Growing your wealth takes time. You have to commit to locking in your money in a time deposit account for it to earn interest. You harness the patience in waiting for the right time to sell your stocks for the best profit there is in the market. These big financial decisions do pay off.
While you are keeping track of those investments, there are smalls steps you can practice at home that do not consume much of your time. They also prevent you from spending unnecessarily without sacrificing convenience.
Spend less time at the store
Every unplanned minute you spend at a clothing store or the supermarket is a dangerous time for your wallet. It will only remind you that you have money to burn and a credit to exhaust.
Writing all the items you need will get you in the proper state of mind while you are out there shopping. You will not have to go back to a lane you have already walked into because you forgot something you need for your pantry. You will not have to spend so much time strolling down the grocery aisle, risking yourself in grabbing a trendy shampoo bar because the visuals caught your eye.
One good hack is having a full stomach before going on a grocery trip. When you’re hungry, everything looks delicious. That will only entice you into picking up a chocolate spread, a bag of nuts, or an ice cream tub. Once you get home, you will eventually realize that you only need one snack to satisfy your cravings.
The same thing happens when you go to the mall because you are just too stressed at work. Every item you see will call out to you and convince you that you deserve to reward yourself by buying them. You are close to paying day anyway and you have a credit card that you are about to max out. It will give you a false sense of increasing your self-worth, but it will only increase your expenses and eventually your anxiety when you scramble to find the money to pay for it.
If you know it’s not in your budget, you will eventually regret taking it home.
READ: Online Grocery Deliveries For Those Who Can’t Leave Their Homes
Pay bills online and on time
You always dread the day an envelope from the bank gets delivered to your home. The same panicky feeling kicks in when you get an SMS notification from your telco or internet provider. You need to get over this instead of running away from it. When you have put these off for too long, the collecting agents will just keep calling to remind you of your dues. The interest may pile up or they could disconnect your line. That will cause more inconvenience because then you will have to go to their office to personally settle your account and have it reconnected.
Online banking now has features that suit those who do not want to be hassled in lining up for bills payment. You can now enroll your telco and utilities account for automatic payment using your debit card or credit card. You can also link your BDO to PayMaya to BPI to PayMaya for your government contributions such as SSS, Pag-IBIG, and PhilHealth. Setting a regularly scheduled transfer will lure you away from getting tempted into postponing payment.
Aside from saving on transportation costs, you won’t have to spend a lot of time waiting in line. This will also prevent you from going to the mall when you don’t even have to. Thus, you don’t have the opportunity to hop from one stall to another to convince yourself that you will only window-shop. You know deep inside that you will only end up going home with paper bags containing clothes, shoes, or accessories you never actually needed.
READ: How to Avoid the Stress of Bill Shocks
Plan your outfit for the week
Picking what clothes to wear for the day may seem like a minute task but sometimes it usually takes up much of your morning.
You have already planned your whole week on a Sunday night. Why plan your outfits as well? By doing so, you will be able to choose what goes well with the activity you are scheduled to do for those days. If you have to meet a client on Wednesday, for example, you can already take your most presentable clothes to close that deal. On that morning and even the night before, you can already focus on reviewing your notes and not stress on whether or not you’ve picked the appropriate top or shoes.
When you are in a rush and you have already switched from one outfit to another, you will be too lazy or too stressed out to hang them back in your closet. That will only result in wrinkling your clothes and ironing them out again when you decide to put them on the next day. Aside from again taking up your time, you will also spend more than what you should for the electricity.
Check your vehicle
Imagine driving to an important appointment, then your tire loses air pressure. Because you can’t risk missing that meeting, you decide to drive on a flat tire. You think it’s working fine because your car is still moving but it’s already damaging your wheels.
READ: Preventive Car Maintenance To Avoid Huge Repair Bills
So, instead of only waiting for the mechanic, you also have to think of how much more you’re going to spend to buy a new tire. If only you have done a pre-trip inspection, you would not have to worry about either of the two. You also would not have to lose a potential income because your client dropped you or your boss decided to entrust the project to someone else.
Your car will go a long way just by regularly checking your tire pressure, engine oil, and even your wiper washer fluid. You can avoid depleting your emergency fund and protect yourself from getting into an accident.
You may have the ability to accomplish everything, but you don’t necessarily have to do it all.
If you are managing a business and you have a staff that handles tasks for you, let them. By efficiently and intelligently delegating work to the group, you will be able to focus on more important matters than can secure your team bigger earnings. Of course, you have to draw a line between leading and micro-managing. If you succeed in going down the first path, your staff will become more motivated especially if you express gratitude towards them. They will appreciate that you trusted them with your work, creating an atmosphere of productivity in the workplace.
The same principle can be applied at home. If you can delegate your household chores, you can save on time and resources. As head of the family, you will be able to focus on maintaining and even increasing income streams.
READ: 5 Profitable Hobbies You Can Start At Home
There are ongoing debates on how long it takes for someone to develop a habit. Some say it’s 21 days. Others think you need more time. One thing is for sure: it does not happen overnight. You have to bear in mind what your end goal is to motivate you in incorporating it into your lifestyle. Consistency is key.