For Quick Alerts
ALLOW NOTIFICATIONS  
For Daily Alerts

7 Bad Financial Habits To Avoid In 2016

|

Many individuals make financial resolutions, however, they tend to fail and correct the mistakes done in the previous year. Of course, financial resolutions will make your life smoother and help you achieve your long term and short-term goals.

Here are 7 bad habits which you can try to avoid in 2016:

7 Bad Financial Habits To Avoid In 2016
 

1. Avoid spending on unnecessary items

Cut spending on luxury items which can only provide temporary comforts. Make less use of vehicles and more of walking which will also make your healthier.

2) Avoid exceeding budget

An individual only knows that he has exceeded the budget, when makes a budget. Stick to a budget and try to update that sheet on daily basis so that you know where you stand. Make use of App which will help you save and track your expenses.

3) Avoid late payment of bills

One of the bad habits is to make late payment of bills. The accumulation of such bills can be a big debt in case not paid on time.

4) Avoid excessive use of credit cards

The best way to reduce spending is to avoid using credit card which acts as spoiler of savings most of the time. Using cash will make you spend less and you can track your spending easily.

5) Avoid unnecessary debts

Do not accumulate any new debt, this will lower your credit score. A good credit score will help you if you have any big plans such as availing home loan.

6) Avoid last minute tax planning

Due to a delay in tax planning we tend to overlook some avenues which may impact our returns and at times dampen our financial goal.

Give yourself more time so that you can consider all products including the ones under Sec 80C which are exempt from tax.

7) Avoid being hard on savings

 

Well, in saving and investing do not forget to pamper yourself with little luxuries which you deserve.

Goodreturns.in

Read more about: personal finance
Story first published: Thursday, December 31, 2015, 9:13 [IST]
Company Search
Get Instant News Updates
Enable
x
Notification Settings X
Time Settings
Done
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X
We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more