4 Habits to Get Your Finances in Shape!

As we have arrived in 2024, most of us have already set up goals for this year. Apart from health goals like “Sit up Straight”, “Sleep Earlier” and “Drink More Water”, you may also wish to take care of your financial health. iFAST Global Bank has come up with four good practical habits that can help you get your finances in shape. Check them out now and we wish you a rewarding year ahead! 

1. Set up Clear and Practical Financial Goals 

When people have a deadline or goal to work towards, their productivity tend to increase. That’s why it is very important to set up financial and saving goals. In fact, the clearer the goal, the more actionable it is. Goals such as “Save Money” are confusing—how much do we wish to save then? A good financial goal should be detailed and preferably quantifiable. “Save 10% of My Monthly Salary” is much clearer, and easier for us to access whether we are on track. 

2. Set a Monthly Spending Quota 

With e-commerce gaining popularity, purchase can be made easier than ever. To avoid spending more than we think, it is good to set a monthly spending quota for yourself! If you have huge one-off spending this month, deduct the extra money from the next month’s budget. It is only when we pay closer attention to our spending that we can maintain good financial health. 

3. Learn Financial Knowledge 

Many people are reluctant to start investing because they do not have adequate financial knowledge. In fact, depositing money into the bank is also a kind of investing! The older we get, the more wealth we accumulate, and it is crucial to know how to manage our assets. Amateurs can start building up financial knowledge by reading our articles here. Self-enhancement is always the key to a better life.   

4. Start Savings 

When you (1) make a balance between income and expenditure, (2) save some money and (3) have basic knowledge about personal finance, you are already better than most people in the world! At this point, you should already understand your risk appetite, and you can start choosing your own way to invest, such as accumulating wealth through time deposit. Remember, it is always good to have a stable fixed income stream as a part of your investment portfolio!