Whether you’re earning an exorbitant salary or making just the bare minimum, it’s necessary to have financial knowledge, for smart financial decisions play a vital role in shaping your future.
Here are some good financial habits that will surely help you in the lockdown:
1. Educate Yourself
You might have almost no clue about financial jargon so the very first step is to take some notes. The Jupiter Millions Community provides a detailed understanding of broad financial topics ranging from simple money management to pivotal financial decisions.
There’s also ‘Clueless’ by Tanmay Bhat where the comedian breaks down complicated financial concepts into layman terms with some comedic banter on the side. Find the medium of your choice and gather all of the info possible for you need this ammunition to get closer to achieving your financial goals.
2. Invest Your Money
It’s important to not just earn money but to ensure that your money makes money. Investments can be an intimidating topic to understand but there are several apps which help make them not just less difficult but also, fun!
Groww helps you keep track of your stocks, mutual funds, FDs and a variety of investments whereas Zerodha is primarily focused on trading itself. Bringing in apps helps make this educational every step of the way and helps you control your funds with the click of a button!
3. Pay Later When Necessary
Paying from your debit card might not be the good financial option you think it is. For sometimes there can be several expenses together and the expenditure can put quite the dent in your account. Here, you can opt for a pay later option from apps like Simpl and spend money upto a certain limit and pay later.
Slice Pay is a micro-loan app which provides larger loans but operates in the same way. Other than that there’s always Paisa Bazaar to check for a plethora of credit card options that suit you best. Using your credit card and accumulating a good credit score can even help you with loans in the future.
4. Opt For Discounts
Discounts might not seem super important, but when a lot of them pile up, you do end up saving a significant chunk of money. GrabOn and CouponDuniya are easy portals to access discounts ranging from small clothing items to expensive flight tickets! Nearbuy too is a source to find out about great gift card deals ranging from restaurants to spas and much more!
You could also opt for offers like ZomatoPro where you’re rewarded for spending money by saving on food orders and getting free meals/drinks at restaurants.
5. Budgeting And Expense Tracking
Whether your salary is small or big, budgeting is always essential. It’s a habit that will be great in the long run and you can save a lot of money when you take a closer look at unnecessary expenditures. Apps like Walnut are great for this as they continuously provide you a summary of your expenditure.
Hence, you can then accordingly set savings goals for future purchases to sustain your drive to be financially responsible.
6. Be Smart With Expenses
Being financially responsible isn’t just a one-time thing. But a way of life. Being smart with daily expenses is the most important financial habit one can ever have. The goDutch app is the easiest friend to get you through this.
You can use the app to effortlessly split your group bills, track expenses with friends and settle them via UPI, all-one place! The app can also make your rent payments more systematic, send notifications of recurring expenses and help you keep track of bills using a group chat and even reminders!
There are a plethora of solutions at our disposal and all we need to do is put our fondness for technology to good use. A ton of financial knowledge is just a click away hence, instead of going in blind, you can now have a well-charted plan to actually achieve your monetary goals. There’s the old saying called ‘Don’t work hard but work smart’.
Hence, adopt these key financial habits and ensure that you have your money in control instead of being controlled by it.