5 Ways to New Financial Habits
Adopt a financial habit now which would positively influence you in every way. Bad financial habits gets you into all forms of financial worries. On the other hand, useful financial habits prevent you from splurging, help you save more, let you achieve your financial goals faster & reach your desired destination. Inspired by Budgets Are Sexy (2014), there are five saving challenges which you got to accept.
CHALLENGE #1 TRACK EXPENSES FOR THE NEXT 30 DAYS
Focus on your cash outflow than your cash inflow first. Pen down everything into the budget book. After the first week, you will start reflecting on all the things you want to pay for. By the end of the month, you would then calculated if you saved more than you would have without tracking.
The longer you keep up with this challenge, the higher your self-control of your finances.
CHALLENGE #2 THE “NO SPENDING” CHALLENGE
This challenge also helps you keep an eye on your transactions. Basically, you are only allowed to spend on necessities (i.e. daily essentials). Your aim is to prevent yourself from using money for shopping, eating at a restaurant or even catching a comedy show.
Withdraw yourself of these and you will realise the true worth of every cent. Plus, your savings will double.
CHALLENGE #3 THE 100 DAYS OF GOLD CHALLENGE #100daysofgold
Common, because the rules are simple. You start putting $1 on day one. Next day, you put in $2. Increase the cash iput by $1 every day. So, for day 3, it would be $3, and day 4, it would be $4. Continue to do this until you reach the 100th day, in which you would have placed $100 into your large and heavy piggy bank.
Guess how much you would have saved at the end of 100 days? A whopping sum of $5,050!
CHALLENGE #4 THE SPARE $ CHALLENGE
The webpage suggests you put in any spare cash left in the wallet at the end of every day. Let us up the challenge, shall we? On some days, you save first before you spend. For instance, with $20 everyday, you can opt to put $15 into the piggybank and spend the remaining $5.
You lose nothing, you gain a ton of savings again but limiting your expenditure.
CHALLENGE #5 OWN A GROWING SAVINGS ACCOUNT
We all should own a savings account by now. For your monthly paycheck, automate a monthly transfer of whatever percentage you are comfortable with into the savings account. The best decision would be to put in all else after settling the bills and setting aside for the necessities.
Disallow yourself from touching the savings account and your stash just piled up.
After you completed the finance challenges, the next step would be to think about how to then invest the savings wisely. Grow, Invest, Retrieve, Repeat.
Jade Lee is the Chief Editor of Giants Learning Technologies. Her life purpose is to help; thus committing to youths like herself through articles regarding early financial planning. Jade is an alumnus of Ngee Ann Polytechnic where she attained a Diploma with Merit in Early Childhood Education, having dedicated three years in understanding preschool children. Under a scholarship, she reads Bachelor of Arts in Psychology from Nanyang Technological University. Jade is also a commercial model and engages in Hip-Hop dance. Find out more about her insights via firstname.lastname@example.org
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