Financial Habits of Successful People – How to make money

It is important for every modern person to know the methods of capital management and what financial habits may be considered useful and which may not. You don't need to change your whole life to be successful, you just need to change the details. Everything is easier than it looks!

Despite the strength of our desires, we do not always achieve our financial goals. After all, family, professional and personal responsibilities (along with some pandemic-induced hardships) can keep us from saving money. If you're looking for easy ways to make your financial life easier, check out these easy ways.

good financial habits

Make a financial calendar

Many of us started the year with big goals. To make it easier to reach them, make a special calendar. Save it to your phone, tablet or laptop to set reminders and create to-do lists for essential financial tasks. For example, remember to pay your taxes by the beginning of May or reinvest in December. The calendar can also be used to set goals: for example, save 100,000 rubles by June or track debt repayment steps.

get rid of paper

Avoid paper checks, statements and other financial documents in this format: they can get lost easily. Keep them all in electronic format: they're easier to work with. It will be easier for you to find them, use them, analyze them. Try to pay everywhere with cards, not cash: it will be easier to summarize the results for the month. When you pay in bills, you will definitely forget to write down what that amount was spent on.

pack your wallet

If you want to save money, chances are your wallet is full of loyalty cards and retail store coupons. They offer good benefits: free shipping, deep discounts, sales alerts, and other special promotions. However, if there are too many of them, you will feel disorganized and distracted. So the probability of you using some of the bonuses is rapidly decreasing. Try downloading apps from your favorite stores, cafes, etc. It would be great if they could all be combined in one place.

Get rid of credit cards

Try not to resort to using them: interest in them is the highest. Pay off all your credit card debt or at least reduce your number of credit cards to one. Try to pay off debts and save money. If you accumulate even a small amount of capital, you will no longer apply for a credit card.

Choose your bank wisely

Choose your bank carefully. What is the cashback amount? What are the interest rates on deposits? It seems that with 40,000 rubles you can get a refund, at best 2,000 rubles. A bank deposit in the amount of the same 40,000 will bring only 1,600 rubles. On the one hand, that's very little money. On the other hand, once you spent half an hour getting them monthly.

Automate your savings

You can set up automatic transfers between accounts. For example, once a month, 10% of your salary will go from a checking account to a savings account.

3 financial habits of successful people

pay yourself first

This is written in many famous books: “Rich Dad Poor Dad”, “The Richest Man in Babylon”, “Millionaire in a Minute”, etc. On the one hand, this is difficult. Yes, and many will say: it is easier to save with a salary of a million than with a salary of 20,000.

As paradoxical as it may seem, it is more important to learn to do this with small amounts. Most likely, you will immediately remember that you need to pay off a loan, rent an apartment, etc. Robert Kiyosaki wrote about this too. He said he still paid himself first, but such situations made him think more about how to make money. Each time, he finally found a way.

Make the best possible number of acquaintances

To become richer yourself, you have to make someone else richer. There's no other way: to make something big, you need a good team. Professionals need to be paid for their work. And trust me, if you have an idea and experts with the right skills, the first million won't be long in coming. Smart entrepreneurs know that the better the network of acquaintances, even the superficial ones, the more opportunities you have.

Make a budget for the week

And try not to go any further. If the purchase is really necessary, you will make it at the end of the month. If it was a momentary wish, you will increase the amount in your savings account. Another good habit: rounding off purchase amounts and transferring the balance to the same deposit. Remember that large amounts are made up of small ones.

bad financial habits

Don't track expenses

You'll never know where the money is going if you don't analyze it. Select the categories: mandatory, planned, unplanned. Or in another way: household expenses, mandatory payments, entertainment, etc. After a few months, you'll notice how important the little things are: from coffee to cab rides. Put a note in your wallet asking if you really need this item. This will help reduce impulsive spending.

don't save money

Try dividing the amount left over after the mandatory payments, like this: “airbag”, “investment”, “dream I'm saving for”. Set aside money monthly. Once you manage to create an airbag that will last at least a few months of comfortable life, distribute the same amount as before, but between the two categories.

reckless loans

A small number of people take out a loan to buy assets, start their own business. These are often consumer loans with extremely high interest rates. At some point, you need something expensive: for example, your laptop, phone, etc. broke. You already have a loan, but you are taking out another one. Savings would have avoided such situations.

If you already have a loan, try to negotiate the lowest monthly payments on it. Use part of the money to pay off the loan and save the other part.

That is all! Develop financial thinking with Ilya Sitnov. Subscribe to our newsletter here and on Yandex.Zen so you don't miss out on useful materials.