Sticking to a healthy lifestyle does not have to be costly. Rather, good lifestyle choices can help you save money!
While buying things today is as easy as a card swipe, learning self-control is crucial for your financial health. Sooner or later in life, you need the art of delayed gratification, though the sooner, the better. Tip: Waiting until you save up for the purchase is better than paying interest or racking up your credit card bills. Using your credit card on an impulse and then defaulting on the Credit Card payment will negatively affect your Credit Score as well.
The mantra ‘Go vocal for local’ plays a significant role in healthy living. This will help you save a lot of money which could be utilised towards your investments. Opting for seasonal fruits and veggies, locally made (cheese) paneer, and goods from your neighbourhood bakery, results in a good local food economy. Tip: You not only eat a fresh and healthy diet but also put more money into the local economy. This will help you save a lot of money which can be utilised towards your investments.
Smokers and regular drinkers need to pay a much higher premium on their health and life insurance policies. You not only save money by not spending on harmful habits but end up saving on the premium as well. Many health insurance companies reward healthy and active customers with incentives. They have mobile apps that help policyholders track and record their diet and exercise routine. The insurer then pays out rewards in the form of discounts or redeemable vouchers. Tip: If you and your family are healthy, you can avail of claim-free bonuses and discounts.
An uncluttered desk will improve your efficiency, and an uncluttered mind will help you make the right financial decisions. Educate yourself to keep a clear mind when managing your finances. Being clear about your financial priorities enables you to stay on track and eventually leads to healthy financial happiness. Tip: An organised financial portfolio helps you declutter your financial goals in order to achieve them easily.
It may be the last thing on your mind, but saving up becomes easier if you start early. It also develops the habit of disciplined long-term saving. Saving aggressively may not be possible as you move ahead in life and have more family responsibilities. Tip: Investing earlier in life would help you get the maximum benefit of the power of compounding, which would eventually help you build a healthy corpus for yourself and your family.
When thinking of personal finance, you need to see yourself as a financial asset. When you invest in yourself today, you will surely reap the benefits tomorrow. Tip: Keep upgrading your knowledge, skills, and experience. It will put you in the high-paid bracket of the workforce. Keep in mind that investing in yourself has to continue throughout your life.
While some lucky ones inherit healthy financial habits from their parents, many learn the hard way. But thankfully, you don’t need a family lineage of financial experts or a fancy degree to manage your finances. Follow these financial tips, educate yourself, and don’t repeat money mistakes.
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