New Year, new beginnings and new resolutions and in the end same depressing results. Have you experienced the same old formula failing to invigorate your finances or bring any visible difference to status quo? If yes, the main reason could be: a unilateral resolution that is to be followed through the whole year. Result:  #Epicfail.

What 2018 calls for is a broken down plan of action month on month to get moneywise. Here's your go to guide for financial well being in the New Year:

• January – Time to get things straightened!

  Start the year with concrete achievable targets. Let expectations setting are done in a way that the year proves more fruitful than the last. Meanwhile, raise the bar. Envisage more, though at this time may look unrealistic, investing wisely would ensure that you reach the set targets. Click Goal Planning to plan for your goals.

  Analyze your spending behaviour from last year, download free apps which do this exercise meaningfully and then create guidelines for spending categories for the upcoming year. Check out all the various major payments during the course of the year - including insurance premiums and kids school fees.

• February

  Collect the investment proofs declared in the previous calendar year. Get a copy of the declarations from your HR / Payroll team, check all your investments done earlier and submit the proofs. If something remains amiss, ensure that you invest now, because the tax is going to be painful if unplanned.  If there is any investment shortfall you may consider investing in ELSS Schemes offered by Mutual Fund. Equity Linked Savings Scheme (ELSS) comes with a lock-in of 3 years and aims to create wealth for you in long term along with Saving Tax.

• March

  Dream of a great vacation? You need to figure out how to fund it. Look at airfares and travel packages early. Start a standalone vacation savings fund. Imagine being on the deck of a cruise ship or watching a perfect sunset, but to make this imagination a reality, you better start setting aside money and finding deals or else it remains just an imagination. You may start investing your savings in an ultra short term debt fund for your dream vacation. Click Debt Funds to know more.

• April

  This month marks the beginning of the new financial year. Most of the incentives for the salaried would flow in this month. Please don’t splurge the entire flow. Incremental salaries with arrears look good but be wise and keep your emotions in check. A part of your increased income should be invested towards your various goals. Also, it’s the right time to start tax planning for the new financial year. You could also start an SIP in an ELSS fund this month to avoid the year-end tax saving rush. Visit Save Tax to know more.

• May

  Almost midway through year, it’s a good time for taking stock of your long-term financial issues. Should you be putting more in your children’s education fund? Do you have enough life insurance? You may start an additional SIP with your salary increment in any of the Equity Funds but you should remember that the risk involved in Equity Funds is high. Click SIPNOW to get started.

• June

  A mid-year financial check-up is required now. It’s going to be a worthwhile process that can benefit you later in the year.  You created goals at the start of the year and this is when you do a progress report. No problem if all is not well now, you will do it in the next six months.  Assess the shortfall and reorganize the plan, if need be.

• July

  By this time, you would have received most of the tax related documents necessary for filing your taxes.  Keep all of these documents organized and readily available. Your income tax return must be filed by 31^stJuly. When you have collected all of the necessary documents, schedule an appointment with your tax professional or set aside time to complete your taxes with a reputable software program.

• August

  Festive season is in and expenses are too. The sibling love is an expensive yet emotionally delightful affair. Rakshabandhan is the flavour of the season. This year try few modern day gifting ideas like guiding and educating your sibling to inculcate the habit of saving and investing.

• September

  If you create an account for festival shopping along with a budget to set limits on what you will spend, your financials will be even brighter by DIWALI. Start the process well before the shopping season begins.

• October

  Gear up for the festive season.Clearing things out: Got stuff piling up in your house? How much do you really need? It could be sold online these days. Even better, it could be donated to charity. Along with this, go through all the financial documents as well, retain the important ones like policies, bank account details, mutual fund investments etc and discard the unnecessary ones.

• November

  Along with sweets, lights and sparkle comes the time to buy GOLD. To avoid the long queues at your local jeweller, heavy making charges and gold storage problems; consider investing in a Gold ETF which invests in physical gold of 99.5% purity. You may consider a Gold ETF for your gold buying needs based on your risk appetite.

• December

  Review Time! Check the records, compare financial statements vis a vis last year. Make notes on what varied from your budget. Use that information to plan an even better budget for 2019. It is suggested to consult your financial advisor before investing. Review your asset allocation & all your investments - stocks, fixed deposits, bank accounts mutual funds - and consider potential changes and make your new year actually happy!

Mutual Fund investments are subject to market risks, read all scheme related documents carefully.