KifaaytiBabu
KF Ace
What is that one financial habbit that you have and are proud of it .
Financial Habbit
- Thread starter KifaaytiBabu
- Start date
Personally talking, I always figure out what I actually need right now and not buy whatever I want to. On top of that, I always differentiate between relevant & non-relevant expenses!
Hema Kulkarni
KF Mentor
Hi, When I started my Job I opened 3 Bank Accounts - 1 for Savings, 1 for Expenses (this is where I get my Salary) and 1 for Investments. I have set up an Automatic transfer from my Salary account into other 2 accounts. As soon as I get my Salary, on the next day my money is swept out of my Salary Account to other 2 accounts and I'm left with only minimal amount for all my necessary expenses. In short I have automated the entire process of Savings, Investments and Expenses
anuragmukherjee28
Moderator
I invest 25% of my salary in mutual funds every month, this helps me to save a particular amount and it's has been very beneficial atleast for me
I also only buy something for myself if it's a necessity, and I'll wait 10 days before making a purchase to make sure I still want it. But sometimes I give in to my momentary desires and end up regretting it later.
I also only buy something for myself if it's a necessity, and I'll wait 10 days before making a purchase to make sure I still want it. But sometimes I give in to my momentary desires and end up regretting it later.
KifaaytiBabu
KF Ace
Well in the world of Buy Now and Pay Later ...your strategy of Don't Need Don't Buy is really great to have
KifaaytiBabu
KF Ace
This is a very good personal finance practice...in a way you know what amount you have to spend for the month and do not go over budget ..Hi, When I started my Job I opened 3 Bank Accounts - 1 for Savings, 1 for Expenses (this is where I get my Salary) and 1 for Investments. I have set up an Automatic transfer from my Salary account into other 2 accounts. As soon as I get my Salary, on the next day my money is swept out of my Salary Account to other 2 accounts and I'm left with only minimal amount for all my necessary expenses. In short I have automated the entire process of Savings, Investments and Expenses
This method is very well explained in the book "Lets Talk Money" By Monika Halan.. If you have read it..if not I would recommend all to give it a read..Very well self learning book and also written in Indian context .
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Hema Kulkarni
KF Mentor
Pahulpreet Kaur
KF Mentor
by saving, do you mean for short term uses or any emergency? and by investment do you mean for long term investments?Hi, When I started my Job I opened 3 Bank Accounts - 1 for Savings, 1 for Expenses (this is where I get my Salary) and 1 for Investments. I have set up an Automatic transfer from my Salary account into other 2 accounts. As soon as I get my Salary, on the next day my money is swept out of my Salary Account to other 2 accounts and I'm left with only minimal amount for all my necessary expenses. In short I have automated the entire process of Savings, Investments and Expenses
17ysaurabh
KF Mentor
I have created an Emergency Fund where I try to invest monthly in FD on the IND Money app. I can withdraw from this FD anytime. It's not yet complete though.
Note: The emergency fund should have an amount equal to 6 months of your expenses. It comes in handy for private employees.
Note: The emergency fund should have an amount equal to 6 months of your expenses. It comes in handy for private employees.
DELAYED GRATIFICATION....this is what the today's world actually need
anuragmukherjee28
Moderator
I Wish I could feel this,I am more into instant gratification and then regret
Tax with Ria
KF Expert
Being a CA student, we are made to work for 13-14 hrs and in return we get little pennies in form of stipend. Despite of small amount of savings, I've invested in buying physical gold which I would require anyway in marriage, sovereign gold bonds 2025, one time SIP investment so that i can avail the compounding benefit.
Its all about willpower...
* just take a break of 10 mins ( Most people fall pray in first 2 mins)...from the "ad" that provokes you to buy things ( most ads play with human psychology)
* after 10 min analyse is the thing you buy is what you WANT or its a NEED...
* defeat the buying thoughts by your immense intellegence...and analytical mind.
