Get All Access for $5/mo

Wednesday Wisdom: 4 Financial Resolutions Every Entrepreneur Needs to Make Today For a Burden-free 2019 Stay tuned to get every day updates in 60 seconds

By Bhavya Kaushal

Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

Here are 4 financial resolutions every entrepreneur needs to take today for a burden-free 2019

1. Budget Well
Are you often broke at end of the month? It's time to re-work your spending habits. Follow the 50/20/30 budgetary guide to categorize your expenses well.
50% - Essential (rent, transportation, utilities)
20% - Personal finances (saving or paying off debt)
30% - Flexible (eating out, groceries, shopping, hobbies, entertainment or gas)

2. Emergency Fund
Boosting your cash reserves should take priority over all other financial goals in 2019. Make sure to set aside funds needed in the event of a personal financial dilemma like job loss, debilitating illness or major expense.

3. Eliminate Debt
Credit card payments don't sound so fancy when the debt interest accumulates, is it? If getting out of debt was not in your priority list, add it as it is not only affecting your credit score but also damaging your financial independence.

4. Retirement Savings
For millennials, saving for retirement might sound absurd but is essential. Start small but start to ensure a comfortable and successful retirement.

Here's the "news that entrepreneurs can use". Know what's trending in the Indian business world in 60 seconds.

Bhavya Kaushal

Former Features Writer

I am a work-in-progress writer and human being. An English graduate from Delhi University, writing is my passion and currently, I was Entrepreneur India's start-up reporter. I love covering start-ups and weaving their stories into unforgettable tales with the power of ink! 
Business News

Mark Cuban Warns About Fake Fundraisers on Social Media After Assassination Attempt: 'Makes Things Worse'

Mark Cuban warned his followers about online grifters who try to capitalize on tragedy.

Business News

Elon Musk Endorses Trump, Says He's Faced Two Recent Assassination Attempts: 'Dangerous Times Ahead'

Elon Musk endorsed former President Trump minutes after the failed assassination at a rally in Pennsylvania and says two attempts have been made on his life while living in Texas.

Starting a Business

He Started an 'Accidental' Business at 25 With Just $2,000 — Then Gave His Product to the Pope: 'Anyone Can Be an Entrepreneur'

Michael Aram, founder of the namesake luxury home and jewelry brand, learned the art of metalworking in India — and used it to launch a global brand.