We asked our readers what financial resolutions they plan for this year. Here is a look at some of them.

I shall not invest in anything outside the area of my core competency.

- Anshul Vijayvargiya

1. Cut short the weekend expenditure on movies and eating out.

2. Do not invest in penny stocks even if the stock market is going up.

3. Do not take out another life insurance policy similar to what I already have.

- Avinash Kalambe

I don't have the kind of money that requires money resolutions. They are for stock brokers, businessmen, financial executives, professionals, and the IT bunch. Not for me. I need money to spend and I need much more to even think of money resolutions. 

Here are some practical ways that I plan to save.

1. Visit sales more often rather than see my money become the department store's profit.

2. Stop calculating the price of the exotic prawn curry at a fancy restaurant. Instead, buy and cook the shrimps myself.

3. Haggle over my bazaar purchases. Not that it will make me richer but will make me feel better for getting a bargain out of vegetables.

4. Every time my colleague wears a designer outfit, I will not smirk. I will wait for a sale at the same designer store and pick up an outfit. Then strut around in it like a proud peacock.

5. No more beauty parlour pedicures and manicures. I'd do it myself and save a mini fortune out of scrubbing and polishing.

7. I would try to travel sensibly (implied: use public transportation) for my frivolous visits to friends, hotels, and groceries.

And, yes. I would never write anything for free ever again and charge a fortune for every word that I write. 

- Pallavi Ganesh Kumar

I will spend on two meals every week for the needy.

- Nigam Chheda

The financial highlight of 2005 was that all I did was pay the outstanding on my credit cards. Saved nothing.

1. So my first resolution is to never use the credit card unless urgently required. It is the root cause of us being extensively extravagant.

2. No more impulse shopping.

3. Travel by the most convenient and least costly transportation, until it becomes a hazard.

4. The weekend makes me worse off since I end up spending all that I worked hard for during the week. Go slow on the booze, movies, parties etc.

The mantra for 2006: Save! Save! Save! Save!

- Puneet Kapoor

I will not use credit cards for shopping, but will stick to debit cards.

- Venkata Raghavan

1. Never spend Rs 500 on Bade Miya's kebabs behind Taj, Gateway, Mumbai, when you can get the same quality and quantity for Rs 54 down Sankli Street, Byculla, Mumbai. And, better service, too!

2. Never use my credit card for a night out or else I will end up spending money that I do not have! Will use the debit card instead.

- Peter

1. I will not sign for any more free credit cards. The more the credit cards, the more difficult to manage them.

2. I will not convert my credit card outstanding amount into Equated Monthly Installments, no matter how lucrative the offer.

- Bhuvnesh Kumra

1. After learning a few lessons by investing in penny stocks, I will only invest in companies growing at 30% per annum in sales and profits and managed by professionals.

2. I will buy branded clothes and lifestyle items from their respective company stores and showrooms. It is there that you get good aftersales service and customer care is taken seriously and genuine efforts are made to improve on suggestions.

3. I will continue to eat out and experiment with all sorts of cuisine but only at restaurants serving the genuine fare.

4. I will continue to give away a part of my earnings say between 10% and 20% to those affected by calamities and those in need. 

- Mannan Dungrawala

1. Sell the stocks I held on to for the last five years.

2. Always fix a price tag above which the stocks should be sold>

3. Neve ever check the price of the stock after selling it.

4. Look for the best deal in the market, right from buying stationary to a new home.

5. Never spend to gain the favour of others.

- Senthilkumar Palaniappan

The Dos

1. Put that credit card in a locker to help curb impulsive shopping.
2. Make a budget for the year, divide it by 12 months and spend only that assigned amount each month. Put the balance in fixed deposits.
3. Maintain a diary to note all my daily expenses.
4. Buy a bicycle and ride it to office.

The Don'ts
1. No new clothes till the old ones are worn out, no matter what the discount or current scheme.
2. No unnecessary upgradation of PC/music system.
3. No electronic gizmos such as cell phones or I-pods.
4. No buying of books that I cannot read. Join a library.
5. No more eating junk like vada-pav, chat and bhel puri and no more excuses for boozing.

Great list on paper, let's see if I can manage that in reality.

- Pankaj Badhe