Great Finance Habits For A Great Life In Puslinch
Great Finance Habits For A Great Life In Puslinch
Posted on June 22, 2021
Life is full of rules and we dislike many of them. Sometimes though, rules make perfect sense and can benefit you as well as those making the rules. These great finance habits or 'Rules' are pretty important for financial success.
They aren’t really rules. More effective habits of financially successful people. We would all do well to think of them as rules though as they are important enough to be worthy of the name.
Our Puslinch auto loan team outlines five great finance habits we should all live by for financial success.
1.  Live by your budget
Budgeting is a common thread of a lot of our blog posts and for good reason. Setting up a budget is the easiest of the great finance habits and a superb way to be able to live within your means and prevent yourself getting into too much debt.
Use a budget app, use a spreadsheet. Use what you like. Just create a basic budget so you know what’s coming in and what’s going out and you’ll be much better off for it.
2.  Save something every month
If you create a budget, you will quickly see whether you have money left each month or whether you have to make savings.
Regardless of your position, we strongly recommend saving a little each month. It doesn’t have to be much, but save what you can when you can.
Having savings means not having to borrow in emergencies. It means not having to depend on credit cards or payday loans when something goes wrong.
3.  Never miss a payment
Your payment history can make up 35% of your credit score so missing one can devastate that score.
Always use automatic payments wherever possible so you never forget. Time them for the day after payday if you can and always make sure you have the money for all those outgoings.
Missing payments may not seem like a big deal but it really is. We consider not missing a payment to be critical for everyone’s financial wellbeing.
4.  Keep an eye on your credit score
Monitoring your credit score every few months is good practice so you always know where you are.
You’ll know your score if you’re planning for an auto loan. You’ll have time to improve your score if you need to and you should spot any errors or any fraud quickly.
5.  Shop around for everything
Canada has an open market for just about everything and we should all take advantage of that. Shop around for everything from cable to phone contracts, auto loans to mortgages.
Take car insurance for example. Most of us take out a policy with our insurer and stay with them for decades. Prices may remain competitive but you should always check the market before starting a new year.
Even if you stay with your current insurer, you’ll know you’re getting a good deal, which is psychologically as beneficial as saving a little money.
Finance is a complicated business but there are some very simple rules everyone can follow to make personal finance a breeze. These are just five of them.
Have any rules you follow to share?
Contact Unique Chrysler for help, advice and competitive Puslinch car finance and leasing.
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