10 bad money habits you unknowingly nurture!
While you are still discussing Arun Jaitley’s “good Budget, bad Budget”, here are some bad money habits that you might be nurturing … unknowingly.
While you are still discussing Arun Jaitley’s “good Budget, bad Budget”, here are some bad money habits that you might be nurturing … unknowingly:
1. Not clearing your credit card dues every month
Don’t wait for the due date to be over, using a credit card means you have a particular amount of debt to clear on or before the due date. Don’t keep it pending. Better still, instead of a credit card, use a debit card that uses the money from your own bank account.
2. Being a spendthrift
Shopping is a great stress buster, but only when done in moderation. Don’t always shop on impulse, use your rationalism and check if you actually require that particular item or not.
3. Not keeping the money for rainy days
Suppose you lose your job right now, do you have enough bank balance to survive you for at least six months till you manage to bag a new job? if no, then start saving immediately.
4. Having zero investments
Investments are financial backups one must never overlook. Whether for old age, or to get tax exemptions, or simply, to get richer, there is no second option.
5. Putting all money in one place
Suppose you have 10 apples and you put all of them in one basket, then if one fruit starts rotting, the others are affected too and become inedible. Same with your money.
You put all of it in one place and if anything foul happens, all your money is gone. Rather, diversify. Suggestions may include buying blue-chip shares and government bonds.
6. Letting your partner handle your finances
No matter how much money you hand over to your spouse, keep a careful watch so as to avoid financial infidelity.
According to a study by the National Endowment for Financial Education and Forbes.com, if you don’t check your finances regularly there are high chances of mismanagement by your partner.
7. Spending more than you earn
A Financial Finesse survey found out that of all the women they studied, more than one-third of them spend more than they earn per month.
8. Paying for subscriptions that you no longer use
You have been paying your gym membership fee for the last six months while you barely got on that treadmill twice in that particular period.
Take a little time out to deactivate such subscriptions and you will be surprised to see how much extra bucks you save each month.
9. Hardly saving
When was the last time you deposited some cash in your Savings or PPF Account? Most of us are into saving only what’s left after paying at discotheques, splurging at malls or watching every Friday’s release at a multiplex.
Make a habit of saving at least 4 percent of what you earn and you will be a richer and happier you soon.
10. Not asking for “your” money:
You lent your friend some money and now you are feeling awkward to ask it back. Another situation is where your increment is due but you are too shy to ask for the raise. This is your money and it is no crime to demand it.
Big Wire
Recommended for you
Leave a Reply
Leave a Reply
This site uses Akismet to reduce spam. Learn how your comment data is processed.
