Financial discipline is a critical factor that is common with many wealthy people; if you must stay out of financial problems, then you must imbibe the culture of financial discipline. It’s not rocket science but something you take time to learn and master over time. Now check out these tips to help you discipline yourself financially:Invest when you are YoungFinancial discipline makes you start investing at a young age. To have a certain level of financial security, it’s wise to make compound interest work for you over time, and this is what you get when you invest. You may want to have a certain amount of your pay deducted from your salary automatically.Stay away from Huge DebtsIt takes a high level of financial discipline to live without debts. Anyone who lives with many debts hardly grows financially because amounts that should go into investments are channelled to fees and interests. While it’s possible to live with a certain level of debt and grow financially as well, you need to keep an eye on it, so it doesn’t expand beyond your capacity.Have a Budget and Live within itHaving a budget doesn’t mean depriving yourself of essential and necessary things. Have a mapped out plan on how to spend, eliminate financial waste and frivolities so you can have more to invest. Budget your resources according to your needs and not wants, so you’ll become rich one day.Pay Yourself before Other ThingsMost people are used to the idea of paying almost all their bills before they cater to savings. If you must develop an ideal financial discipline, you need to have a certain percentage of your salary deducted and channelled to investments before you cater to your expenses. Don’t save what is left. Instead, pay from what is left.
|Don’t Miss Your Billing Cycle Deadlines|
Have you ever missed your credit card bill deadline? You wouldn’t want to do that as it comes with substantial interest fees. If you’re a steady income earner, it’s advisable to set up a direct debit – this will automatically debit you and settle your credit card bills. With this idea, you don’t incur extra charges due to late payments.
Make Payments That Exceed the Minimum
If you use a credit card, it’s best to clear all debts once it’s time to pay up. However, there are times when you can’t afford to pay up at the end of a billing cycle. In such scenarios, do well to pay an amount that exceeds the minimum because paying just the minimum deals with the interests and not the balance. Take your time to analyze the previous month, each time, to check your minimum to pay more or twice if possible. When you follow this idea, you’ll pay off your balance without hassle.
Leverage on Credit Card Rewards
Different credit cards have their reward programs, and you can tap from any of these to reduce your bills. These reward programs can come as discounts on affiliated services or products, travel rewards, or cash back. In line with your personality and where you spend more, you can opt for a reward program that suits you best. Big travelers should go for travel rewards while shoppers go for rewards that offer discounts on affiliated products.
Keep Your Number of Cards Low
It could be fun and enticing to have many cards, but when you look at the managerial requirements and possible damage to your credit score, you just have to limit the number of cards you get. Don’t max out your cards if you ever keep some of them, as you risk your credit score. Do well to leave a balance within the range of 30% to 50% of the allowable spending, so your credit checks don’t appear bad.
Keep Your Accounts Open and Use the Cards
Before you get a card, be sure about your options and ensure that you’re ready to use it for a long time. Just so you know, about 15% of your credit score is determined by the age of the credit line. When a card has impressive payment history, its age adds to its positive score.Moreover, accounts can lose their influence when they appear inactive over time. Banks can close such accounts without charging fees for inactivity; this isn’t healthy for your credit score. What’s the catch? Keep your accounts open and make use of it once in a while, so it doesn’t go inactive.Emergency Credit Card-Emergencies come up at times, and if there be an urgent need of an unbudgeted expenditure, you can count on your emergency credit card. With an emergency credit card, you can tackle emergencies that appear to be out of your control. Be careful to know when you’re paying frivolities.
It is rightly said, “A sick man sleeps, but not a debtor.” You too may have taken some loans, be it a car loan, business loan, credit cards, a bank overdraft or a student loan. The reason for taking loans could have been unexpected financial difficulties or business purpose. Don’t you want to get rid of all debts and the hassles involved in dealing with the creditors? Certainly, everyone wants to stay debt free. Debt consolidation can bring the normality back in your life.
The Biggest Advantages to Debt Consolidation
Although obvious to some, the advantages of debt consolidation often elude many people who have not had the luck to be educated and highly skillful in the art of finance management.
Following is a list of options that debt consolidation offers:
- Lower Rates And Greater Span
The first advantage of consolidation, the one that is most sought after, is the advantage of having the opportunity to decrease your rate. Be it because of financial problems, unforeseen circumstances or simply because of unwillingness to pay that much per month, the most important concern has a lower rate. In that case, debt consolidation can be a very good solution.
- Lower Rates And Lower Span
It is no secret that the longer your credit span is, the more you end up paying in the end. Debt consolidation offers another interesting and useful possibility: to be able to increase your rate, if you can afford it, but, at the same time, to make sure that your credit span goes down.
- Multiple Credits Advantage
When being faced with paying back multiple credits, the debt consolidation plan is certainly a great advantage. Say, for instance, that you have to pay credit with 20% interest, another one with 19% interest and another one with 10%. On average, this is a 16.3% interest (if the credits are approximately the same amount). By obtaining a debt consolidation plan with an interest rate of 15% (which is also high compared to the best credit you have) for the entire sum, you have not only reduced the interest, but you have also made sure that you will have to make a single payment instead of 3.
- Free Debt Counseling
The last and probably the greatest advantage you can get is free debt counseling. Remember, the bank is not your enemy. Many people who have not yet had the chance to become experts in the fine art of personal finance are in great need of such counseling, which is available for free when signing a debt consolidation.
Dealing with debt, with the help of debt consolidation, leads to financial freedom sooner. It enables you to pay back your debts, as your income permits and by a single payment.
Does Ahmedabad need the nickname ‘The Manchester of India’ any longer? Because apart from this rightful claim, it’s also a city that has the potential to grow further and further. Ahmedabad is a city located in the Gujarat. This city is a major center for textile manufacturing and trading and hence known as ‘Manchester of East.’ This city is the cultural and economic heart of Gujarat.
Ahmedabad Is Business Friendly
After India’s economic liberalization in 1990, Gujarat’s economy has expanded by more than 12% every year. Ahmedabad is the economic capital of Gujarat. The mega-city has grown beyond recognition in the last decade. The welcoming attitude of the current government towards businesses has led to increased investment and economic development in the state. These improvements have led to the creation of some new jobs in Ahmedabad.
Ahmedabad is gaining economic importance these days due to the Rapidly growing infrastructure. Gujarat has also succeeded in projecting an image of business-friendliness, and numerous Indian, as well as foreign companies, have set up their operations in Ahmedabad Gujarat.
Ahmedabad enjoys a thriving and diverse economy. The GDP of the city was estimated at 119 billion US dollars some years back which is rather good for a growing city. It was ranked among the four most economically prosperous cities in India.
The city has Rapidly grown in infrastructure
The city is home to some of the largest companies in the automotive, computer and pharmaceutical industries.
A large number of infrastructure, industrial and IT projects that Ahmedabad bagged have increased the demands for skilled professionals as well as skilled laborers. Hundreds of thousands of new jobs in Ahmedabad have come up as a result, and this has changed the impression of the city in the eyes of Indian professionals. Ahmedabad is one of the leading suppliers of jeans and the leading exporter of gemstones and jewelry. The city also benefits from a very progressive educational sector that attracts young students and professionals from the rest of the country.
With only 5% of the Indian population, Gujarat produces 16% of the industrial production. Gujarat has averaged 9% annual growth over the past three years and Ahmedabad is the major contributor.
Hundreds of thousands of jobs in Ahmedabad have been created after companies invested billions in the city. Well-publicized coup, many International companies have established their branches in the city, and many are planning to do the same.