Personal finance habits are one of the most crucial aspects of the lives of expats. This is only for the reason that it is necessary for them to come up with a budgeting strategy along with saving techniques because as expats, they need to earn and keep as much as possible.
The concept of personal finance habits may be so cliché and difficult for some. Yes, I am not going to say that it is going to be easy. There would be times that you might feel deprived, irritated, annoyed, and you merely want to break free from your planned set of habits. But as you go along, you will realize that it is something advantageous and beneficial in the long run. At the bottom of it, you will be much wiser in making decisions as regards your financial life.
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You will be thankful that you have decided to begin the journey of having healthy personal financial habits, and you will be rewarded with a better financial status. All it takes is the proper mindset or a goal that no matter what happens, you are set in achieving your goals. Along with mindset is the consistent discipline to work harder towards your goals.
1. Come up with a planner where you will jot down all your projected monthly expenses. This will help you track your monthly expenditures.
2. Be strict with your list. Do not buy something if it is much of a want than a need.
3. Look for alternative products with equally great quality. Do not be deceived by brands for this will only break your budget.
4. Collect coupons from newspapers and magazines and use them as you go to the grocery store.
5. Spend some time looking for sale days for you could save a lot from these events.
6. For banking, look for the bank with the least monthly fee and the least interest.
7. Try to sell the oldies but goodies items that you have. Not only you’ll get to raise an amount, you can also declutter your home.
8. Limit your use of television for it could have a higher electricity consumption. Spend a maximum of an hour per day.
9. Look for freebies from your current card subscriptions. You will be surprised that your card has a lot of perks than expected. May it be a shopping cart or a loyalty card, you will get something for free once in a while.
10. Learn how to create DIY gifts than purchasing from stores. This is much sweeter and much wiser in terms of spending.
11. Allot a time to think about buying something. For an instance, give yourself 30 days to think if you really want to buy a specific item. This could also remove your habit of being an impulsive buyer.
12. Stick with your grocery list. Make sure that you do not exceed unless it is extremely necessary.
13. Home meals than restaurants. Rather than eating outside, try to prepare some food on your own and invite your fellow expats or friends. This could save you a lot of money.
14. Know how to sew so that in case of a repair, you could do it on your own than looking for a tailor to do it.
15. Provide for your children just enough. It means that in making them happy, you won’t have to spend all the money that you have. Try to figure out what they need and how they could use it, then that is the time that you will buy something for them.
16. Bring refillable water. Instead of buying now and then that you feel thirsty, get your bottled water from the bag and drink it.
17. No smoking! If you have the habit of smoking, by all means, I am urging you to stop and quit!
18. Turn off the lights when not in use.
19. Look for energy saver bulbs and other appliances. You may have to invest for a while but later on, you will see the importance of it as you reap the savings that you have.
20. Go for the automatic thermostat. This would help you maintain the just enough temperature of your home or room while you are away and working. No need for you to spend extra for the excessive colds and the likes.
21. Always go for quality. Whatever it is that you buy, make sure that it is of high-quality so that you won’t have to replace it again and again.
22. Opt-in paying cash whenever you buy something than using credit cards.
23. Compare the prices of the goods that you buy. Whichever store offers the lowest price, do your groceries there.
24. Never ever spend when you are under great pressure or stress for it could only break your budget.
25. Make sure that your family back home are aware of your budget plan so that in their own ways, they could also help you.
26. Unsubscribe or end your irrelevant memberships. If you think that you are not using it that much, then cancel it.
27. Do not attach your bank details or credit card information online for it could be very susceptible to hacking and other theft activities.
28. If you want to buy something, do it not before the holiday for the prices tend to be higher. The prices will surely decrease after the holidays.
29. Make sure that you have life insurance as well as your family members. This is the most important personal finance habit that you can follow.
30. If you have the privilege of owning a car, make sure that it is something that is fuel-efficient.
31. Markets than malls. Prices here tend to be cheaper since vendors won’t have to pay the high stall rentals.
32. Practice making pauses before adding things in your cart. If you pick up something and you are about to put it in your cart, pause for few seconds and ask yourself if it is vital.
33. Share your home space! Not only you might have a great companion, but you could also be assured of a monthly additional income. Just be cautious in choosing your new roommates.
34. Eat breakfast at home so that you won’t have to have a stopover on the way to work to buy a cup of coffee.
35. Why not try to babysit? Well, this might be useful at some point since you could raise an amount in your spare time.
36. Recreate leftover foods into something new. Cook something out of your refrigerator food.
37. Bring your own lunch at work. No to fast foods and restaurants!
38. Dress minimally. It means that for as long as you have something to wear on a daily basis, that would be enough. Do not buy all the clothes that you see on stalls.
39. Be the handyman! If you could fix things on your own, do it. If you cant, that is the time that you will look for a laborer to do it for you.
