6 Proven Money Habits to Practice

An article by Sherin Dev; Follow me in Twitter or Visit myFacebook Page

Are you serious to manage your money in a better, structured way? Here are 6 proven money habits for you to practice. These are very simple but the result would be fantastic.

Plan Budget

Having a budget in place is beautiful. Living in a budget is excellent! It would help keep track of your exact income and expenditures thus helpful to manage money in a better way. Budgeting considers as a best tool to clamp down unnecessary spending and expenditures to a great amount.

Pay bills in time

Nothing is free. If you pay bills in time, you are safe from penalties thus losing money too. If a person have number of bills at the end each month to pay and never pay in time, counting the penalties itself would reach to a considerable amount, that may sufficient to pay one or more of his bills later!

Avoid Debt

Lend intelligently. Identify the possibilities of getting money than lending. Pledging of gold or other items, selling of second items, are some of the best options than lending money from organizations and paying interests to that and late payment penalties.

Automate savings

Our world has lots of automatic saving options. One can start automatic saving by increasing employer provident fund contribution to systematic investments in mutual funds. Auto sweep and recurring deposits are another best ways to automate your saving. Identify what to suit to you and apply.

Use credit card wisely

Don’t be a loser with credit cards. Don’t run with a credit card library. If you wish to use one, select right one, consider the factors like, fees, bills, changing norms and rules etc.. Wise spending with credit cards happens very rarely. Instead of using credit cards, use debit cards which generally doesn’t have any fees for online or offline purchases.

Read About Personal Finance

We have enough resources to enhance our skills both online and off-line. Free and paid materials, purchasing or lending of useful magazines, financial publications and books are good and safe to increase personal finance knowledge. Having certain knowledge in each area you dealing with, helpful to avoid mistakes and plan your finance in a successful and structured way.