Habit #1: “Eat the elephant by piecemeals!” Set big goals for yourself like saving up for an apartment or car by a certain date. It is only at first glance such goals seem overwhelming, especially if the level of income leaves much to be desired. But if you divide them into smaller goals and achieve them, the motivation to move forward will increase.
For example, it is not at all necessary to immediately put aside a heap of money on a deposit. Start small by transferring about 5-10 percent of any income you receive: salary, bonuses, fees, cash gifts, etc. If it is possible to save more, even better.
Habit #2: Do not borrow and increase your credit responsibility! It is better to reconfigure thinking on how to earn more, what else can be done, what service to offer people to get extra income. Also, if you do not have enough money, you need to learn how to save at least temporarily, look for discounts, sales, etc. It is much easier, of course, buying on credit by taking out a loan or installment plan but getting a product or service right now. However, financially mature people always try to wait, save up first and then make purchases on their own savings.
Habit #3: Save up for specific goals! In financial planning, take an example from athletes who set specific goals for themselves and are motivated to achieve results. When you know why you need savings, what you want to achieve and in what time frame, the higher your chance of saving the right amount. Some keep money in different envelopes, assigned, for instance, for treatment, gifts, education, travel, etc.; better yet, to open several deposits for this purpose.
Habit #4: Diversify your assets! “Do not put all eggs in one basket” is an old adage that is relevant at all times. Diversification involves a certain balance of financial instruments. For example, if you open a deposit, then do it in several banks at once and within the amount guaranteed by the state: 10 million tenge for deposits in national currency, except for savings, 5 million tenge for deposits in foreign currency, and 20 million tenge for savings deposits. It is better to keep money on deposit in different currencies.
Habit #5: Apply the principles of reasonable economy in your daily routine! For example, walk to cut down on taxi costs, take food from home so as not to spend money on canteens or cafes; it is not only less expensive but also useful. It is the essence of smart consumption. A very good skill that teaches you not to depend on circumstances and your emotional impulses to buy something here and now. However, you must always strike a balance between severe restrictions and thoughtless spending. If you introduce a complete ban on all pleasures, for example, observe total savings, then the risk of breaking loose and violating internal prohibitions increases significantly.
Habit #6: Change your mindset and earn passive income! Passive income is money that comes to you regularly regardless of your ability to work and other circumstances. Investments in various financial instruments can become a form of passive income. If you have free funds, you don’t have to immediately run to the store to spend them. It is better to think about options for where to send money so that it works for you.
Habit #7: Conduct a financial audit regularly! If you do not know what your money is spent on, you most likely won't be able to create a personal financial plan. Understanding which expenditure items prevail is the first step towards favorable changes. Therefore, at least once a month, recalculate your income and expenses, analyze purchases, what assets and liabilities you have, what can be optimized, that is, what you should get rid of, sell, what expenses and purchases it is better to give up.
Source: https://fingramota.kz/ru/news/post/sem-poleznyh-finansovyh-privychek
Photos are from open sources.
