In the era of digitization, we pay, shop, order food, book tickets and do a lot more using our mobile phones. There has been significant rise in the comfort level and life style demands but the change has not been the same with spending pattern of an individual. Rising standards and the hassles of daily life has taken a form of debt. A person earning Rs. 100,000 a month and a person who earns Rs. 5 Lakh a month, both are equally stressed with financial burden.
There are several methods, which can help you overcome debts and become financially stress-free. Here, we are sharing few of the time-tested methods that could help you.
Always keep a record of your expenditures:
None of us would want to spend more than what we have. So, it is always important to keep a record of your monthly expenditures. It helps in cutting back when we have unexpected bills. We do not go over our budget. It is a very good exercise for starting savings and to become a frugal as we have the record of our all the expenditures at a glance. Also keep track of your credit card transactions, so you can stay within your limit.
Understand the Right use of Credit Card:
Plastic Money is now the in-thing and people do not believe in keeping a wallet full of currency notes, rather then they are happy to shop just by swiping the Debit or Credit Card. This new credit card culture has given the leverage to the people to buy whatever they desire. Right use of credit card means, you should use different credit cards for your expenses instead of constantly making transactions using a single card. Make it a point to use each credit card you have once in every six month.
Not all loans are for you:
You must be getting a call from Banks and related agencies for Pre-approved personal/home/car loan. This is generally offered to people who have a clean track record of loan repayment history. You get it even if you had pre closed your earlier loan amount. You should consider opting for such loans only if you are in grave need.
Don’t become Impulsive Buyer:
Impulse buying is a common behavior today. Our culture of consumption forces us to surrender to our temptation and we end up purchasing something without considering the consequences. Is it a bad thing? In my view, yes, it can be. To understand impulse buying from a psychological perspective, we should ask the question What motivates us to impulsively buy products?â€ There are in fact a number of answers to this question, and knowing them will help you make smarter, more rational decisions the next time you go shopping.
A little saving is also important:
Our savings depends upon one of the most important factor and i.e. what we earn. People often make excuses of not earning enough to go for any kind of saving. But remember, even a 100-rupee note can be useful at times. It’s not necessary to start savings with huge amount. Savings can be started with even a smaller amount as in emergency; small savings can be very helpful.
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