Tuesday, May 7, 2019
Sunday, May 5, 2019
Here are 5 bad money habits you should correct immediately
Not following a budget: Budgeting monthly’s expense is a key aspect to save / control money. In case you haven’t started please start to understand the strength of this ritual. When you are not in budget you tend to spend your money to items which are frivolous. Only when you review your budget vs expenses you know you real spending habits. Cut out the things which are classified as not required & save more money.
Not making full credit card payments: Are you a person who only pays ‘Minimum Payment’ in your credit card bill? If yes, then you are bound to be spiralling into debt forever. Usually ‘Minimum Payment’ is calculated as 5-10% of your current outstanding and a tax is levied on that. When you keep making only ‘Minimum Payment’ you might seem to have handled your monthly bill but unknown is that the actual outstanding remains same and it adds up to the next bill. Understand this and immediately try making full payment to all your credit card payments.
Not preparing food at home: It is fun to eat out during lunch, but calculate the total expense in this category for a particular week. It would definitely be higher than you would have expected. Try cooking own food, this habits leads you to better health and wealth management. Breaking this habit can even eventually put you out of debt.
Not saving enough for retirement: For many the concept of saving of retirement is out of fashion. It can be easy for you to neglect the need when you are in your 30s, but starting early can give you greater chances of savings more & getting enough out of the return %. The Magic of compound interest can be realized when you start saving early.
Not having financial talk with your partner: You and your partner can earn even a million monthly but when your expenses are not accounted properly then your chances of saving handful as expected it ‘Zero’. Always have the financial talk with your partner. Discuss of the spending habits, emergency funds saved, periodic investments carried out or to be started. Communicating openly helps you make better decisions and in turn help you have a proper wealth management.
Friday, May 3, 2019
Learn to say ‘no’
Stop being people pleasers. Learn to stay within your boundaries. It is good to push yourself in order to help / guide sometime but not very often without being comfortable. Learn to say ‘NO’ politely to few things so you can focus and meet your new opportunities.
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Learn to Travel a lot
When you are in your 20s pick any opportunity thrown at you to travel and explore the wider horizon. Travelling will always bring your new energy and learning for a lifetime. Your experience in new places will bring in / help you make new opportunities.
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Learn to budget yourself
It can be fun to run a month without a budget, but sticking to your plan is hard. Learn to budget each monthly activity so that you don’t feel cramped when Installment or Due date comes . Budgeting will also help you improve your overall status of your living.
Learn to live alone
It doesn’t mean to live in scary place. It means to live by your own earnings, skills and belief. You will be financially independent but trying to manage other aspect of life is also important. Living alone can help you develop a skill to find a better partner and run the family effectively.
Learn to preserve emergency funds
Always try saving funds for unexpected situations or expenses. Keep filing that account with money regularly but don’t take it often. When you hit an emergency, you will for sure know its value.
Learn to Read books
Reading books will never go out of fashion. Even when you are glued to your phones , try sparing some time to read actual book. It is a very good relaxing therapy and definitely make you a better person.