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Happy Bhogi!
As we all know, this festival signifies letting go of negativity and making way for positive changes. Let's delve into the top five detrimental money habits that we should discard immediately, along with the alternatives we should adopt.
1. Living Beyond Means (Not Having the Gap):
Before delving into the first bad money habit, it's crucial to understand the concept of "The Gap" - the difference between income and expenses. If we earn 40K per month and spend 30K, the gap is 10K. However, spending the entire 40K or even more indicates a lack of gap. This habit may result from poor credit card handling, bad debts, or overconsumption. To address this, focus on creating a gap by either increasing income or reducing expenses, starting with eliminating overspending. Replace this habit with a new one - tracking expenses using tools like an expense tracker.
2. Impulse Spending:
Impulse spending, especially in supermarkets and online shopping, is a significant issue. Combat this habit by creating a shopping checklist, sleeping on potential purchases, and asking the crucial question: "Can I afford it twice without feeling bad?"
3. Neglecting Emergency Fund:
Failing to establish and maintain an emergency fund poses risks. Save at least 3-6 months' worth of living expenses in an accessible account to provide a financial cushion during unforeseen challenges.
4. Avoiding Investments:
Keeping money in a low-interest savings account is a missed opportunity for growth. Calculate potential spending over the next 15 years and consider investing with a growth rate of 12.5% per year. Understand different investment options such as stocks, bonds, or mutual funds, diversifying to build wealth over time. Acknowledge the time value of money as a key reason to invest.
5. Ignoring Debt:
Neglecting debt payments can lead to increasing interest and financial strain. Prioritize paying off high-interest debts, consider consolidation or refinancing for lower interest rates, and develop a repayment plan to regain control of your financial situation.
Expense Tracker : • How To Track Your Expe...
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Stock Market, Mutual Funds, Investments, Personal Finance, Make Money Online
12 янв 2024
