Better Money Habits – 3 Financial Habits To Ditch ASAP
Want to develop better money habits? Here are 3 financial habits to ditch ASAP for more moolah $$$ in your life.
Let’s chat about better money habits….
When it comes to money and finances, it’s time for a little wakeup call. While some of us are great at handling and managing our money, many of us are unfortunately not.
Of course, we all wish we could fall into the bucket of developing great financial habits from an early age and having these habits bring forth lots of financial success in our future. Whether that means saving enough money for a home deposit or having enough cash put away for emergencies or future investments.
BETTER MONEY HABITS
But most people often wish they were better at managing their money.
Now the goal of this goal isn’t to transform you into some magical financial guru (not possible after reading just one post and not actually taking action).
My goal instead is to introduce you to three habits that I want you to AVOID before doing these will almost certainly prevent you from achieving the financial success that you desire.
Once again these are the habits I WANT YOU TO DITCH ASAP.
BETTER MONEY HABITS
HABIT TO DITCH ASAP #1 – Spending Money on Convenience:
One of the worst bad habits that people have is wasting money on convenience. Store owners know this too and they often take advantage of your desperate need to have something RIGHT NOW.
For example, let’s just say you want to buy some motor oil and the cost is $5 at a big department store (or any big place offering motor oil). Chances are if you go to grab it from your local convenience store it will cost you $10.
BETTER MONEY HABITS
But it’s only $5 more! Is that what you are thinking?
I know, I know, this is the trap we often fall into when we want something immediately.
The only issue is that all these incremental price increases ADD UP. Just $10 wasted each day equals $3650 over the course of a year.
Knowing that you are paying a great deal more money for not much more convenience will allow you to stop yourself when you are considering it.
You can wait until you can buy it at a more affordable cost or see if you can buy it online and have it delivered for a cheaper price. I have personally never been disappointed at the purchase of items from Amazon Prime – best bonus is having it delivered to your door that very next day!.
All this extra money you save can be put towards your savings account instead.
BETTER MONEY HABITS
HABIT TO DITCH ASAP #2 – Not Keeping Good Records:
Another financial habit that will make it difficult for you to be successful is not keeping good records.
Keeping records of your income and expenses is important because then you know what you are earning and spending in relation with each other and can see ways that you might be able to save money.
Guess what happens when you don’t keep track of your money?
It’s impossible to tell where it has gone.
Remember what you focus GROWS.
Saving money is vital to your future financial success because it means you have money available to you in the case of an emergency.
Keeping track of your purchases will also help you avoid credit card debt that could block your path to wealth (and this debt is super easy to accumulate if you aren’t keeping track of your expenses).
It will ensure you have built up a little nest egg that can provide you with the kickstart you need when the next great idea or investment comes along.
Now I should note: keeping a track of your money doesn’t need to be overcomplicated.
My dad used to do it in his own life just using a notebook and pen.
You might prefer to download a budgeting app to record where you can easily track how you save and spend money.
Keep it simple my friend – this doesn’t need to be hard.
BETTER MONEY HABITS
HABIT TO DITCH ASAP #3 – Failing to Create or Stick to a Budget:
Another thing that people often fail to do is create a budget, or even if they have a budget, they often do not stick to it.
The reason why having a budget is so great is because it helps you live within your means.
You know exactly where your money is going and ensure that you don’t overspend money which you don’t even have.
Without a budget you are less likely to save money and less likely to learn the skills required to help your money grow in the future.
Creating and adhering to a budget is directly related to financial success in business and life, and many of the wealthiest people in the world say it is one of the most important skills to have.
So, there you have it: three excellent money habits you can incorporate into your life. Once again, they are:
1 – Refusing to impulse buy or spend more money than necessary on convenience
2 – Keep good records (aka track of where your money is coming and going AND
3 – Creating and sticking to a budget
Until next time, much love and as always dream big my friend.
You know I love and appreciate you all.
Much love, Frances Vidakovic xxx
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Before You Go…
– See my EVERYTHING PAGE and grab a free gift > HERE
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I’m Frances Vidakovic – a mindset & action coach for quietly ambitious women who want to stop overthinking and finally take aligned action. I help women achieve their goals and follow through on what matters, without sacrificing their sanity or soul.