These financial habits will never let you sink in debt
Having your own savings is very important especially if you are a woman. You must know how to save and invest money so that you always have something for the rainy day. Here are 6 habits all independent women adopt so that they are never broke.
Minimise credit card usage
Switch to a debit card wherever you can so that you have an instant idea of how much money is left in your account.
Don’t waste time
Quit the attitude that you will do it later. Do it now! Put at least 10% of your salary into savings. If you can, put in a little more but begin now, no matter how much you get.
Impulse shopping
If you indulge in impulsive shopping then it is high time you control that. It just gives momentary happiness but the dent in your account stays. Make a list of what all you really need and stick to it. If you really want to go for some retail therapy then head to markets like Sarojini, Banjara, local thrift stores etc.
Investment
Whatever salary you get, keep a sum for investment purposes. Open SIPs, PPF, insurance policies etc. If you are into gold, then tie up with a kitty that many big gold brands offer and then at the end of the cycle, buy something that you may wear or buy as an investment.
Budgeting
Make a weekly or monthly budget and stick to it. Manage all your expenses within that budget. Write it all down so that you know where your money is going and what all you are spending it on.
Emergency fund
Make sure you have an emergency fund. Even when someone aunt hands you a little “shagun ka lifaafa”, instead of using that money, make it a part of your emergency fund.
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