40. Settle to an average price or even cheaper price place to live. This will help you save a lot on a monthly basis.
41. Have a little garden to grow some easy crops. It could help you save some pennies in buying crops from stores.
42. Opt to commute. Rather than bringing your car, it is fine to commute once in a while so that you could save some from fuel as well as car maintenance.
43. Learn how to groom yourself so that you won’t have to frequently visit the spa or salon.
44. Practice carpooling. Well, sharing a ride with someone will be much cheaper than driving on your own.
45. Buy in bulk. Wholesale shopping has a lot of advantages than buying in retail.
46. Cut some mobile plans and services that are not useful. This will help you decrease your monthly phone bill.
47. Memorize all the benefits and perks being given by the company that you are working for. You could utilize all of those.
48. Take a walk for short distance places than taking the cab. You are not just going to save money but to be healthy by walking.
49. Suggest cheap activities in terms of bonding time with your fellow expats. Have a picnic at the park, or merely visit a local garden.
50. Look for alternatives in going back and forth from your home to work. Perhaps, you could discover a shortcut.
51. Learn how to say no if you think that it is needed. If others are inviting you for some good times and you know that it not necessary, then decline the invitation.
52. More on veggies and fish than meat. Much healthier and cheaper!
53. Minimize unnecessary vacation or out of town. Just try to focus on your home sweet home vacation than the regular out of town with friends.
54. Unplug unused devices for these could also consume a considerable amount of energy.
55. Look for solar appliances and gadgets if possible. Utilize the heat of the sun!
56. Come up with a budget if you want to go home for a vacation. Make sure that you do not overspend.
57. Plan your itinerary in your home sweet home vacation so that unplanned activities won’t happen for these could also consume your budget and time.
58. During vacation, resort to private and close bonding activities like playing at home with the family than the mall adventures.
59. Book flights ahead of time (like 3 or 4 months before the planned flight) so that the cost of the tickets will be much lower!
60. Carwash your car than having it car washed on the stall. This would help you save some money and exercise at the same time.
61. Look for possible rebates out of you purchased items or expenses. You can use ebates site to get rebates everytime your purchase.
62. Invest in useful electronic devices, not the trendy one! Look for the quality and not to its brand nor fame.
63. Be very strict about sending money back home. Make sure that the right people will be the one to receive the money.
64. Look for cheaper remittance centers for these could help you save some amount. This one of the personal finance habits that I highly recommend lol!
65. Do not be encouraged in making impulsive shopping spree! Remember that you have a plan.
66. Go often to your bank to deposit for savings, not to withdraw for buying something.
67. No to debts. No debts means no interest. Got it?
68. Separate your income in different labeled enveloped so that you won’t be confused about where to spend your income.
69. Think ahead of time. Meaning, think of your back up plans if in case than an emergency, accident, or retirement occurs.
70. Keep those loose change. Later on, you will be surprised by how much you’ve saved because of those.
71. Plan your meals ahead of time and you could still cut out unnecessary items that are not needed on your plan.
72. Be a home buddy. Well, you could still socialize. But as much as possible, be a home buddy so that you won’t be forced to overspend.
73. Be wise in making decisions about your spending activity. Think thoroughly before taking some cash out of your wallet or bank.
74. Have a piggy bank. Well, this may sound childish but it could be an additional saving for you!
75. Bring your own grocery bags every time you hit the store.
76. Work on your home air leaks and fix them! Those could consume a lot of energy that what you can imagine.
77. Be creative in recycling things! There are a lot of useful things on your home that you could use.
78. If this is your first time to work abroad, think of delayed gratification. Refrain from buying fancy and expensive things. You can do that later once your income grew ten times.
79. Maintain discipline of saving, once your savings grew try thinking of investing.
80. Make a habit of depositing coins in your piggy bank every day, in that way you are disciplining yourself to be a saver.
81. Make a blog for a side hustle while working, soon you earn extra from blogging.
82. Always pay yourself first every time you receive the salary. Pay yourself first means, cut a percent of your salary and then place it on your savings, tithing, and investment account before you spend for your daily necessities.
There are several personal finance habits that you will discover if you are willing to do with your own diligence. Along the way, in exercising the above habits sooner or later you will bump into another habit.
Well, as what I have said, it is not going to be an easy journey! But if you plan ahead of time, stick with your plan and be consistent in carrying it out, you will be the happiest one once you have seen the effects of your hard work.
Remember that as an expat, you are not solely doing it for yourself, you are doing it for the people that you dearly love back home. Remember, there is no such thing as easy or shortcut in this aspect. It takes, time, effort, and discipline. Good luck on your journey towards developing healthy personal financial habits!
Do you follow some of the above habits? Let me know your habits in the comment box below.