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Sreelakshmi Prasad

Chief Editor

5 Simple Money Habits!

12 Jun 2020

 3-mins  Read

5 SIMPLE MONEY HABITS

Believe it or not, but there are a few simple habits one can follow to make money matters a little easier! Money does not have to be an intimidating aspect of your life like many of us seem to claim these days. What begins out as practices, could end up turning into life-changing habits! They say it takes about 21 days to make or break a habit. Maybe it’s time to find out if it is true, after all!

1. Track your daily expenditure

The first and simplest thing everyone must do is to track everyday expenses. By creating a journal of where and how your money is spent, you not only get a clear idea of your spending habits. But it could also help you make more informed decisions about the money. It also helps you create a simple budget that works for you. Budgeting is another way of making your life easier. Your finances can be easily managed if you know the where, when, and how about your finances!

2. Automated savings transfer

Let’s admit, we all have a procrastination problem most of the time. Though it is harmless to forget or to delay the process of setting aside money for savings, it’s often how we fall out of the habit. Instead, a smart way to avoid this problem now is to set up an automated transferring system.

You could use this not only to save, but you could even begin investing automatically if you are looking to double some of your money while it rests. Micro-investing platforms such as Roundups can help you do so. Here you can invest your spare change, and end up earning more money from the change!

3. Live by the 72-hour rule

This rule is definitely a winner! The idea is to curb those impulse purchases we make, both online and even offline. Impulse buys tend to be one of the vices, which largely contribute to overspending. So the rule is very simple – when you find something that you really want to buy, You wait for 72 hours. If you feel the need or urge to buy after that time period, then you are free to make the purchase, but if you don’t, then you don’t! This rule usually works great, and the best part is, all you need is a little bit of self-control!

4. Weekly check-in on finances

Check-in basically refers to going through your finance journals and bill once a week. People tend to do this once a month, but it normally becomes a cumbersome and dreaded process. At the end of four weeks, it is quite hard to remember the details of what happened in the first two weeks, and you are not alone on this! By doing a weekly check-in, you reduce the amount of time you spend doing it, due to the lesser number of bills, and lesser time spent remembering things!

The end result – you have a clear and organized picture of your finances, and the chances of you missing out on those bills and payments are close to nil! It’s a win-win!

5. Learn something new every week

We all know that as we grow older, managing our own finances gets harder and a bit more complicated. But it is inevitable. But to make it easier for us, it’s important to understand and learn more about finances in order to make better money decisions in life. So once a week, or whenever you find some spare time, go ahead and do a little research. Learn about budgeting, savings schemes, insurance, and what not! Everything is just about a click away! Following some good finance blog coils also help you be money-savvy. This may sound boring or rather unnecessary right now, but your future self- will thank you later without a doubt!

Check out other blogs at Roundups to learn all you need to know about money and investing in simplified terms! You could also follow us on Instagram, where we post content related to personal finance and investing. 

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