Top 5 smart money habits to make you rich fast

May 16, 2018, 01:31 PM IST

Top 5 smart money habits to make you rich fast? Yes, that can happen, but the most important aspect in this is to first, act on it and second, be disciplined about following it for the long-term. So, how to become rich? Well, Think, and you can do it. All you need is discipline and a set of simple money habits that will help you multiply your wealth handsomely. Here are top 5 smart money habits to follow:


Put your savings payments in automatic mode: Make sure to automate all your investments that you make each month. Fix the deduction date closer to salary credit day. In effect, it means telling your bank to shift a particular amount to your savings schemes so that you do not get a chance to take it out and spend.


Hungry in the morning? Crave tea, coffee from the swanky retail outlet? Well, ditch it. This is a pricey habit to have and should be dispensed with. A simple morning meal at home is both nourishing and goes easy on your wallet too. The lesson? If you think you do not have enough money to spare for investments, simply control your expenses. The money thus saved will go a long way if invested in right instruments. 


Set your financial goals: See what you want and most importantly, when you want it. Simply investing money without outlining a proper goal doesn't help. You must have a money goal, and you must strive hard to achieve that.  It can be to buy a bike, car, house or to fund you daughter's education or wedding.


Save unexpected flow of money: Money, if not actively stopped, can flow like water leaving you with an empty wallet. So, all the money that you earn beyond your salary must go into investment. Just invest unexpected cash into right financial products. getting a bonus on Diwali should also go that way. So, keep a check on other spending. If you won't track how much you spend each month, your savings would always remain meagre. 


Guard your health. From talking long walks and doing strength training, ensure your well-being. This is the biggest issue to be addressed as an emergency trip to a hospital can set your finances back by years. You can also look positively at taking medical insurance.