4 Healthy Financial Habits

Healthy financial habits slowly drives you towards financial freedom without your knowledge, isn’t it a good news?

Well, it is. These healthy financial tips, when followed, takes you slowly towards the community of the rich!

Don’t leave your online transaction reference names blank or meaningless

Having blank or meaningless reference names may not harm now, but at a later point. It hurts when you do your financial planning at a later stage – you might want to analyze your spending trend, which in turn requires all your previous financial year’s expenses and incomes. For this, reference names are most important to trace back your expenses.

Save all your bills and receipts in an organized way

Online transactions can be tracked, but what about offline? It’s possible only if you have the right proof – the bills and receipts. At a later point, if you had to control your expenditure — bills and receipts could help you set a benchmark to measure.

Don’t just go for shopping without a shopping list

Frugals always say a ‘Big No No’ for unplanned shopping. This is the place where ‘spendthrifts’ lose financial control. Make a detailed shopping list, prioritize the shopping items, make budget for each shopping item,  then shop. This way, all the unwanted expenses are controlled.

Keep track of your cheques if you had issued

It’s always a good habit to note down to whom the cheque was issued. Wise people go a step further – they check the status of the cheque as well. There is a leaf at the end of every cheque book to note down the issued cheque details , utilize it to have all your financial stuffs in control.

Also, don’t keep any leftover signed cheques as is anywhere, even in your home, if it is stolen and misused, it leads to serious legal issues.

Related: How to Track Offline Expenses (and why you should)

Prabha is a User Interface Designer (Software design) + Entrepreneur, and a passionate home organiser. She was a spendthrift until she came across the book 'Millionaire next door'. In fact, this (the book) was her turning point towards frugality and financial freedom. Read more

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