Check whether you have financial habits that help increase savings and avoid an empty wallet.
1. Do you have savings
Under a mattress or on a savings account you have an amount equal to your income for at least three months. These funds will be needed in case of job cuts, injuries and other unpleasant incidents, due to which you may lose a steady source of income. For three months you will be able to pay utilities, rent an apartment, buy food, and generally live the way you used to.
2. You save a part of money from each salary
If you replenish the savings from each paycheck, it means two good things at once. First: you do not make ends meet and can afford to postpone a portion of income. Second: your monthly savings increase.
3. You fix expenses after each purchase
The saying “Money loves the account” did not originate from scratch, finances do not tolerate carelessness. You honestly record all expenses , even if they demonstrate your mistakes in budget management. It helps to analyze what expenses could have been avoided and to adjust the expenses for the rest of the month.
4. You have several “wallets”
You do not rely on memory and circumstances in such important matters as financial ones. Therefore, money for everyday needs is on the card, in case of force majeure – on a savings account, for large purposes such as apartments, cars or holidays – on deposit.
However, funds can be laid out and in paper envelopes – it is important that there is no risk of accidentally spending the savings allocated for other purposes.
5. You know how to save
You know many ways to save on everyday purchases. For example, you take large packages to reduce the price per unit, do not go to the supermarket on an empty stomach, and you know all the tricks of merchandisers that push you to rash purchases.
6. You avoid waste
There are several simple ways to throw money down the drain : buying packages at the cash desks in supermarkets, take-away coffee, and so on. But you are savvy in this matter and clearly know what expenses can be easily avoided.
7. You make a shopping list
The easiest way to avoid unnecessary expenses is to understand in advance and with a sober head what you need to buy.
8. You are planning a budget for the month and year.
Personal financial plan makes the relationship with money simple and straightforward. You know what expenses are inevitable and how much money is left for pleasure, predict large expenses and you can start saving money for them in advance. This allows you to avoid the “swing” when in your pocket it is empty, it is thick, and provide yourself with everything you need.
9. You are not looking for change in the pockets two days before the salary
You do not have situations where in the last days before your salary you have nothing to buy even bread and milk. There can be two reasons: either you masterfully budget or earn more than you spend.
10. You are on time to pay utilities, taxes, fines.
Penalties – a very unpleasant financial punishment for forgetfulness and indiscipline. But it is easy to avoid if you pay all bills on time. You know about it and do not allow misfires.
11. Do you have financial goals and a plan for achieving them?
You save for a vacation, a car or a controlling stake in an oil and gas company. At the same time, you know exactly how much money you need with regard to inflation, set a realistic deadline for achieving the goal, and postpone the amount every month according to the savings schedule. This approach suggests that you will succeed.
12. You are guided in prices.
You know how much your products, household chemicals and other everyday products cost you. Therefore, the hand will not reach for the canned goods “by share”, because you remember that in the next hypermarket they are twice cheaper at a fixed price. This helps you choose the best deals of the stores and not waste too much.
13. You use applications that help to save
It is foolish to ignore modern developments, if they ease your financial burden. There are various applications that track stocks and compare prices of goods in different stores. And you for such financial analytics do not even have to get up from the couch.
14. You do not borrow from friends, relatives, acquaintances
Living within our means is one of the main principles of proper handling of money. Accordingly, if your income is not enough and you have to ask someone to participate in your life financially, albeit with a return, then something in your financial planning went wrong.
15. You do not take consumer loans for things that you can save
Even if you are promised a loan at extremely low interest rates, most likely, insurance is sewn into it, additional warranty service of the goods or something else that will make you overpay. However, many purchases, such as a new phone or game console, are not vital – you can suffer a little and save.
16. You can count
Most likely, the school course of algebra has never been useful to you, but the knowledge gained in the lessons of mathematics is needed daily. Simple calculations help to understand how it is more profitable to buy goods using a card or a share, whether the cost of a trip does not exceed the cost of discounts and issue a cash card with a cashback if you pay 1,000 rs a year for it and return only 50 rs month.
17. Do you have a plan to increase revenue
Even if you get enough to live without saving, to be content with this earnings is unproductive. Therefore, you are looking for ways to become a higher paying specialist: constantly study, make useful contacts, participate in promising projects. In addition, you can see in which direction it is worth growing in order to increase income.
18. Are you interested in investing
Even if you do not have the amount that could be profitable to invest , you are interested in deposits, stocks, investments and other ways to make money work. This is the right approach, which in the future will help at least not to lose some of the savings due to inflation.