6 financial habits you can start having now



To have a healthy financial life, it’s essential to start with small habits that make a big difference in the long run.

Not having good financial habits is a sure recipe for trouble in this area. A study conducted by the University of Scranton in the United States shows that only 8% of people manage to keep their year-end promises in relation to their finances.

With the advice of Provu, a fintech specializing in means of payment and personal credit, follow six financial habits to put into practice immediately and make your dreams come true.

1. Have financial goals and objectives

Take those year-end resolutions that depend on money and put them into practice. In case you don’t have any, start planning something you want and have as a goal. This is a great way to take better care of your money before spending it on what might not be useful at the time.

2. Write down all expenses

After planning your financial goals and objectives, writing down your expenses on a spreadsheet or notebook is essential to really knowing where your money is going and, in this way, being able to better evaluate how much you can save.

One tip is to take your monthly statement and divide your expenses into two categories. One for fixed expenses, such as rent, house bills and credit cards, and the other for variable expenses, such as eating out, shopping at the mall, among others.

Another option is to adopt a personal finance app, such as Organizze or Mobills, which is inexpensive and very easy to use.

3. Save before you spend

After separating the spreadsheet into fixed and variable expenses, add an amount to save or invest in fixed expenses and commit to saving as if you were paying a bill. Even if you manage to save small amounts, they will make a difference in the long run.

4. Swap your expensive debt for a cheaper one

Expensive debts such as credit card and overdraft can be exchanged for cheaper ones, such as a personal loan, for example, which offer more attractive and personalized rates and also have flexibility in payment methods, helping to reduce debt and pay it off faster.

5. Avoid impulse buys

Impulse buys are often a huge waste of money. While saving a little makes all the difference, spending too little, but too often, can lead to early losses.

Therefore, before buying, stop, analyze and ask if you really need that product and/or service. After that, check if the price is also worth it and if it fits your pocket.

6. Study finance and start investing

Try to learn about low-risk investments and understand how the financial market works. Saving and investing your money is essential for anyone who wants a healthy financial life. But first pay off your debts! Your “future self” thanks you.

Source: Terra

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