As human beings, we all run towards a common goal and that is to be healthy, wealthy and wise. Similar to health and wisdom, wealth is something that can be accumulated by making some positive changes in our daily habits. However, despite all of us aiming to get rich, not many of us know the ways to achieve wealth. So, if you are finding ways to get rich in 2019, here are eight simple habits that you can adopt today and make this year more lucrative.
1.Set Your Goals
Setting short-term goals not only help us recognize our immediate targets but also help in getting a clear picture of what our long-term goals could be. Additionally, achieving small targets even motivate us in setting more achievable goals and working hard towards achieving them. Once you are aware of the amount of money you need to save in this year, you can set a goal to collect that much money. Most of the financial experts suggest having a five-year plan to save money for the future. In this time span, you can create your specific money goals and what you need to do to achieve these goals by taking smaller steps.
2. Save 10% of Your Total Income Each Month
As soon as your salary is accredited in your account, make it a point to keep at least 10% of your salary aside for personal savings. You can start by directing this saved money in a separate savings account or investing it into saving or retirement schemes which will help you in saving a lot of money by the time you retire.
3. Save Unexpected Cash
If you are lucky to get any unexpected cash in the form of a bonus, a birthday check or from that pocket of your old long-forgotten jeans that you were not expecting, just save it. You might feel like indulging yourself with extra money, but keeping this money aside can help you when you are running short of money for paying your bank loans, credit card debts or for any emergency which might appear out of nowhere.
4. Automate Your Bills
One of the easiest ways to become rich is to save money by making the process of saving money easier. This can be done by automating your fixed expenses like payment of monthly utility bills. Automating your bills will help you pay all your bills on time and will be helpful in saving you from fines occurring from the late payment of bills.
5. Get Out of Your Bad Debts
Every one of us have some debt at some point or the other in our life. This debt can be in the form of a student loan, a mortgage or credit card debt. While student loan and mortgage are something, we cannot have much control on, we can get out of our bad debts occurring from credit cards. Use of credit cards comes with the cardholder paying a high monthly interest rate. So, if you want to save money, make it a priority this year to get rid of your extra credit cards and bad debt.
6. Note Down Your Expenses
While penning down all your expenses including the money spent on a cup of coffee can seem to be tedious, this might help you in the long run. By noting down your daily, monthly and yearly expenses, you will be able to review and monitor your expenses more precisely. This will be helpful in cutting down the extra expenditure and unnecessary spending. So, establish this habit today and see how much money you can save every year without feeling guilty of over-indulgence.
7. Change Your Spending Habits
If cutting down expenses is difficult for you, try altering the ways in which you buy things. Experts believe that using cash instead of credit card helps people in spending wisely. For example, you can withdraw only the required amount of cash from the ATM that would be necessary for your weekly or monthly groceries. Once you spend that money, consider your shopping is done and do not buy anything else. Apart from this, before buying any item ask yourself if you really need it and if you can work without that item. A good practice is to introduce a “no-spend” day in your timetable.
8. Improve Your Skills
You can improve your money spending and saving skills by reading different books, articles or blogs and implementing those skills in your daily lives. Reading about successful millionaires will inspire you from their journey. Not everybody is born rich. People work hard towards earning and saving money. Learn from your peers and use similar tactics to improve your wealth. Additionally, learning new skills, like taking up a course can also be helpful in generating some extra cash after work or during the weekends.