5 Simple Habits You Can Develop To Have a #WiserWealthier Year

3 min read By Kevin Joshua Ng on February 26, 2021

Sometimes, the simplest ideas are the the best. Same goes with your finances. The more you can make something complicated simple, the better it is for you in developing habits that can help you live a #WiserWealthier life.

That’s why in this article, we’ve distilled most advices and sifted through tons of material to give you the most proven and simplest ways you can take care of your finances.

Set up auto bank transfers every pay day.

You’ve already heard of the basic tenet of saving. It’s probably the earliest financial tip you’ve learned and the one that’s repeated most often. However, you’ll be surprised by the number of people who don’t actively save or probably have any savings at all.

Don’t be part of this statistic. If you must, take advantage of the technology offered to you by banks through their mobile apps to make saving simple. How? Automate.

Most banking apps already have online bank transfers in place. If you have multiple accounts, or better yet an account specifically for savings, a quick set-up of scheduled bank transfers from your payroll to your savings account can be made. Schedule it during your pay days so you can keep the habit going. You’ll never notice how your savings will rack up quickly. By using this method.

Budget your finances.

Another simple yet overlooked habit that can really help you have a #WiserWealthier year is budgeting.

As our own definition goes, budgeting is having money you allocate for spending–but it’s more than that. Budgeting is not just on how you spend your money. It’s also about how much you allocate for spending, for living expenses, for your investments, and for your leisure.

Surprisingly, there are still a lot of people who do not know how their money gets spent on a monthly basis, hence the memes of “San na napunta ang pera ko?“.

Take some time to create your own budgeting chart. You can use apps, an Excel spreadsheet, or a notebook if you’re old school. Sit down and write down how much you pay for expenses, how much you save, then how much you have leftover. This might be a tedious habit to learn, but you’ll thank yourself for starting.

Compare interest rates.

One way or another, you’ve become interested in taking out a loan. You may even have tried the whole process and got approved–which means you’re paying for it now. But have you ever wondered if you can get the same loan for lower monthly payments?

If you do then you probably should have compared interest rates first. Unlike dating where you take the first available option, you can compare interest rates for loans and such. That’s going to be more beneficial for you at the backend because you won’t have to pay more for the same loan offer. There are a lot of services that makes loan comparison convenient and easy, like eCompareMo.

At eCompareMo, our loan comparison tool matches your profile with the lowest interest rate loans available. Not only that, we show you the best loan offers that gives you the best chance of approval.

Pay Off Card Debt Each Month.

You’ve probably heard a lot of “horror” stories about credit card debt. Realistically, it’s the kind of financial product that if not used properly, may trap consumers in debt. But this doesn’t mean you should stay away from them.

Credit cards, when used correctly and paid off in time and completely every month, can be a convenient and even a more practical way to pay. For example, you can use specific credit cards for your monthly expenses like utilities and groceries and earn cashback rebates.

Add to this the rewards you’ll be accumulating by constantly and responsibly using your credit card and you will be able to enjoy airline miles, hotel points, and freebies that you can use for your vacations.

Get insured.

If only we can look into the future and dodge mishaps, accidents, and misfortunes. Unfortunately, we can’t. As we grow older, we tend to get more sickly, and put ourselves in sticky situations because we have no way to know.

But fortunately, we have what we call insurance–instruments that will help us get through the cost of getting into a car accident, having health problems, or even on the untimely loss of a loved one. So as much as possible, try to get insurance for your most important assets, yourself included.