We are in many ways defined by the sum of our habits. What we do on a regular basis will come to shape our natural tendencies, our strengths and even our flaws over time. The power of habit cannot be underestimated, and naturally we believe that building good financial habits now can significantly contribute to your financial health and stability in later years. To help you be prepared for the future, we’re here to share 7 healthy financial habits that you can start right now to make the most of your wealth.
1. Saving Regularly
Always set aside a little money every month for savings. Some may think this is obvious or even cliche, but we’d like to call it the wisdom of Chinese culture. Saving regularly (積少成多）is a remarkably simple concept, yet takes a lot of discipline to actually follow through. Put 20-30% of your earnings every month into a savings account, or perhaps in a fund, before you spend the rest on anything else. If 20-30% seems like a lot at first, start small with 10%. The key is simply to make the action of saving itself an enduring habit – a habit your future self will sincerely thank you for.
2. Spending Mindfully
Mindfulness is defined as the full awareness of a particular action or state of being. Mindful spending therefore requires you to be aware of the what, why, and how of your spending. Here are a few handy questions you should ask yourself whenever you can.
- Why do I actually want this?
- What other alternatives are there?
- Are there better deals for the same item out there?
- Do I really need this right now, or is there something else I’d rather spend my money on immediately?
- Will prices increase soon, or will they likely remain the same overtime?
Asking these questions allows you to spend with strategic intent, rather than just mindlessly feeding a habit to cure an itch. Of course, if a good or exclusive deal appears for something you don’t urgently need but know you’ll appreciate later, there’s little reason not to grab it while it lasts. The krip HK app (available on iOS & Android) regularly updates its database to show the latest as well as soon-to-expire deals, keeping you in the know when it comes to savings opportunities for everyday spending.
3. Using Technology to Your Advantage
App technology has come so far in recent years that there is likely a solution out there for just about anything. With krip HK app for example, you can freely search for interesting deals using extensive filter options (by category, credit cards, districts, and deals type). Alternatively, if you feel like exploring, you can even use the ‘Nearby Deals’ function to automatically find all credit card deals that are close to your location at any given time.
As another example, the new G-keeper tool within the Grantit App intelligently keeps track of your card spendings so you don’t have to. It also serves as a one-stop solution for monitoring your monthly bill payments and for quick access to appropriate payment gateways, in addition to monitoring your regular spending. Click here to sign-up for G-keeper’s waiting list.
There is an abundance of other apps that can simplify your financial needs as well: PayMe by HSBC makes money transfers and local payments quick and easy, Splitwise helps keep track of group spending and who owes what, while CardUp makes any bill you have payable by credit card.
Side note: if you’re still relying on letters for bank statements and such, it is seriously time for you to go paperless by switching to e-statements. More convenient for you, better for the environment.
4. Maintaining a Birds-Eye-View
It is easier to make informed decisions if you’re able to step back, and look at the big picture. Use Grantit App to have a clear view of your finances, including details regarding expenses, loans and payments statuses – all in one place.
On the other hand, the krip HK app can be used to find Information on all credit card deals in Hong Kong. Centralizing all 6,000+ credit card deals into a single database, you now get to view them all conveniently in a single app, instead of having to clumsily rely on multiple sources of deals information. Search and filter options are only ever a few taps away, and because the krip database is updated regularly, you can be 100% certain that the deals information you see is current and accurate.
5. Understanding What Your Credit Cards Can Do for You
Odds are you frequently use at least two or three credit cards. Yet odds are you’re only aware of a small fraction of all the deals your cards are eligible for. The world of credit card deals is vast, and there are likely many more out there for you that you have yet to discover. krip HK lets you select the credit cards you own on your profile (no card details necessary), so that you can conveniently see deals relevant only to your cards.
Alternatively, if your cards don’t seem to have many interesting deals, you can also find deals for ‘other credit cards’ on each merchant page along with their applicable credit cards. This allows you to have a good idea which credit cards may be better suited to your shopping needs.
6. Minding Your Credit Score
Your credit score is akin to your financial reputation, and directly influences your likelihood of future borrowing. Leave debts unpaid, and you run the real risk of being left to dry when you truly need the help. It is thus crucial to pay your debts as soon as you can, especially ones with high interest rates, as those can really rack up quickly and negatively impact your daily life and credit score.
It certainly helps to have the discipline to not spend beyond your means (refer to habit 2 above). After all, what’s the point of a loan when you end up spending just to cure an itch again? If your credit score does become a concern however, there are still ways to access capital. Most notably, Grantit allows quick and easy loans without being tied to your credit score due to their use of a proprietary crediting rating system. Click here to find out more about their easy TU-free loans!
7. Investing in the Future
Certainly, saving regularly is important, but letting your money sit in a bank account idly does little to grow your wealth. Investing your hard-earned money can be an effective way to combat the rise of inflation. Just remember that it is always prudent to invest only in what you have a good understanding of.
It’s never too late to start
Old habits die hard. Make these helpful financial habits your own however, and your hard-earned money will be in very good hands for years to come.
But having the right tools at your disposal matters just as much as the habit itself. If you want hassle-free personal financial management, including quick and easy loans and payment reminders, look no further than the Grantit App on App Store as well as Google Play Store. Alternatively, you can also directly visit Grantit’s TU-Free loan page for quick and easy loans, or their home page to learn more about what they do.
If you want to be able to find all credit card deals in Hong Kong in a single app, including only deals your cards are entitled to, download krip HK on iOS or Android or visit the website at www.krip-hk.com to conveniently explore and discover 6,000+ credit card deals in one centralized platform.