December is a good time to take stock and set goals for the next year. Annushka also summed up her financial results and decided that next year they should be even better.
Having set herself the goal of increasing her capital by 20% in 2022, Annushka thought about what could help her with this. She already has experience in investing, only the right habits are missing.
What habits are good for every investor to start from the new year?
- Keep track of all your income and expenses
A preliminary assessment of these indicators made Annushka think about reducing or limiting certain categories of spending. To keep track of income and expenses, Annushka installed the application for herself and her loved ones and started using it without waiting for the new year.
In order not to check every day, Annushka decided to check whether everything was taken into account once a week, on Wednesdays.
In many applications, you can set up SMS recognition and even download reports from the bank, but it is better to check once a week whether the amounts on your cards and in the application converge. If the numbers differ, then you need to quickly find the reason.
- Monthly investment of the same amount
Annushka decided to define one day on which she would send money to her deposits and investment accounts. This day she appointed the ninth day of each month, after receiving wages.
When the day is set, you should decide on the amount. Annushka calculated the minimum amount to be raised in a year and divided it by twelve. As a result, the required monthly investment amount was obtained, which Annushka distributed among the accounts in accordance with her strategy. You can invest more, but the amount of investments should not be lower than the calculated amount.
But what about good days for investing, is it worth catching the lowest and best prices? As Annushka’s experience shows , for long-term investment it is not necessary to choose the most profitable days in the month, the regularity of investment is much more important.
If you can track the best prices, then track. If you, like Annushka, are limited in time, buy in addition those securities that you planned on any day of the month.
- Tracking your capital throughout the year
Annushka decided to calculate her capital every two months and fix it. This allows you to monitor the dynamics and track how things are going with the achievement of the goal and whether you need to somehow adjust your strategy. The amount of all funds should be in the application for maintaining income / expenses, and the rest of the data can be easily summarized in one place every two months. As the day of summing up, Annushka decided to choose the last day of the month and start from December.
You can track capital not so often, for example, once a quarter or every six months. It depends on your strategy and the tools you use to raise capital.
- Early repayment of loans and mortgages
Looking at all the habits, Annushka was glad that at least one of them did not need to be developed next year, since she had already firmly entered her life. If Annushka ever had doubts about the correctness of this habit, then the loan calculator, in which early repayments could be taken into account, showed such benefits that the habit developed by itself.
It is most profitable to deposit amounts for early repayment at the very beginning of a loan or mortgage; after the middle, you already need to individually calculate whether it will be beneficial for you.
- Transfer of funds to charity
After some thought, Annushka decided to add this habit as well. A certain monthly amount will make life easier for someone and make her a little happier. After all, Annushka had already taken care of herself and now she could take care of others.
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