This year, let’s have the resolution to have a secure grip on our finances. And let us adopt one new money habit today and drop the one that’s been holding us back. To protect the financial future, one needs to identify bad financial habits and understand the ways to avoid those inaccuracies on a regular basis. As poor money management can have deleterious and a long-term concern on the financial shield. It can take years of experience to develop adequate financial habits, but the paybacks of being responsible with your spending are well attributed. When one have a disciple approach towards money, at that time you can keep the family out of debt, and other financial worries. As quoted, “How I live tomorrow is how I invest today”. So let’s follow 10 dos and don’ts to keep up financial health this year.

 
Good To Do

 
Do research- While planning the finance do comprehensive research to win a chance for a long-term success. Hence, look around and explore the opportunities as per the need to create an adequate forecasting.

 
Stick to a budget- In financial planning trouble comes when overspending starts. One needs to plan the financial future and to achieve that stick to the money plan. Always reminisce, your budget is not based on the open floor notion; it has to be targeted to achieve the pecuniary objective.

Adopt saving mantra- When you know what you want, it’s a time to set aside some money. The earlier you start, the less needed out of the pocket to save, and the more prospects you’ll have in terms of compounding and amplifying the money.

 
Pay off your credit card- Avoid the unnecessary stress of paying off debt by following the cardinal rules of satisfied financial health, so plan the budget and pay off the credit card bill first as prime objective every month.

 
Establish a rainy day fund- Unfortunately, we can expect to have stressful days in life, so plan ahead for any unforeseen predicaments. Set aside the corpus of six months of daily expenses for an unexpected emergency.

 
Diversify your investment-Diversification in the investment portfolio protects from losing all your assets during the market dubious situation.

 
Have check on credit score-To avail the credit from financial lenders it is crucial to have a close watch on your credit movement. Overlooking this fact can be prejudicial to your financial health. In the UAE, one can obtain the copy of the report by giving a minimal cost to Al Etihad Credit Bureau, which is the official credit bureau, to have a regular check.

Good to Avoid

 
Don’t chase yield- Have patience whenever you are investing, whether it is stock market or asset-based investment.

 
Don’t spend more than you’re earning- Spending more than your income enables to hoard debt over the period. So, stop spending more by reducing the expenditures and a further count on the income that can pay for the need and want.

 
Never skip saving- Spending all of your income and overlooking the need to save is careless. It is expected that money is needed in the future for unforeseeable reasons, hence set aside a fixed amount and ensure to regularly deposit to your saving pool to secure the financial future.

Don’t ignore advice- Keep in mind, your financial advisor is similar to your doctor with whom you can’t afford to say lie and his/her advice is worth earshot. Certainly, the expert guidance can help to boost or mould the current investment strategy fruitfully.

 
Don’t exceed credit limit and pay on time- Avoid spending above the given limit and schedule your credit card payment on time to maintain the credit score performance.

 
Don’t forget to revisit your financial plan- A good health, be it physical or financial, it is extremely imperative to monitor it. Even the best financial plan needs to be amended as life progresses. Check in at least every other year to be sure that your goals are still pertinent and that you’re still on track to realise them.

 
Mistakes are acceptable as they’re part of the learning mechanism, but it should not be recurrent. So, let us develop healthy financial habits and consequently, we can reach our touchline proudly. Henceforth, adopt the healthy finance mantra-the Sooner the Better! As it’s rightly said, “A Goal without a plan is just a wish”.

So, let our certified consultant help you to plan your investment in Dubai. 4C Mortgage Consultants provide best mortgage consultancy for a resale property, new purchase property, off plan purchase, construction mortgage, project finance, commercial mortgage, buyout, equity release, Non-UAE Resident mortgage in Dubai. Follow us on Twitter, Facebook, and LinkedIn and keep yourself updated. Happy Reading!