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Avoid to use credit cards: Studies show that those who use credit cards instead of using only cash for payments tend to spend comparatively more. While using credit cards, they do not get to see the money spent, that is why people somehow overspend on items they do not need. One of the sure ways to cut down on excess spending is to buy things with cash.

  • Create a check-in bank account for daily spending.
  • Limit money in that account to check excessive spending.
  • Link this limited money-account to mobile e-wallet.
  • Do not carry cards linked to the savings account.

Don’t compromise with a Smart Budget: Without a clear budget, no one can expect to manage their finances. There are various easy-to-use budgeting apps and software available in the market that will help you to manage your personal finance better. Financial literacy is something everyone should strive for to not only survive the daily struggle but to enjoy a thriving life.

Don’t Procrastinate: Experts and entrepreneurs alike believe that time is of the essence. Time is money, so people are trying to find out ways to be more productive. Find specific methods that suit you the best to deal with procrastination. Divide your workload into sections and subsections.

  • Avoid multitasking.
  • Do not overburden yourself with the workload of others.
  • Do not set unachievable goals.

Do not waste money: There are ways to cut down on excessive spending habits.

  • Cancel those streaming subscriptions that you do not require.
  • Cancel unused memberships of expensive clubs and gym.
  • Do not go out to have dinner at restaurants every single day; instead, buy fresh produce and cook food at home.

Don’t miss out on a Passive Income: There are many ways one can generate a passive income. Writing a book is one of the easiest ways to regulate such earnings. Write a book once, and opt for self-publication. Publish the book to platforms like Amazon, and they would pay sixty percent or more for every sale that you make. There are other ways to create a steady flow of passive income.

  • Rent your apartment.
  • Invest in high-return dividend stocks or bonds.
  • Create an online course and sell it to a niche audience.

Don’t lend money to friends: There might be times when a family member or a close friend would ask you for financial help. Depending on your financial situation, you can either lend them the money or not. At times, you need to stick with a hard NO. Do not feel overburdened by the sense of guilt because growing up, everyone has to take a firm decision and has to say no sometimes.

Don’t fail to create an emergency fund: You must have an emergency fund because no one knows when some unforeseen circumstances might arise. Be prepared for whatever life throws at you. An emergency fund is a blanket of safety that comforts during hard times. There are many ways to calculate the amount of a fund as there are no hard and fast rules.

  • Short term emergency fund will back up expenses for about six months or more.
  • Long term emergency fund will help boost up your business. So, plan the business safety fund accordingly.

Not having a financial target, in today’s day and age is like not wanting to lead a better life. Every adult person should have their own financial goals. If you did not think of the investments before, maybe it is time to start the exciting journey of the stock exchange.

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