Ensure financial discipline in your daily life with these five pledges

It is said that we are what we do repeatedly and it is equally true for one’s financial well-being. In the long run, it is the mindset  and not the IQ that helps him/her with making and maintaining goals. Investor Warren Buffett put it best when he said, “We don’t have to be smarter than the rest. We just need to be more disciplined than the rest.”

As a new year unfolds, you can organise your financial planning by adopting a disciplined approach. You can make these five financial discipline pledges a part of your life and work towards securing your future.

· I will make one financial decision at a time
 

Multitasking is a good skill to have, but not when it comes to taking financial decisions. Make sure that you allot enough time and attention to every single financial decision. For example, if you have some money that you want to invest in five instruments, assess those instruments individually. Refurbishing the house? Don’t buy all the appliances in one go. Instead, wait for offers and sales to purchase things that are not urgently required.

Also read: https://www.idfcfirstbank.com/finfirst-blogs/savings-account/financial-habits-that-can-help-you-deal-with-every-emergency

· I promise to keep track of my spending
 

Tracking your expenses helps you to stick to your budget. If tracking becomes too much of a hassle, use a budgeting app. IDFC FIRST Bank savings account holders get prompt SMS alerts for their expenses, along with mobile banking features such as track spends and cash flow analysis. They can also download a bank statement instantly using internet banking or the mobile app.

· I pledge to automate my savings
 

Develop a habit or method that helps you save effortlessly. Start a mutual fund SIP or a recurring deposit through your IDFC FIRST Bank savings account. These saving plans can be automated through an e-mandate..

· I shall avoid the temptation to splurge
 

Divide your expenses between needs and wants and limit the temptation of buying things that you don’t really need. Set a limit on how much you can spend on your wants every month. Needless to say, avoid impulse shopping at any cost.

Also read: https://www.idfcfirstbank.com/finfirst-blogs/savings-account/importance-of-budgeting-tools-and-how-to-use-them

· I will not hesitate to seek support
 

Take help of the dedicated Customer Service for any of your product or service-related queries, including inquiries on new products and various other requests. With banks like IDFC FIRST Bank, you can reach the customer service through multiple ways via website, app, over a call or by visiting the branch. In addition, once you are assigned a Relationship Manager, based on your total relationship value with IDFC FIRST Bank he/she is always by your side to assist you. Whether you wish to capitalise on a new investment opportunity or get a portfolio designed, do not hesitate to  take the counsel of your banker and financial consultant.

Pro-tip: Look for deals and offers on your credit and debit cards. If you need to buy something, see if there is an available (or upcoming) offer. Consider the  offers on your IDFC FIRST Bank Credit Card, for instance. On all your purchases in offline stores during 24-27 January 2023, you will get an instant discount of up to Rs 2500 and an EMI discount of up to Rs 3000.

Conclusion
 

Abiding by these pledges can bring order and financial security to your life. Similarly, choosing the right financial partner will add success to your financial future. Choose IDFC FIRST Bank today to avail of customer-first services, earn high interest payments that are credited monthly, and accumulate reward points that never expire! You can open bank account online today

Disclaimer

The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.