“Success doesn’t come from what you do occasionally; it comes from what you do consistently.”
By Marie Forleo

This quote by Marie Forleo always motivates me when I need to achieve my goals.

The passage clearly emphasizes that any successful plan needs to be executed consistently.

The realistic and straightforward habit will help you achieve your goal in a short period.

How many of you have ever planned a weight loss plan and failed in executing it? It happed so because they were unrealistic and short-term mega dreams. Whether it is shedding extra pounds or saving money, it is always wise to have simple and realistic goals.

Always have a reasonable expectation of reaching your goal.

Better money habits will be helpful in your life.

I am sharing few fundamental and simple habits that you can follow and become a financially healthy person.

1.Clear off the debts.

” The secret of getting ahead is getting started”
By Mark Twain.

By taking this first step, you have started your journey towards a
debt-free life.

A life without debt is very peaceful as the monthly EMI’s will not be hanging around your neck.

• First, calculate the total amount of liabilities on your name and set aside the interest money from your paycheck towards paying these debts.

• Plan to clear off the debts with the higher interest first like credit cards and then the lower interest debts.

• Avoid using credit cards as these will further increase your liability.

• Start to use debit cards or cash to regulate your spendings.

2.Make simple and better-saving habits.

• It is never too early or too late to save and invest your money.

• Mr. Warren Buffet had invested at the age of 11 by buying shares from Cities Service in 1941.

• Start a monthly saving plan for yourself with a small amount.

• Based on your income and necessary expenditure, you decide how much you can save each month.

• Decide a minimal and comfortable amount that you can easily set aside every month.

• Start with a small amount for over six months; once you are used to it, you can increase it gradually.

• Sign up for an automatic transfer option so that you don’t have to do that hard part of setting aside the savings every month.

• Save your money to achieve long-term goals like buying a house, financial emergencies, or save money for kids’ education.

• As a short-term goal, you can save money for travel.

3. Track your entire expenditure

• Start to note down every dollar you spend right from today.

• The expenditures in your life can be annual, monthly, or variable.

• Annual expenditures are insurance, taxes, etc., which you pay once a year.

• Monthly expenditures are mortgage loans, rentals, utility bills, a monthly fee for subscriptions, etc., which you pay monthly once.

• Variable expenditures are grocery bills, clothes, entertainment, etc., which can vary from time to time.

• You will need to have an expenditure tracker in your mind before deciding to run an expenditure like gifts for a friend’s birthday, sudden travel, a pop-up sale on Macy’s, etc.

• Tracking the expenditure will provide an insight into your spending habits.

• The habit of impulsive shopping will be apparent when you start to follow the expense log.

• You can begin to track your expenditure with an app or book to reflect upon yourself where you could have saved the money from unnecessary spending.

4.Start to invest in yourself

While speaking about “investing in yourself,” I consider doing this in two ways.

First way,

• You are paying yourself first from the monthly earning and saving this money as your retirement funds.

• Have you set aside even a single dollar towards your retirement funds? If yes, it is a piece of great news, or else better late than never, start to save from your monthly income as your retirement funds.

• Invest now and make a difference in your future.

• You can also sign up for the retirement plans available in the market and avail the tax benefits they offer.

Second way,

• You are investing in improving your skills or opting for extra classes to give you a push or leverage in the working front.

• The coaching will provide you with extra inspiration in your career and get you a promotion or a pay hike.

• Consider the option of side hustles as well, where it will start to increase your income.

• Creating many sources of income is always essential. As one source of income gets affected, there will always be a backup source of income that will take care of your living.

• Plan to start a side hustle today. Think about what you are good at, and then look for business related to that niche. The online business has opened the doors in your footsteps.

5. Plan a budget for yourself.

• Plan a personal budget on a spreadsheet or A4 size paper.

• Your ideal budget plan should include your income, spendings of all kinds, saving goals, and debt repayments.

• An important task is to track your progress on the budget tracker regularly to know where you are heading.

• Have a real-time goal while planning this budget.

• Spendings using your credit cards is noted under spendings.

These simple money-saving tips will prepare you for an emergency cash fund or to plan your vacation without the money crunch.

Money is vital and provides comfort for our life. And you all know right, ” Comfort is addicting.”

Without further delay, note down your debts, make a simple saving plan, begin to track all your expenditure, invest in yourself, and last but not least, plan a budget today.Let your new money habits be simple, realistic and motivational.

With a happy note….

“Do not save what is left after spending, but spend what is left after saving.”
By Warren Buffet.