If you are unable to decide what is important and what is not, then the best way is to keep an eye on all your expenses. Most payments are made electronically, so all you have to do is to monitor the transaction. Do not think too much about it.
Kovid-19 has affected every field, every work in one way or the other. There are many people, who often avoid economic issues, so many people just think about them, we have brought bad news for all of them. The time has come for you to face this fear. Never before has there been a more serious time to start learning about economic matters and thinking about your own financial situation.
Many of you may at first feel that there are many problems in financial matters and we also want to tell you clearly that yes, there are some complications, but still more than you believe, it is It is not difficult, but once you start learning, many things are easily understood. Healthy economic habits are the foundation of economic stability. Later on we will discuss in depth about healthy economic habits, but let us start with these simple 7 habits, which are financially healthy for all people.
This is the most important habit and if you have not started it yet, then get this habit as soon as possible. Why is it important to save money? So that you have enough money and you can raise more money from them (we will tell you soon how to do this). So now think how to save money. Easy, if you spend less than what you earn, you will save money. How much money do you need to save? Experts say that if you want to maintain your current lifestyle even after retirement, you will have to save at least 25-30% on an average. This may sound difficult, but the kind of life we felt during Kovid-19, we can now understand better what is necessary in life and what is not.
Keep an eye on expenses
If you are unable to decide what is important and what is not, then the best way is to keep an eye on all your expenses. Most payments are made electronically, so all you have to do is monitor the transaction. Do not think too much about it. By keeping track of your expenses for just one month, you will easily know that your money is being said and how you can save it. If you are spending something unnecessarily, then you will understand easily.
Do not spend impulsively
Today, salary came and bought a 55 inch TV, it is said that, spending impulsively… It is not limited here, the last supper is left, yet ordered food from outside or old jacket is still new Purchased, many times we spend impulsively. This is the money that would have been saved if we had not spent it. Only by keeping control of our spending can we achieve economic stability. Everybody’s foot slips at some time, but if it happens often then it can become an accident. Spending on impulse should be an exception, not a habit.
Invest for the future
If you are wondering for whom to save money after all, then the answer is yourself; If you want to take a holiday next year or buy a car next year, then this savings can be useful for you. Youngsters between 20 and 30 years of age may think that investment is not your priority, but the epidemic has taught us one thing that there is no harm in preparing for any disaster in advance, but if we are not ready And if any calamity comes, it can become very difficult for us. To avoid any sudden crisis, or to get a good reward for yourself or to retire at the age of 45, start investing today.
Repay the loan
Not all loans are made equal like people. The interest rate is higher on credit card debt, while lower on student loans. Take full care of your loans and repay them on time. Pay the highest interest rate loans first.
Do not wait until the last minute
When it comes to your financial situation, it is better to be safe than to regret later, to be safe already. Rather, financial security should be your goal. Not just loans, whatever is outstanding, pay it on time. Whether it is rent or bill of phone and internet or whatever, it needs to be paid on time. If you are having trouble with this then take advantage of auto-debit facility or set reminders on your phone. Today we are living in the digital world, no matter what is in mind or forget the date, it should not happen. If the time for one of your billing cycles is coming when you do not have money, talk with the company and get your billing cycle replaced.
Set a budget and stick to it
Budgeting means planning, not putting yourself in a cage. If you want to get the most from your money, then you need to plan things. Plan how much you will spend on what you get in each month. Plan ahead for big purchases and make room in your budget for sudden expenses such as going to hospital due to illness etc. or spend from savings.
These seven things are not enough for your financial health, but are important. By following these seven habits, you can give a better shape to your financial situation so that if you face any challenge in life, you can face it successfully.
(The views published are personal to the author.)