Today I would be sharing few easy tricks that can eventually change your change your monetary status.
Sometime we see that a person earns well but his status remains the same and doesn't change with change in increment. So here comes few habits which if implemented, can surely build up your monetary status in long term:
1) Control your Borrowing habits:
Today its easy to apply for loan and an option to repay back using simple EMIs. But when we repay the loan, money is charged more than its worth. It is true that facility of taking loans from banks or traditional ways fulfills our short term needs but in long term it decreases our lifestyle. To maintain balance in lifestyle we again opt for loan. I higly recommend you to leave these cycles of borrowing habits. We should always borrow wealth for productive tasks which can create wealth after repayment.
2) Say No to Smoke and Alcohol:
Nowadays, people are spending a significant amount on their bad habits. Which affects our monetary status and health too. So its better to say NO as soon as possible. So it can boost up your bank balance soon. For example if a person save Rs.100/day from these so you can save more than 30k in a year. Simply put the saving into a mutual fund. You can unexpectedly get more than 2.5 lac after 5 years.
3) Accounts & Budgeting:
Keeping proper accounts of your expenses and preparing budget can help us analyze and improve our spending habits and makes us aware for the future.
4) Keep your paper safe:
Sometimes we don't care about our important papers like Insurance documents, Investments certificate, Vehicle RC, Relieving letter, UAN, Electronic gadget warranty paper, Bank passbook etc. But when it comes to need, that time we have to waste our money and time too. So before wasting money and time we can properly file all documents.
5) Health is wealth:
It well said that "A person spends his health to gain wealth and after retirement recover his health by wealth". One medical treatment can change once lifestyle and bank statements. So before it comes, everyone should take a health insurance. This petty expense can save you from a big deal in future.
6) Save and Investment:
Yearly inflation decreases the value of money. For example, 5 years back 100 Rs. can buy more things compared to present time because the value of Rs. has fallen with inflation. So if we are only saving our money in bank, it is decreasing with time. We should invest it in proper manner so the value of money also increase with time.
7) Development of ourselves:
Developing your knowledge continuously is also a good habit. A wise man always learn new things which give new ideas to saving money and increase lifestyle. So everyone should try to learn new things to increase lifestyle in less costs.
8) Planning and management:
Its very important to plan everything before doing because unplanned work can increases cost. So every time when we do any work so please take your time then plan and manage it according to budget and then go for it. I surely can say that your work will done in proper manner with under budget.
Thanks
Saurav..
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