By Vaishnavi Kumar

What is the 1 thing you need to live, to fulfill all your wishes and desires. Yes, you guessed it right. It’s MONEY. And everybody knows that just merely earning money and spending it is not enough. Saving, making investments, having control over your expenses is what are most important. In short, having good financial habits is very important. Financial independence for every woman is our dream!

Here are our 5 must have financial habits that every girl should follow:  

Good habits around Credit Cards: It is always advisable to minimize the use of credit cards as much as possible. While spending we just swipe our card assuming we will clear the amount when the bill comes. But everybody knows that life is unpredictable. We feel that paying just the minimum balance is fine, leading to ending up paying the highest interest rates ever. Use credit cards judiciously, read up on bank rates, pay in full before the due date and learn how to use credit cards to your benefit Vs to the bank’s benefit.

Emergency fund: Create an emergency fund for unexpected emergencies. Being prepared for all the events, problems, and unexpected surprises in life is smart. When you have a back up plan in place you can navigate unexpected emergencies without having to borrow and without anxiety around money. Of course the hope is that you never have such a circumstance, but incase you do, you have got YOU covered.

Invest: Don’t just save, but invest. Investing money not only helps to save it but also to double it. This is one of the best habits that everyone should follow. It helps in securing money for the present and the future needs with extra returns. Studies show that women are better investors than men so take up the opportunity! Get learning, take a course, start reading up arm yourself with the right resources and get investing.

Do not disclose your income to everyone: Not all people are your well wishers. People will find innumerable reasons to save their money and make you spend yours instead. Helping others in their difficult times is a very good deed, but never help people for their selfish motives. Keep your money to yourself and spend it wisely. Less lending more investing. Being cautious if you get hit up frequently to lend a helping hand is wise.

Passive income: There is no harm in earning extra money by working in your free time or via a side hustle. People often feel embarrassed to take up small jobs except their main work. Setting up other passive income streams is a good plan of action.

See this Post by Erin Gobler for more Tips around building good financial habits

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Let us know in the comments below what are the financial habits that you follow that has helped you grow more.