got money from grandparents with just a few taps on their smartphones, and neither did they get the right platforms while they were at school to learn about money management skills. In today’s tech-savvy era wherein everything’s available right on your smartphone, why not choose the smart option to manage your finances as well?

Why Should You Use Apps For Money Management?

Just like the fitness app on your phone that shares data about your health, workout, steps walked, and other activities; money management or personal finance applications help you to track your expenses, savings and prepare you for the financial world. Such apps allow you to make better plans on what to do with your money, where to spend, how to invest, and much more.

Making a budget, tracking expenses, minimizing spendings, and investing are some of the good practices that make you financially smart. Many times, people often miss keeping a record of their transactions and struggle with their daily money management, thus creating havoc in the future. And in times like these, money management apps can provide us the necessary helping hand we need. Using financial literacy apps not only simplifies the whole process but provides you with great money management tips.

Time to get real now. Planning your finances and saving money for your retirement plans right in your teenage years seems a little boring, right? Wrong! Handling personal finance can be super interesting and we’ve got it covered for you! Let’s have a look at some of the best financial literacy apps that would help you become financially smart at an early age.

The 5 Amazing Apps You Need To Download Right Now

Before we start, here’s a quick riddle for you – “If money really did grow on trees, then what would be everyone’s favorite season?”

Still scratching your head? The answer is hidden in the article, all yours to find it! But let’s start with the 5 apps first –

1. Walnut

Walnut allows complete money management by automating your monthly transactions, expenses, and income. It analyzes your transactions through SMS, online billings, bookings,  etc. The app provides utmost visibility with auto-categorized transactions and helps you to stay within your budget.

Another amazing feature of Walnut is that you can split shared expenses with friends and tell you how much you contributed and how much you owe. You can also export your information and create expense reports in no time.

2. YNAB (You Need A Budget)

YNAB allows you to visualize your spending and progress with budget reports. It securely links your bank account giving you a complete overview of all our transactions. Another great feature of this app is that there are no ads at all, and has an auto-renewable subscription model.

With this best budgeting app, you have real-time tracking of your financial goals, modify and share across with anyone. It has an inbuilt loan calculator as well that gives a complete picture of interest and time to pay off the debt. According to YNAB, users save an average of $600 by their second month and more than $6,000 during their first year.  

3. Wallet

Through Wallet, you can gain full control of your finances and easily track your spending, budget, and save more money. With continuous financial insights, you can dive into weekly spendings, manage debts, and plan for future money management by centralizing all your financial needs.  

You can simply choose a template of your choice and customize your budget, view the upcoming payments and how they will impact your cash flow. Wallet helps you avoid overspending with predictive alerts, and stay in complete control of your credit. 

According to a BusinessWire study, 83% of the people that set financial goals, feel better about their finances in just a year. Try it for yourself – your goal could be your favorite watch or your dream college. Start working towards it right away!

4. FinArt

FinArt is money management and tracking app that gives you monthly bill reminders and can be used together with your family. Yes, you can avail 5-day free trial and then subscribe for as low as 799/year. One of the benefits you get with this app is that of a Family subscription that allows you to use this app for 2 devices, and a Business subscription that helps you manage business accounts separately. 

As soon as you download the app, it crawls through your SMS data and compiles all the expenses on one screen. You don’t have to spend hours remembering where you spent money – the app does it all! How cool is that?

The app categorizes your spending patterns, sets a budget for every category, and has a remarkable privacy setting to protect your data.

5. Monefy

Monefy is an easy, efficient, and user-friendly app that helps you with daily budgeting and expense tracking for excellent money management. It compares your expenses with the monthly income and shapes them accordingly to help with savings. 

Not just that, but it provides a detailed overview, handy widgets, and records. You can sync your Google Drive or Dropbox safely and protect your data with a passcode.

And here’s the answer to the riddle – ‘Fall’! Did you guess it right? How about you test your friends with this one?

Things to Consider before Downloading Financial Literacy Apps

Today, there are plenty of apps available on the internet related to personal finance, money management, financial literacy, and more. But before you choose and start using the right one for yourself, here are a couple of things we suggest you consider:

  1. Download the app only from secured sources like Google Play Store or Apple App Store. Make sure to not click on unverified links and download from any unsafe source.
  2. Check if the app is free or charges the users to access its features. If it has in-app purchases, make sure that it provides safe transaction options. 
  3. Check the app user interface and see if it’s user-friendly and has a good number of beneficial features.
  4. Ensure it is from a reliable source, and be careful about any personal data such as contact details, photos, emails, messages, etc. on your phone.

Final Thoughts

Not just for managing your money, these apps provide newsletters and information about other financial resources that will help with budgeting, saving, investments, and much more. Each platform is different and has extensive features of its own, but their ultimate goal is the same- making the end-user financially literate and instilling money management skills. 

While we have listed out some of the best financial literacy apps for students, there are plenty of others out there as well. So, all you need to do is do some research on the apps that pique your interest and choose the right one that ticks your boxes for money management. 

Will downloading and using these apps make you financially literate? Certainly not. It’s just a part of the process and there is a lot more to explore and learn to call yourself that. So, stop procrastinating about it when you can do it now! Head over to the other insightful articles in this section and discover more about the world of finance right away or simply join our student financial literacy course to become an expert.



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