Insurance Blog

Five money habits you need to master

All of us have bad habits. Some ruin our mind, while some others ruin our fitness.

But the lesser known of all bad habits are the ones that ruin your wealth. Just like the bad habits, there exists a great deal of good habits that can help maintain and nourish your wealth as well!

So, here are five habits that you need to nurture so that your finances are well managed.

1.       Tracking your income and expenses

We have already stressed this in previous posts, it is very much essential to be aware of where your money comes from and where it goes.

2.       Clearing Bills on Time

This begins by opening your bill as soon as it arrives, and paying it on time. It is even advised that you use online portals to make this quicker and swifter. One of the deadliest sins of personal finance is to accumulate late fees and penalties.

3.       Minimising Credit

Try and make cash payments wherever and whenever possible. Remember that credit cards aren’t easy money, they’re loaned money.

4.       Retirement Plans and Emergency Funds.

Having a lush retirement plan is very essential. So is having a rainy day fund. It’s never too early to start saving and being always prepared is the first step to staying financially fit.

5.       Insurances

The more assets you have or the more people you have depending on you, the more crucial it is that you get insurance. Remember, the insurance is a safety blanket on your wealth and your loved ones, and it protects them from sudden misfortunate events.

Just like bad habits can get you into financial trouble, good habits can help keep you out of it. When you spend wisely, save well and, most important, plan strategically it helps you reach your biggest financial goals faster.