In this busy world nobody has spare time to keep a tab on each and every financial transaction. However, tracking your finances is crucial to keep a track of your hard earned money to save funds. If you feel confused or don’t know how-to or from where-to start here are 5 financial habits that will help in tracking as well as saving your funds, efficiently and effectively:
1. Automate Your Expenses
You can automate all your regular EMIs and also pay electricity bill, water bill, school fee, phone bills, internet bills and other utility bills from your salary account in the first week itself. Secondly, automate transfer of a certain amount to your savings account every month. This will deter you from going overboard with avoidable expenses at the cost of basic ones.
2. Review Your Monthly Credit Card Statement
Generally we don’t look at our credit card statement, however it is an important tool to track expenses and tab avoidable ones. There can also be some fraud/extra charges which you will never know without looking at your cc statement.
3. Digital Payments
Using e-wallets can give you many discounts and cash backs. These offers may look small individually but make for good savings in the long run. Similarly, using net banking or debit cards of a few banks accumulate payback points from which you can shop on various e-commerce websites and order things for free later.
4. Maintain Your Assets
Your home and your car are probably two assets that make you incur expenses from time to time. Taking utmost care of these assets may sound cliché but doing so can actually save you a lot on painting, plumbing, electrical and other expenses on home while driving your car within speed limits and getting it serviced on a timely basis can increase its life and reduce repair costs.
5. Plan Your Taxes
Taxes hit hard on your pocket and take away a big chunk of earnings. Thereby, you must plan your taxes. There are many tax saving schemes and policies, you can choose to get some tax relief or even a tax refund. This kind of investment helps you in organizing funds better.
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