Is right money management one of your 2018 new year’s goals?
If yes, then read up on these 5 habits to start the year with wise financial moves. These habits will help you become more practical in your finances, including expenses and credit, and motivate you to save money as well.
START A SMART BUDGET TRACK
It’s time to stop spending too much on the things you just want. In terms of spending, make needs a priority over your wants.
Using spreadsheets can help you manage everything you spend and save. Before going to a store or the mall, list down your wants and needs and cut back on expensive or luxurious products you don’t need.
BE FINANCIALLY GUIDED
There are two ways to be properly guided when it comes to smart finances.
- Books – It is important to read books on how to save money and spend it wisely. Give time to help yourself improve and learn the basics of proper financial management.
- Smartphone Applications – Nowadays, there are various phone applications that help you track the money you spend and save. Busy people and young adults find it much more convenient and helpful to manage their expenses.
KEEP YOUR CREDIT CARDS UPDATED MONTHLY
Always keep this in mind. If you want to save and be practical, you should pay your credit cards every month. A good record of credit cards payments will also reflect on your credit score and eventually help you to establish a better record especially when you are starting a business.
If you can’t make it a habit, then you should cancel your credit cards right away. Credit cards can only tempt you to spend a lot more than is practical or smart.
SAVE, SAVE, SAVE!
Motivate yourself to save money for your future. Saving money is not only for emergencies; it is also a reward for yourself after your hard work. Little “self-rewards” may turn out to a new phone, gadgets, car, or even a house.
You may also use your savings in some investments you want to try. While at first your are saving for yourself, later on you will be saving for investments.
SET GOALS. FINISH STRONG
After planning, your next big move should be to stay motivated and accomplish the challenge of saving money. Setting goals will help keep you inspired.
For example, why not try labeling your savings in jars. You may label the jars with the things with to buy or plans you want fulfill using your savings (education, traveling, gadgets, donations, investments, etc.). The best part of saving money is when you finish it and start making your plans and dreams a reality.
There is no perfect time to start new beginnings in life. Quit telling yourself that “this might be an unlucky day to start saving money, try investments, and etc.” No one else will motivate you to start and finish what you plan–just you.