Fiscally Fit People are the ones who can manage their finances pretty well, in fact effortlessly. And it is not something like they are born with the talent of managing money well; it is due to the fact that they inculcate certain good habits that keep them “Fiscally Fit” – Therefore let us read 7 Habits of Fiscally Fit People.
1. Pay oneself first
When you plan your monthly budget you must not just consider your utility bills, grocery bills, shopping bills but also be able to set a budget for your savings. In fact savings need to be our priority. People who are Fiscally Fit never compromise on their savings and they have a dedicated percentage of their income that goes towards savings from every pay cheque they receive.
2. Money is always on their minds
You will find Fiscally Fit people mostly sorted towards their money matters; however you will find them being more calculative and cautious about the way they are spending money. The worry on the minds of Fiscally Fit people helps them in keeping a check on their finances. Although fiscally fit people do not over-react or act stingy but they certainly do not make hasty decisions or easily make wrong moves towards their finances.
3. Not underestimating risks
Fiscally Fit people never overrule the financial risks. They are very much aware of risks that close at hand and therefore prepare themselves financially to combat financial risks. They also plan for unexpected health risks such as death, disabilities, and accidents by opting for a good Life Insurance Plan or a Health Insurance Plan. They also make investments into financial policies such as Mutual Funds, Fixed Deposits, Recurring Deposits, etc. to ensure that they have some money in store and are prepared when an emergency strikes.
4. Steer clear from Credit Card debts
A Fiscally Fit person will stay clear from the credit card debts by keeping a track of the expenses they are making through their credit card and never use their credit card extensively to an extent that they are not able to make the payment. They will make the payments on time and ensure that they do not attract interest. Apart from using the credit card cautiously and making payments in time another thing that a fiscally fit person would do is that he will always take time to review his credit card statement to understand how he is being charged keeping himself fully aware of the payments he is going to make towards the credit card.
5. Plan financial goals
Fiscally Fit people are good at managing their finances pretty well; they know their financial goals and they set it based on a priority basis. It is not that tough to enlist ones financial goals and prioritize them. They also never forget to follow the plan they have set to achieve their financial goal in life. Also, if one of their plans fail to work they never panic as they are smart enough to have a backup plan already running on back of their minds.
6. It’s okay to make mistakes
To err is human but only the wise one get the point to learn from their mistakes and not repeat the same mistake twice. So the fiscally fit guys never repeat their mistakes. Although they being cautious about spending money they barely land into a major financial mistake, the mistakes can be as simple as lending money to a friend or get-rich-quick investments. When they find out that they have done mistake they never repeat it all over again.
7. Don’t forget emergency funds
Fiscally fit people are very good in planning their finances. They plan their savings, investments, and even emergency funds in hand. They plan ahead of time and keep in reserve at least 6 months’ worth of living expenses to meet an emergency such as sudden loss of job or even sickness.Main Category: Finance