If you are finding it difficult to stay committed to achieving financial success, here are a few tips that will help you stay on track.
Financial success is what you desire, don't you? But you should ask yourself— are you taking the steps necessary to achieve financial success? Are you truly committed enough to your financial goals?
While you can create the pathway to achieve financial success and goals, what is more important is to stay committed to your endeavour to achieve financial success. But how can you do so? Let’s check out a few tips!
Best Tips To Stay Committed and Achieve Financial Success
Here are a few tips that can help you stay true and committed to becoming financially successful:
Setting Financial Goals
It all begins with setting financial goals. You need something to achieve what you can call success. This will motivate you to stay committed and take active steps toward achieving the same.
However, you need to ensure that you set appropriate financial goals and proper timelines for the same. A simple financial goal will be achieved easily and will not lead to your growth.
Whereas a goal too difficult to achieve will demotivate you and you might quit halfway. Therefore, you need to set proper financial goals that are realistic and measurable.
Before understanding this point, it is important to understand the meaning of "habits." Habits are anything that you do automatically and unconsciously.
It’s like repeating a particular task to such an extent that you end up automating it.
You don’t need to put active efforts into pursuing habits; they happen automatically.
For instance, if you have a habit of eating junk food, you don’t even realize it when you eat a burger.
Similarly, if you have a habit of reading books before sleeping, then you won’t have to put in a conscious effort to read a book. It happens automatically.
Therefore, to stay committed to becoming financially successful, it’s important to develop good financial habits.
Automation is one of the best strategies for financial success. Here are a few habits that you should develop:
a) Save before you spend: This is the most effective habit that you need to develop. However, most people mess up here. Let’s see what is and what should be:
Earn >> Spend >> Invest
What should be:
Earn >> Invest >> Spend
Once you receive your paycheck or income, you should allocate a portion towards investment and then spend whatever is left.
However, what most people end up doing is spending all the money, leaving them with a negligible amount to save and invest.
b) Delayed gratification: What humans seek is instant gratification. You always desire to see instant results, don't you?
However, what you miss out on is that delayed gratification is where the magic happens. For instance, most of you would have heard about compounding.
As per the compounding principle, your wealth grows marginally in the initial years but magnificently in the later years.
For instance, compounding is the reason for Warren Buffet's riches. However, to unlock the magic of compounding, you need to stay invested for a long period.
c) The 30 days rule: Sometimes, you fall prey to impulse shopping. You see something and suddenly get the urge to buy the same.
You don't even think about whether you need that thing in the first place or not. To avoid this, you can follow the 30 days rule. It is one of the best rules for successful money management.
As per this rule, whenever you feel the urge to buy anything, you should delay the purchase by 30 days.
Within those 30 days, you would realise whether you need that thing or not. If you still need that thing, you should go ahead and buy it.
However, if you don’t need that thing in those 30 days, then it was just another impulse for shopping.
While you focus on building positive habits, you should also focus on eliminating negative ones.
This involves eliminating financially irresponsible behaviour. Spending money on unnecessary stuff, buying the latest model of iPhone (even when yours is in great shape), and unnecessary subscriptions to almost all the OTT platforms are some of the financially unhealthy habits that you could avoid.
Building Appropriate Financial Systems
You should focus on building good financial systems. You can start by creating a budget and doing successful financial planning.
The budget will ensure that you restrict unnecessary expenses and allocate a specific amount to each expense head.
You should start by bifurcating your expenses under the appropriate headings. Then you should allocate a portion of your income to each head.
In this way, you can create a good budget that helps you manage your money properly. However, the key will be to stick to this budget each month.
In a Nutshell
Beginning your journey to financial success is one thing, but staying committed to it is a whole different thing. You need to take active steps in your everyday life to achieve financial success.
This requires commitment and dedication, which are hard to maintain, especially if you are already in the trap of negative financial habits.
To truly achieve financial freedom, you need to automate and develop good financial habits.
Jar App has been helping people automate their savings and investments. It is one of the preferred digital gold investment platforms among the millennia.
Jar is a daily savings app which allows investors to automate digital gold investments that help them in maintaining discipline toward investing.
You can start saving and investing with as little as Rs. 10. You can also set daily targets via UPI auto-pay. The amount will automatically get invested in gold every day, thus automating your investment habits.
Another interesting feature is that it rounds off your expenses and invests the difference in digital gold.
For instance, if you spent Rs. 272, then the Jar app will round off expenses to Rs. 280 and invest Rs. 8 in digital gold. It’s time to automate financial success with the Jar app.