No matter your level of income, without some important financial discipline, your bank balance might continue to decrease with absolutely no signs.
The reality is that insufficient good spending habits can compound and lead to exhausting financial stress over time.
Let’s explore 5 poor spending and saving choices that are most likely quietly damaging your finances.
Your third coffee of the day, that random online purchase, or the latest gadget that you purchased because it was “on sale”—they might look harmless. But these impulse buys are capable of corrupting your monthly budget as effectively as termites.
How to fix it: If you want something, give yourself a 24-hour to think it over. If, after those 24 hours, you feel it is worthwhile, then proceed. You would be amazed at how many of these ‘must-haves’ were nothing more than a craving.
Have you ever arrived at the end of the month and not known where your salary has gone? If yes, then you didn’t track your spending. Lack of a budget means you are managing your money blindly.
Fixing this: Using apps for budgeting, or simply a notes app, can blur the line. Create mini categories: food, bills, entertainment, and savings, then set a max limit for each. Better formatted information equals better choices.
Credit cards allow you to swipe and spend money without having a repayment plan in place. This can easily result in accruing debt. Even if you can maintain paying the minimum amount due on your credit card, the interest collected can add up quickly.
How to fix it: Reserve swiping your card for when it’s necessary and set a goal of paying the entire amount owed by the due date. If you find yourself needing assistance with managing financial restrictions in the short term, you may consider taking out a personal loan.
Systematic saving is a practice that is often neglected because many believe they do not have the means to do so. Life is full of surprises. Events such as medical emergencies, sudden travel, job loss, or unexpected bills can disrupt a well-laid financial plan.
If you face difficulty planning a safety net, start with a small amount. For instance, saving 500 rupees a week may not seem like much, but it can serve as the foundation for an emergency fund over time.
Letting bills slide not only costs you money, but it can also negatively impact your credit score and limit your financial options down the road.
How to fix it: The simplest solution is to minimize costs by setting automatic payments, calendar reminders, or dedicated time slots during the week to pay dues.
There are times when all you need is a quick and short answer, free from the burden of traditional banking. That’s when Bharatloan comes into play.
Bharatloan provides immediate personal loans for salaried employees to assist with any unexpected costs, such as an emergency expense, workspace improvement, or simply navigating a difficult month.
