Top 5 things to do to get financially strong in 2013

New Delhi, Jan 1: Do you want to buy a car? Open your new company? Take a trip to Europe? But don't have money to fulfill them. A challenging and uncertain global economic environment certainly makes financial goals look overwhelming and even out of reach – but they don't have to be. The start of a new year provides you a fresh chance to reach your financial goals by the end of 2013 through an honest assessment of your finances, a clear and written goal to get rid of your financial problems, and of course keeping your expenditures under check. To help you fulfill you money goals for 2013, we have compiled a list of top five tips that will insure you're in a better financial place before 2013 ends. Here are they: No shopping challenge: For one monthDo you think you can possibly live for one month without shopping? No Spend Month will give you a chance to take a break from your undying buying habits. It's like boot camp for your budget making exercise. It will be an amazing experience once you stop looking for the next thing that you can buy to improve your appearance, home or comfort. No Spend Month actually means “No Spending Except for Basic Essentials This Month.” It means taking your eyes off for one month on the end-of-season markdowns and reject consumerism. Go ahead and give this challenge a try or, if 30 days seem too harsh, see if you can drastically cut down your trips to the malls.Create a monthly budget and stick to itIf you are solely dependent on your salary, you have to do all you can to stretch every last rupee. A monthly budget will help you plan your expense so that you are aware of your sources of income and expenses. Without a budget, you in all probability would have been spending money on non-essential items, which at the end of the month. If you always find yourself taking the help of credit cards to cover your outstanding expenses, you need to take a relook at some of your expenditures. Here's how to do it: Assess your monthly income - Figure out exactly how much you're bringing in each month. Make a close estimate of how much you earn a month.List your fixed expenses – They are those which stay roughly the same each month. They include car insurance, car payments, health insurance, phone bill, etc.List out variable expenses - These are the expenses that fluctuate from month-to-monthSubtract your total fixed and variable expenses from your total monthly income. The amount that's left over will come under your savings.Review your budget every month. Each month, go over last month's budget to see how you did.Make your savings countRising inflation and low interest rates make it all important to make your savings work as hard as you do. There are a number of alternatives that you can adopt like paying off high interest debt and also looking towards longer term investments where the potential may be significant. Quick list of tax saving investments categories:Equity linked saving schemesFixed depositInfra bondsLife insuranceNSCPPFULIPManage your time betterThe importance of making good use of your available time is crucial for you to get close to you financial goals in your personal and professional life. While performing your regular professional duties it may be hard to find time for many small projects that you couldn't always wanted to complete. However, try to complete them since they contribute to your overall financial prosperity. When you're in business, proper time management is essential, for both financially and for personal sanity. Recognize and improve your most important financial asset: yourselfYour biggest assets are your skills, knowledge and experience. You current earnings is a direct reflection of skills and knowledge in your current chosen field. If you work hard to develop your skills and experience, you will be eligible for higher-earning positions. Additionally, aggressively pursuing more challenging roles will enable you to maximize the returns you are getting through your hard work. Your job and future career is the most important factor in achieving financial independence and security. People who have just entered the work force, getting ahead in their career on a fast track mode is of extreme importance. Enhance your earning potential by:Professional developmentKeeping your resume updatedCollecting mentorsNetworking constantly.