Good Habits That Will Save Your Money and Health from DR MAR

Managing finances and maintaining health can be challenging in today's fast-paced world. However, we can overcome these challenges by developing good habits and securing a brighter future. This blog post will discuss six good practices that can help you save money and improve your health.

Meet DR.MAR - For Financial Doctor


D - Direction & Focus

R - Regular Savings

M - Mindful Spending

A - Awareness of Financial Statement

R - Responsible Borrowing

Habit #1:  Direction and Focus

Create a Budget

A budget is a comprehensive plan for allocating money towards different expenses, savings, and investments. It helps you focus on your financial goals and spend your money wisely. To create a budget, start by tracking your income and expenses for at least three months. Then, categorize your expenses into needs (housing, food, transportation, etc.) and wants (entertainment, hobbies, travel, etc.). Next, set financial goals, such as saving for a down payment on a house or retirement, and allocate funds towards those goals. Finally, regularly review and adjust your budget to reflect changes in your income and expenses.

Prioritize Needs Over Wants

When creating your budget, prioritize needs over wants. For example, if you have limited funds, consider allocating more money towards housing, food, and other necessary expenses rather than discretionary items like dining out or entertainment. This will help you stay afloat financially and meet your basic needs.

 “Wealth consists not of having great possessions, but having few wants.” - Epictetus.

Habit #2: Regular Saving

Set Up Automatic Transfers

To make saving more accessible and less prone to being neglected, set up automatic transfers from your checking account to your savings account. You can do this online through your bank's website or mobile app. Choose a frequency that works best for you, such as weekly, biweekly, or monthly transfers. The key is to make saving a regular habit so that it becomes second nature.


"For every ten coins thou placest within thy purse take out for use but nine. Thy purse will start to fatten at once, and its increasing weight will feel good in thy hand and bring satisfaction to thy soul". - The richest man in Babylon

Habit #3: Mindful Spending

Use Cash for Discretionary Items

Using cash for discretionary items like dining out, entertainment, and shopping can help you stick to your budget and avoid overspending. When you use cash, you can see the physical dollars leaving your wallet, which can serve as a visual reminder of your spending limits. Additionally, using cash can help you avoid the temptation to swipe your card for impulsive purchases.

Avoid Impulse Buys

Impulse buys can quickly derail your budget and blow holes in your savings goals. To avoid impulse buys, practice delayed gratification and wait at least 24 hours before making a non-essential purchase. This allows you to reconsider the purchase and determine if it aligns with your financial priorities.

 


 "Let your mind be present wherever you are, and be careful not to miss anything that is happening now." - Epictetus

Habit #4: Awareness of Your Financial Situation

Monitor Your Credit Report

Monitoring your credit report can help you detect fraud, errors, and negative information that could impact your credit scores. You can request a free copy of your credit report once a year from each of the three major credit reporting bureaus (Experian, Equifax, and TransUnion). Review your reports carefully and dispute any inaccuracies or disputable items.

Stay Informed About Changes in the Financial Markets

Staying informed about changes in the financial markets can help you make better investment decisions and avoid costly mistakes. Follow reputable news sources, attend financial seminars, and consult a financial advisor to stay up-to-date on market trends and strategies. 

 "The only thing we can control is our own minds. But if we direct our minds well, we can develop the ability to control our external circumstances." - Epictetus.

Habit #5: Responsible Borrowing

Shop Around for Loans

When borrowing money, shop around for the best interest rates and terms. Compare offers from multiple lenders, including banks, credit unions, and online lenders. This can help you find the most affordable option and avoid paying unnecessary fees or interest charges.

Pay Off High-Interest Debt First

If you have high-interest debt, such as credit card balances, prioritize paying it off immediately. This can save you hundreds or thousands of dollars in interest charges over time. Consider consolidating your debt into a lower-interest loan or balance transfer credit card to simplify your payments and reduce your interest burden.

 "When you borrow money, you give away your liberty. When you repay it, you regain your liberty. In between, you are a slave." - Publilius Syrus


Good financial and health habits can help you achieve long-term success and happiness. 

Following the six patterns outlined in this blog post can save money, improve your health, and create a brighter future. Remember to stay informed, plan ahead, and be intentional with your finances and health choices.

Location: Singapore

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