Habits, whether good or bad, stay with you for life. This makes it very important for you, to develop good habits…especially financial ones. You also need to avoid learning bad habits…If you already have bad habits, especially financial ones… Get rid of them in a hurry.
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You must always keep track on how much you spend every month. Making a family budget is the best way, to be never out of money and save for your financial goals. This also helps you to control spending.
Life is uncertain… Sometimes an unexpected event can occur, which can put you in a lot of financial trouble. So it is always necessary to have a contingent fund (emergency fund). You should have at least three months of living expenses, stored in an emergency fund, if you are single. If you are married, it should be for 6 months.
Make sure to pay off all your bills, as soon as you receive your salary. You will have to bear heavy late payment fees, if you delay the bill payments. Paying the bills after the due date will affect your credit score.
Reviewing your investment portfolio regularly is very important. If you don’t review your investment portfolio regularly, you end up holding dud stocks. This may lead to an unnecessary risk. Eliminate underperformers and keep your portfolio healthy.
Overspending on luxuries such as buying unnecessary things, going for movies too often or eating in costly restaurants all the time, may harm your financial health. So make sure you do not spend your hard earned money, unnecessarily.
Every financial step of yours will be recorded in your credit history. Having a good credit score is very important to avail loans and credit cards. If your credit score is less than 750, it is considered a bad credit score.
You love shopping and swipe your credit card for every purchase, just to earn reward points. Doing so is not a good idea. As soon as you get your credit card, make a list of spends you can make and cannot make, with your credit card.
Paying the minimum balance on your credit card, leads you to the money trap. You are saved from paying any late payment fees. But paying the minimum amount due, does not save you from paying interest, on the unpaid amounts on your credit card. The interest on the outstanding dues on your credit card can be as high as 2% to 3% a month.
Your financial life is in your hands. Take care to safeguard it. Be Wise, Get Rich.
Under : Financial Planning