Self-care is often associated with activities like meditation, relaxation, sleep and leisure activities. It is defined as the journey of establishing behaviours to ensure holistic well-being, i.e. physical, mental and emotional well-being.
Well, here’s another set of behaviours you can add to this powerful mix. Build self-care habits that elevate your financial well-being! For instance, a practice as simple as smart usage of a Credit Card can contribute towards building financial wellness.
Let us take a look at seven behaviours that can help compound and accelerate financial well-being over time.
Maintain an emergency fund
Ignoring this crucial aspect can give you sleepless nights. It is your sacred money that comes to the rescue when unexpected events strike, such as job loss or unplanned expenses etc.
Try to build at least 6 to 12 months’ worth of expenses in your emergency fund that can be used in rainy days. Park it in safe and easily accessible avenues like savings accounts, fixed deposits, or liquid mutual funds. This cash reserve will give you some sort of mental assurance and keep stress at bay.
Invest in your future
Is financial freedom on your bucket list? Then it's important to make sure that your money works as hard, as you work to earn your money.
Investing a portion of your earnings every month is a valuable self-care habit. It doesn't have to be complicated - just leverage the power of technology to simplify things.
For instance, you can automate Mutual Fund investments via a Systematic Investment Plan (SIP). You can use valuable tools like a Fixed Deposit Calculator to plan your Fixed Deposit (FD) investments for the year.
Budget your needs and wants
Building an annual budget is one of the most basic and effective financial self-care practices. The key is to budget both needs and wants.
Needs would comprise monthly essentials such as rent, utility bills, food, medicine and other necessary expenses.
However, what’s life without some indulgences? Whether it’s eating at your favourite restaurant, or splurging on new clothes, make sure you budget your wants. Be a smart shopper and use your Credit Card or Debit Card to earn rewards and avail of special offers.
Build your credit score
A higher credit score increases your prospects of accessing a range of financial credit products, like Home Loans. The best way to do it is to use your Credit Card for most of your expenses.
Of course, you must ensure that you make your Credit Card bill payment on time. Such behaviour demonstrates your creditworthiness, thus contributing to increasing your credit score.
Another benefit of using Credit Cards is that it translates to free money via reward points.
Score special offers
Besides Credit Cards, you can leverage your Debit Card to score some great deals. You can choose from shopping offers and discounts to deals on dining, as well as fuel surcharge waivers and movie ticket deals.
Not only are you saving money, but you’re also enhancing your lifestyle by discovering new restaurants and entertainment avenues.
Travel the world with your air miles
Travelling the world is an aspiration for many people. So, wouldn't it be nicer if you did it by using the air miles earned on your Credit Card? For instance, Axis Bank offers a spectrum of Credit Cards that enable you to earn travel points when you shop using your cards.
Some cards also offer cashback and complementary air tickets when you sign up. Here's another perk - travel like a VIP and be eligible for free airport lounge access.
Access to a travel-focused Credit Card gets you more bang for your buck!
Put financial books on your bucket list
It's important to keep building your financial skills and knowledge. One of the best ways to do this is to read financial bibles that have stood the test of time. Some great examples include -
- The Psychology of Money
- Rich Dad, Poor Dad
- Let's Talk Money
- The Richest Man in Babylon
These books offer advice, anecdotes and strategies that have helped consumers build financial skills for generations. Despite the advances in technology, the basic rules of money remain the same. So, be sure to add them to your book collection.
Also Read: [ How to use credit cards smartly and save costs]
In conclusion
Building financial self-care habits has a long-term impact in the form of security, peace of mind, and an enhanced lifestyle. Take your pick from Axis Bank’s wide range of Credit Cards and Debit Cards.
Avail the benefit through perks like reward points, special offers on dining out and entertainment, fuel waivers, travel miles, and exclusive lounge access.
Disclaimer: This article is for information purpose only. The views expressed in this article are personal and do not necessarily constitute the views of Axis Bank Ltd. and its employees. Axis Bank Ltd. and/or the author shall not be responsible for any direct / indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information. Please consult your financial advisor before making any financial decision
