Everyone wants to be financially independent! But due to rising prices and poor financial habits, it is not possible for everyone to be financially free!
But the real fact is that it is in our hands to be financially independent. By understanding the pros and cons of the below financial habits, you can achieve financial freedom!
- Avoiding Bad Habits(Smoking and Drinking)– Stopping Smoking and Drinking is a tedious one to quit immediately. But keeping your financial future in mind, try to minimise these bad habits gradually. It is good for your health as well as for your financial health.
Enjoying the current moment without thinking of your future growth throws you into deep financial troubles. Even though, it is difficult to quit smoking and drinking at this moment itself , you should think of your financial future ahead.
Gradually quit smoking and drinking and invest that saved money on high capital appreciation assets like stocks, mutual funds and real estate.
- Replacing Gadgets Frequently- In today’s fast growing world, Gadgets are being updated with latest features very fastly. Some youngsters tend to replace gadgets whenever there is a new update and newly added features.
But this leads you to fall into the trap. Instead of purchasing new gadgets frequently, wait for some time to get customer reviews on the product. Generally New gadgets are expensive during launch and when the product gets older, naturally prices drop and depending on the customer reviews, you can take a call to buy that gadget. Don’t replace gadgets without verifying customer reviews.
- Unnecessarily Eating Outside– Some people tend to go to restaurants, bars frequently. Going to hotels and bars levy GST+Taxes on your bill. Instead if you prepare food at home, you can save lot of money. Besides it is healthy too! If there is no alternative except eating outside, then only prefer hotel food, street food etc. Minimise your habit of eating outside once or twice a month beyond that it will eat away your pocket savings and spoil your health.
- Visiting Malls, Multiplexes Frequently– Some have the habit of visiting malls on the view of window shopping. But while doing window shopping, they get attracted by the fancy items and makes you to purchase that item without a second thought.
To avoid this, while doing window shopping leave your purse and credit, debit cards at home and visit the malls with limited cash. If that item is beyond your limited cash in hand, delay the purchase decision for 30 days. If you still want to purchase that item even after 30 days, then only purchase that item
- Purchasing Expensive Furniture, A/C’s and TV’s on EMI– Now-a-days many firms offer EMI Facility in collaboration with banks and financial institutions. Though buying on EMI’s looks like a easy task, if you miss even a single instalment, you will be levied penalty and even forced replacement of the product by the firms. If you are sure that you will repay EMI’s on-time, then only opt for EMI’s; otherwise ignore them and purchase whenever you have liquid cash.
- Spending lavishly on Marriages, Birthday Celebrations- Though it is a time to spend money on birthday celebrations and marriages, be in your limits. Instead of spending heavily on marriages, invest that money on the name of the bride and it will take care of their entire married life.
Even though Spending money on one day events like marriages, birthday celebrations is unavoidable, spend within your limits and invests the rest for their financial future.
If you understands the evil effects of spending money on the above terms, you will definitely lead a better financial life!