Are you not getting enough money to save up for the future? Do you have a lot of debts from different people? If you answered yes to these questions, then you need to keep your financial habits in check!
When you are not earning enough, you sometimes tend to borrow money, and when payday comes, you use that money to pay your bills and loans. As a result, you end up borrowing money again, twiddling your thumb for the next payday, and so on. The cycle begins all over again.
If you find yourself in this financial situation, you may consider following these personal finance habits to help you have a hand on your finances:
1. Make a financial calendar.
2. Prioritize your financial obligations.
3. Know your net worth.
4. Set a strict budget.
5. Allot 20% of your income as your first concern.
6. Allocate 30% of your income for lifestyle expenses.
7. Set financial goals.
8. Draw an outline for your financial dream board.
9. Choose your shibboleth in spending.
10. Erase negative money thoughts.
11. Learn how to appreciate things.
12. Find a money buddy.
13. Maintain a fund for emergency needs.
14. Avoid the lottery.
15. Don’t rely on Social Security alone as your source of income when you retire.
16. Avoid using payday loans to cover your short-term financial deficit.
17. Utilize your credit card to buy things only if you are sure you can pay it in full monthly.
18. Pay the bills on time.
19. Take advantage of promotional codes and coupons as often as possible.
20. Maintain your car properly.
21. Review your debit and credit card account statements for inaccurate charges and errors.
22. Plan your meal menus ahead of time.
23. Read all contracts before signing on the agreement.
24. Take advantage of automatic salary deductions.
25. Have an exit strategy when investing.
26. Keep a minimum amount of your money in your wallet.
27. Spend less than what you earn monthly.
28. Ignore the credit card cash advance that is sent to you.
29. Open your bills once you receive them.
30. Pay your bills immediately online if possible. This can lessen the time you spend on transportation.
31. Research prior to acquiring augmented undertakings.
32. Don’t be an impulsive buyer. Buy what you have listed in your “what-to-buy” list. Important things first.
33. Be careful not to overspend on gifts. Stick on your budget allocated for such.
34. Take advantage of your employer’s flexible spending account. This will not only lessen your tariff liability, but it can also act as an indisputable savings plan.
35. Track down your expenses and income.
36. Don’t be a co-maker to any credit for someone you know.
37. Gauge purchases by price for every use. Pick out the cheaper ones that would fit in your needs, however, there is still a need for a quality check.
38. Shop solo whenever possible.
39. Spend on the real you, the things you can afford, and the things you need, not on the things you want.
40. Do everything possible not to spend your retirement savings earlier than scheduled.
41. Consider taking the popular 401k match wherein your employer hands out money to your retirement account aside from you contributing to it.
42. When you get an increase, increase your savings as well.
43. Use your credit card lesser than 30% of your total spendable credit. This is known as the credit utilization rate.
44. Get more life insurance aside from your company’s own.
45. Make savings an important part of your budget monthly.
46. Keep your savings out of your other accounts.
47. Open an account solely for your savings at a different bank. This way, you can avoid spending your savings.
48. Have too many savings; it’s better than having nothing.
49. Reallocate your depository yearly. Take a look at your security firm’s account once in a while to make sure that your investment still matches your financial goals.
50. Start saving now.