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