4 min read
Updated on Sep 29, 2022
Cleaning your house before an auspicious festival like Dussehra or Diwali is a much-called-for practice that we all follow. It cleanses and makes way for new beginnings, but what about the cleansing of your personal habits, typically the important habits such as your money habits? Have you considered sorting through those and cleaning out the bad ones? If not, then give it a thought this Dussehra and try to replace all your poor financial habits and look to replace them with healthy and proper money habits. In order to do so, you first need to identify poor money habits. Read on to know what exactly they are.
Everyone is quite aware of insurance and its importance. However, getting an insurance plan just because it’s needed, is a foolish thing to do. You need to first understand what coverage is available under each type of insurance plan. You need to assess your own requirements and finally, you need to locate the types of plans that would cater to your exact needs. Therefore, you should kill the practice of buying random insurance plans. Reevaluate all the insurance covers you have to ensure you have sufficient coverage. If you feel some alterations are needed, get them done at the earliest and stay protected in the best and the most comprehensive manner.
Another bad financial habit is to put all your eggs in a single basket. Never invest all your money in the same place. You may be risk-averse or someone may have told you to go for specific investments, but not diversifying your financial portfolio is a major blunder. Look for the different investment options and spread out your expenditures. Understand your risk appetite and then choose to get the best possible returns in the long run.
You have a great financial advisor who always guides you through your investments. But do you completely understand where you are putting your money? While it is good to have sound financial advice, do not blindly trust anyone who handles your money. Rather, take their advice and understand the investment platform before you lock in your money. In the modern world with the power of the internet, it is very easy to research and understand the various investment options. Read up, understand and then invest.
Have you been investing just because it is the right thing to do? Many people have this terrible money habit and if you do too, this is the time to kill it! You need to make some very specific financial goals and then invest accordingly. Create goals such as funding your child’s education and look for investment opportunities that would help to achieve that goal. Goal-based investments are crucial and as an investor, you need to implement this into all your investments.
Have you informed your family members about the investments you made? Does your spouse know where your term insurance document is kept? Is your teenager aware of the SIP you have for his secured future? If not, then you need to tell your family members all about your investments. After all, you have invested for your family’s well being and if something unexpected happens to you, they should be able to encash the investments and have the financial security you planned for. So give up the habit of financial confidentiality this Dussehra and be open about your finances with your near and dear ones.
The Final Word
Now that you know more about the typical financial blunders, stay away from them. Clean them out of your life and adopt some of the healthiest financial habits to stay one step ahead in the game. Understand your financial needs and then make the right choices and you will see a positive change in your financial life.
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