75 ways to improve financial quotient – Part 2

Financial Freedom is the way to define your personal freedom.

We continue the list started yesterday – on 75 things to improve your financial quotient.

If someone asks you to not use the word ‘I’ or ‘You’ for the next one month, conversations would become incredibly difficult. But maybe at the end of it, you devise a new language.

You may get so used to it, that reverting to old habits becomes difficult.

We are unable to stick to a new habit, largely because the resultant change is too small to be noticed.


41. Switching off the lights when not needed may seem inconsequential, but leads to bigger savings when you remember to switch off the AC or use it at optimum levels.

42. Remember it contributes to saving energy at a national or global level. You may escape future taxes, or a high cost or scarcity of power supply.

43. Scarcity of any resource leads to spending more on alternatives. Think of the long run.

44. Let your body remain used to a certain level of discomfort. You won’t shy away from using public transport or sleeping without air-conditioning, if needed.

45. Find time to spend with children, so that you don’t have to compensate for your absence with money.

46. Teach your children to research options before any new acquisition. Give them a budget to work within.

47. You can change a habit, if you understand the cause, recognize the triggers and work to bypass those.


48. Financial wellness and financial freedom are more important than financial prosperity.

49. Strive to develop a hobby which doesn’t cost much. It will keep you away from many more expensive pursuits of satisfaction.

50. Learn to enjoy your time alone. Certain friends can pull you into activities which burn a hole in your pocket.

51. Join social media groups or circles on financial planning. It helps to know what’s going on.

52. Have a budget for learning and self-development. It will actually save a lot of money in future, when you do things yourself. It can range from cooking to content development to coding.

53. Costs cannot be reduced below the essential cost of living. Think about increasing income to save more and invest more.

 54. Rebalancing portfolios should be an annual habit. Do not upset the applecart too often.


55. Scanning online shopping sites is like window-shopping. It will lure you into buying something you don’t need. Visit a site only when you want to buy something.

56. Give in to one impulse in a month. I must read that book or have that lovely outfit. So, I need to give up the movie or outside dining for a week/month/fortnight.

57. Use credit cards for your monthly expenses, and pay the full amount on due date. It gives you free credit for 15-45 days. Meanwhile, your money in the savings account earns some interest.

58. Track reward points on various cards and shopping sites, and use them smartly. Do not let go of small gains.

59. Car-pooling is a great idea, with safety precautions on health.

60. Invest only your surplus funds, not borrowed money.

61. Don’t allow others to judge you, and get carried away by that. Your life and decisions are your own.

62. Insurance is a must. But do not buy insurance for a loss that is not likely to happen. If you live in safe protected environs, burglar insurance is unnecessary.


63. Be a trendsetter rather than follower. I know women who served only two exotic dishes in a kitty party, instead of laying an overloaded table.

64. Develop a personal style for dressing and stick to it. It keeps you from buying trendy garments used only once.

 65. Read all about sustainable fashion, cost-per-use of items you buy and minimalist living.

66. Decluttering is a bad idea, if you throw away things and have to buy new ones later.

67. Selling used goods may fetch very little money, but go for it.

68. Exchange offers are a good idea, when you are already planning to buy something.

69. Help people in small ways wherever you can. Then, you don’t need money to establish your social worth.

70. Time spent with a sick person matters more than an exotic bouquet.

71. Stay away from discussions about other people’s net worth or new acquisitions.

72. You are the average of your close friend circle. Ensure that you stay with people who share your value system.

73. Then, go ahead and find some friends who share your financial goals.

74. Thumb rules in personal finance are indicators to know if you are on the right track. Assess yourself, but do not beat yourself up for not measuring up. You can have a different math that works better.

75. Be ready for change or a new way of life – always. Just retain your financial freedom.

On the 75th anniversary of India’s independence, read how the subconscious programming of a nation impedes progress here.

Check your financial quotient here.

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