{"id":11860,"date":"2017-08-18T16:26:38","date_gmt":"2017-08-18T10:56:38","guid":{"rendered":"https:\/\/blog.fundsindia.com\/blog\/?p=11860"},"modified":"2019-10-17T12:24:40","modified_gmt":"2019-10-17T06:54:40","slug":"easy-way-pick-up-good-financial-habit","status":"publish","type":"post","link":"https:\/\/fundsindia.com\/blog\/personal-finance\/easy-way-pick-up-good-financial-habit\/11860","title":{"rendered":"The easy way to pick-up a good financial habit"},"content":{"rendered":"

\"Money<\/a><\/p>\n

It takes anywhere from 18 to 254 days to make or break a new habit, experts say. That means you need to spend at least 18 days (and probably much, much more) repeating the same actions if you are to change your habits.<\/p>\n

Open<\/span> a FREE Account Now! <\/span><\/a><\/div>\n

If you\u2019re like me and have tried (and failed) to pick up new habits or change your existing habits for the better, you\u2019ll know how hard this is. Even for simpler stuff like going to bed early, and more interesting stuff like learning how to play the guitar.<\/p>\n

The question now arises: If it\u2019s so difficult to change even the simpler habits like these, how do you go about changing more difficult and important ones – like your financial habits?<\/p>\n

That\u2019s where Systematic Investment Plans or SIPs<\/a>, come in. A simple yet powerful investment tool, SIPs make it easy to start and maintain the healthy habit of saving and investing. The best part? With a SIP, all you need to inculcate this habit is one day a month.<\/p>\n

What is a SIP?<\/strong><\/p>\n

A SIP is a method of investing that allows you to automatically invest a fixed amount at regular intervals (usually monthly). It does this by making use of a bank mandate – this mandate (also called an ECS or NACH mandate) allows your mutual fund distributor\/platform to directly debit your account on the pre-fixed date, for your SIP investments.<\/p>\n

All you need to do is setup and select a mandate, choose the funds you\u2019d like to invest in, and pick the date of your investments. And that\u2019s it! Your SIP will be up and running.<\/p>\n

How SIPs help you \u2018learn\u2019 good financial habits<\/strong><\/p>\n

The most important advantage of a SIP is that it is automated. Once your SIP is set up, your account will be debited and investments will be made automatically every month. There\u2019s little to no chance of your forgetting to make an investment. (If you\u2019d rather not automate it, you can opt to make the payment yourself every month too.)<\/p>\n

This helps inculcate the following:<\/p>\n