It is better to leave the bad habits as soon as possible. But some people take such a resolution that they will leave bad habits with the New Year or even this Diwali. Bad habits are of many types, people also have many bad habits associated with finance. This Diwali, you can change these 5 habits associated with finance, life will surely improve.
- Expenses without planning
This problem of every person and every house is that the expenditure is high, so cannot save. But they do not have these figures where they spend. I.e. spend without planning. Therefore, firstly make a list of income and expenses for every month while improving habit. Then try to rein in those expenses that are not necessary. However, during the preparation of a monthly budget, decide the amount of income which is 20 percent of the amount for investment. When you spend three months on the basis of the list, you will feel that till now you have done a great loss by spending without any strategy.
If you think that there is nothing to be done with the investment of thousand, two thousand rupees. The investment of 1000 or 2000 in such a price does not matter. So first change this habit. The reality is that the investment can be started with a small amount and there should be a focus on gradually increasing it.
- Investing without information
Every person has a goal, but what is the right goal? This question is in front of everyone. Whether it is a private life or a way of investment, it gets the destination from the right goal. Do not invest on the advice of someone else or relative. Because every investor has different goals. That is why it is not wise to invest on the other’s say. So, if you are investing without any information, then this Diwali first consult with a financial adviser. So, the goal that you are trying to achieve will be achieved or not?
Well, during this inflation period, people who save the savings want to invest in such a place where they get better returns. But there should be information about where to get better returns. In the last nearly 30 years, the equity has been invested by investors, but depending on which stocks are selected in equity, everything depends on it. If you are a knowledge of equity, then you can emerge as a big player. But if there is no information, instead of equity, mutual funds can be a better option. At the same time, the investors who do not want to risk at all and refrain from choosing new options in the investment, they can invest in FDs and bonds.
- Negligence in payment
Many people deliberately or say, due to negligence, do not pay EMI or credit card at the right time, and this becomes the biggest source of income for the bank. So, if you use credit, try to make a payment just one day before the last date. Alarms in the diary or mobile for that, credit card payment is required on this date. Never wait for the last date. Paying on time gives credit score a good one.
- No hesitation in taking the loan
There are some people who do not need a loan anymore, they take it. Especially people fall in the direction of personal loan. Personal loan is considered to be the worst step for economic health. So always avoid personal loans. On this, the customers become disturbed by paying the interest.
Apart from this, some people also take a loan on a credit card. In fact, credit card companies always offer cash loans to their customers. But every offer should be avoided by this offer. You should take a loan on credit card only when it is very important. On payment of loan for credit card, the companies charge heavy fines, in a way it is carried out double charge.
- The use of credit cards wildly
Generally, people use credit cards very much. Due to non-payment of offers and cash payments, people also buy things that are not necessary. Therefore, this Diwali, you can take the resolution that the use of the credit card will not be in vain. If used, then always keep the pocket in mind.
Tell us, there is a bigger role of credit card in spoiling a man’s budget. A large part of the monthly income goes into credit card payment. Then such people cannot save or investment. So if you carry a credit card in a pocket, then use it steadily. The less you use the credit card, the more you will be able to focus on your investment. Apart from this, always avoid using the full limit of the credit card. By doing so, credit profile can be negative in the long term.