12 Signs You’re Good with Managing Your Money Saturday, Oct 03, 2020
Earning enough money is one thing. Handling your finances prudently is another.
In today’s world, living a humble lifestyle is considerably difficult for many.
Easy access to frivolous expenses might be spoiling your spending habits.
Today we make it easy for you to understand if you are good with managing your money.
Simple 12 signs that will make it clear if you are on the right track while taking care of your finances.
1. Steady flow of income
If you have a steady flow of income and you know how much you earn means you are good with your money. This will help set right expectations at first. Living within your means is a critical part of money management and growing your wealth.
2. Spending pattern
You know how much you spend or what is your family’s spending pattern like. If you know how much you earn and how much you spend, simple arithmetic will reveal what you could afford. If you are doing justice to your financial well-being by your current spending habits you are good with money management.
3. Paying bills
While this might be like super obvious and a mandatory expense, if you can pay all your bills regularly pat yourself on the back. This means you can afford housing, utilities, food, transportation, EMIs and other important needs every month without going into debt.
4. Shop right
Shopping is not always a wrong thing. We do have a wish lists waiting for us. Yes, if you can shop for things you want without any dent in your financial planning don’t worry, you are good with managing your money.
5. Saving Money
While being able to spend on things you want is good for money, saving money regularly is also important. Kudos, if you are saving enough every month. Saving money is essentially not spending on things you probably don’t need and keeping aside for some emergencies.
6. Retirement planning
Retirement planning should start ideally from your very first pay cheque. If you are considering retirement planning right from the beginning and setting a portion of your earning towards your retirement fund you are good with managing your money.
7. Step closer towards your financial goals
Yes, if you are planning to purchase a house or a car or even a holiday and investing right for your financial goals it is surely a good step.
Money wisely used to achieve your goals, means you are good with managing your money.
Setting aside a part of your income towards investing for your financial goals (long-term and short-term) before even you start spending is sign of a disciplined investor.
8. Credit report
Not many of us do this regularly. So if you are one of those who check your credit score regularly you are good with your money.
Your credit score helps lenders decide whether they feel comfortable lending you money when it’s time to buy something major such as a car or a home.
9. No credit card debt
Most of us carry credit cards. Is it a good thing or a bad is a debate forever. There are people who not just carry credit card but also know how to make the most of it.
If you have managed to stay away from credit card debt you are good with managing your money.
10. Money talks
Talking to your significant other or your family regularly about money is crucial. If you and your family have regular conversations about your financial reality and future, consider yourself ahead of the game. This helps you stay align with your goals together and also strategically control your spending habits.
11. Learn about money
No matter what age you are, what background you belong to, you still choose to learn about your money. Wise people value continued self-education and read to learn more about investing the right way. If you regularly read about growing your money into wealth you are good with managing money.
12. You invest
Needless to say, last but not the least is that you are investing. If you are investing right to achieve your financial goals or simply build wealth, you are good with managing your money. Investing via equity mutual funds could be your route for long term, which will help you lead the life you are aiming for.
A big thumbs up if you see all the above 12 signs in yourself.
Being good with money will allow you to create a wealth.
If not, you now know what you need to be good with your hard earned money. Make the most of your time and start following each point. These simple habits will help you achieve financial independence.
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The views expressed here in this article / video are for general information and reading purpose only and do not constitute any guidelines and recommendations on any course of action to be followed by the reader. Quantum AMC / Quantum Mutual Fund is not guaranteeing / offering / communicating any indicative yield on investments made in the scheme(s). The views are not meant to serve as a professional guide / investment advice / intended to be an offer or solicitation for the purchase or sale of any financial product or instrument or mutual fund units for the reader. The article has been prepared on the basis of publicly available information, internally developed data and other sources believed to be reliable. Whilst no action has been solicited based upon the information provided herein, due care has been taken to ensure that the facts are accurate and views given are fair and reasonable as on date. Readers of this article should rely on information/data arising out of their own investigations and advised to seek independent professional advice and arrive at an informed decision before making any investments.
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