New Year 2017 is just around the corner, and we have some tough yet important decisions to make. There are many crucial positive changes that we hope to make, and one particular trait that needs to be monitored is our economic state. Another year has come and gone, and we have barely survived with unmanaged financial status and staying broke. While this has sort of become a tradition, it is high time we make efforts to change it! Since it is that time of the year we consider making New Year resolutions and taking financially sound decisions is a necessary resolution on the list. Financial literacy is an important aspect of growing up and these six simple steps will help you save more in the New Year 2017. READ MORE: How to be a better person in 2017? These 6 New Year resolutions will help you build your personality.

1. Track your Money

Remember the time when you parents maintained small journals, noting where every penny was spent? It is time to bring back this old-school practice. Writing out our spending pattern is paramount to identify the areas where we are overspending. While we may not need a book and pen for this, there is a broad range of apps which can be used to keep track of your money. This habit will also help you in realising the areas where you spend and make you more self-aware. So first and foremost New Year Resolution keeping better financial state must be to have an awareness of the money spent.

2. Choose a savings plan

How many times have we sworn to save a particular amount of money by the end of the month and failed miserably? There is an easier way to actually make this easy, choose simple saving plans that you will invest in at the start of the month. These plans can vary from a simple SIP (systematic investment schemes) to opening a recurring deposit (RD) linked to your salary account. While you may argue that it will keep a part of your income stuck, it is still better than no savings at all! This second part of resolution will help you improve your economic state in the year 2017.

3. Shop smart

While we may all promise to completely avoid shopping as we realise actually do have all the clothes and games and shoes that we need, it is a promise bound to be broken. Nothing eases the pain of being lonely and sad, like a good shopping spree. However, this need not make a huge hole is our pocket. Just inculcate the habit of window shopping before actually shopping. This will help you get an idea of the best deals available and make you feel better for getting a higher discount. The joy you will get on bragging about getting an excellent deal is a different story altogether! Third New Year Resolution for 2017 is ‘be a smart shopaholic’.

4. Avoid cashless transactions

While this can be a difficult thing to do in the current scenario, where PM Narendra Modi’s demonetization drive has made us all cashless and payment wallets and cards are our only life savers. It is observed that withdrawing a certain amount of money at the beginning of the month and trying to manage our spending according to the cash available actually helps us save more money. It will also help you avoid the interest charged on card payments!

5. Retirement plans

While simple investments are required to make sure that you save in the short run, it is equally important to plan for the future. Various retirement plans will help in making sure that your income does not stop when your salary does!

6. Avoid private cabs

Remember the times when Ola and Uber did not exist, and Rickshaws and Taxis seemed like a luxury? Those were the times that allowed us to save easily as we all chose to travel by public transport. While we have gotten used to the luxury of this door to door service, it is a vital contributor to the state of being broke. Don’t believe me? Then imagine that the cheap Ola share ride of 70 rupees that you love costs you Rs. 2100 in one month (a single side), Rs. 4200 a month (both side) and comes up to Rs 50, 400 a year!