డబ్బు విషయంలో తప్పక పాటించాల్సిన 10 అలవాట్లు   Top 10 Financial Habits You Should Follow     2018-03-05   23:05:13  IST  Raghu V

People, in general, tend to develop a lot of habits during their life, someone bites their nails every day, and someone has a habit of buying things they don’t need. We are known to make a lot of mistakes when dealing with our own finances, but instead of turning our mistakes into habits, we better start forming and setting the amazing ways of dealing with our bank accounts. Take a look at our list of top 10 financial habits that you should follow right now, and start making the right decisions for your future. The below list contains some fantastic tips and tricks to enlighten your path through this journey.

#1. Remember the basics of your financial plan

Don’t forget to remind yourself not to buy the stuff you don’t need, repeat after us: I won’t buy the stuff I don’t need! The most crucial part is to differentiate your needs and wants when setting into your financial habits. Don’t spend more than you earn and try cutting down a little bit on your credit cards. Never forget to pay your credit cards each month so that you won’t end up with a pile of debt at the end. These are the basic tips for you to start turning these into habits, which you obviously already know, but sometimes closing an eye is easier for us.

#2. Set Up Your Automatic Savings Transfer

Let’s be honest here. A lot of us don’t have the habit of saving money; we rather spend it somewhere else, then remembering to put it on our saving accounts. That’s why the automatic system is an excellent choice for you to make some savings this year. It will get money from your bank account automatically. You can start with 1-5% percent of your salary for every month, just sit back and enjoy the view of your money growing up in your savings account and plan what to do next with all of it. Grow along with your newly habits, and you soon will be an expert of your own finances!

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#3. Prioritize your habits

Give up your habits of “trying to save money, but spending more”. Like driving a lot more miles just to save a dollar or two.Which is not really worthy because you’re spending more time and you know what they say “Time is money”. So start prioritizing habits, and don’t let the wrong ones take you to a different route.

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#4. Maintain an emergency fund

You shouldn’t touch this fund no matter what, a new line of clothes on the market is not an emergency. We cannot predict what will happen in the future, so start saving right now for your emergency stuff that might get into your way after some time.

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#5. Always measure the opportunity cost of your decisions

Opportunity cost means when you choose something over something and measuring what you lost when you decided to go for the next option. For example choosing to buy a house while you can invest all that money, this doesn’t advise you not to buy that house you always dreamed of but to do some math and calculate the best options for you and your money. So, start planning and get your things in line.

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#6. Take good care of the things you own

You always should take good care of your house appliances and your car, even if it makes you spend some more money and some extra time but it will cost you less if they start to break one after the other. You cannot always prevent something, but you sure can do something in that direction. So lower the risks and live a happy life.

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#7. Make a list

Always make a list, especially if you’re going to the store to buy some stuff. Without a list, you will always leave getting more stuff than you actually needed. So if you went to a store to get eggs and milk and you get out with a lot of more stuff than you intended too, then you need to take your list of groceries next time. That means you will only get the stuff you need, and if you end up getting other stuff that is not on the list, then abort the mission and don’t leave the store!

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#8. Share your money goals with other people

We always have that rule that if we tell somebody our plan, it will fail. Well, it will, if we think it that it will fail all the time, then obviously we will not do anything toward achieving our goals. Research was conducted, and you’re more likely to make progress toward your goals if you give weekly updates to your friends or family. So find your buddy and tell him/her your goals on a weekly basis.

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#9. Set up automatic payments

Like automatic saving, there is also an option called automatic payments, where you can pay your bills automatically, so you won’t miss paying a debt or a bill anymore, and you will be saved without getting charged extra bucks for interest and late fees.

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#10. Freeze your credit card

Don’t let your desires take your money away. If you own a credit card, then you must think that you own the key to open the gates in heaven. Well you don’t, you only own a bunch of debt to pay at the end of the month. So take care of your own desires, and turn it into a habit to not use your credit card very often.

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