Of course, the market is volatile. But some basic advice never goes out of style.

The judgements you make are the only distinction between investments and smart investments. Saving money is not enough; you also need to work towards building wealth. You should let your money work for you as an astute investor, not the other way around. Do you believe that saving money is just not in your character? The good news is that you can change your spending habits this year by doing a few simple things. The good news is that you can still build a respectable savings account in 2024 if you are more of a spender. There are steps you can take to change your behaviour.

Start investing soon

The adage “the early bird gets the worm” is true. This is supported by statistics. Starting early allows your corpus to increase tremendously because of compounding’s power. An early start helps you develop more wealth for yourself, which leads to financial security, even if you don’t have much to invest. It is never too late to begin, regardless of age!

Build a multiple portfolio

Don’t put all of your eggs in one basket is a basic investing rule. Naturally, you have the option to put all of your money into one security or asset. Nothing like it - if it works well, your choice will turn out to be rewarding. Nevertheless, you could lose all of your hard-earned money if it does make a U-turn. If you want to reduce risk, build a solid portfolio and receive a good return on your investment, diversification is vital. This entails keeping a diverse range of investments across many asset classes, such as equities, bonds, mutual funds, gold and real estate. The idea behind diversification is to ensure that, while considering the volatility of the market, a product will still produce the desired results if one doesn't.

Invest consistently

It is insufficient to invest sometimes for only once a year. There are no quick cuts when it comes to making money. You need to practise financial discipline and invest a certain amount of money each month or quarter if you want your money to grow. Your profits increase with the length of time you invest in the market. Studies show that there is very little chance of losing money on mutual fund investments made over 5-7 years. You may open a Demat Account right away and begin investing with just a few clicks! It’s not only a quick and paperless process, but you may use one account to manage several investments. You may quickly and easily access your investment and statement information using Net Banking. Additionally, you can redeem straight to your bank account.

Track investment daily

Keeping tabs on your finances is essential because investments require care sometimes. A spreadsheet is a useful tool for monitoring, tracking and analysing performance. Make a list of every investment you have and check it sometimes. You can make adjustments along the way as your demands evolve.

Avoid aiming for the highest return

Chasing the maximum profits in the shortest amount of time is not always necessary for successful investing or reaching financial objectives. This is the incorrect strategy; it won’t assist you in reaching your objectives or serving the goal of increased portfolio returns. While aiming for the highest returns is a good thing, don’t let that be your sole consideration when selecting a fund.

 It’s a good idea to start planning for your financial future at any point in your life. Following these smart tips, you can establish a strong system of financial management that will serve you well down the road.