FinHabs - Finance Tracker

Prompt: Finance / expense tracker

FinHab dashboard gives an overview of your financial habits and an overall score.

I’ve seen many finance apps & wanted to do something different. While we generally track expenses, I felt there are also other habits that lead to better financial health. I shortlisted 6 habits:

Habit 1: Living within your means

Are you spending lesser than you make? Are you within your budget across all the categories?

Habit 2: Paying bills on time

Often, there are exorbitant charges for late payment especially for credit cards and loans. For a ongoing healthy finances, it’s important to pay all the bills on time, with the right amount (for example, more than the ‘minimum’ payment).

Habit 3: Tracking expenses regularly

It’s difficult to keep track of ALL the expenses, a few dollars here and there may get missed. However, ensuring you capture all the outgoing $$ would be useful when analysing your spending patterns and to see where you need to scale back.

Habit 4: Say no to frivolous spending

Being ‘Penny wise pound foolish’ can cause sudden dents in your progress. Giving yourself positive reinforcement can help you refrain from making unnecessary, careless purchases.

Habit 5: Goals tracking

Having specific, measurable goals towards which you save can give you a sense of direction in managing your finances. It’s also useful in prioritising the most important goals in your life and planning how to achieve them.

Habit 6: Reading financial books

Reading even ONE book a year related to personal finance can give you insights into best practices, streamline and reassess your own processes.

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