Our habits direct and define our financial picture. The habits in our daily routines lay the foundation for our spending, saving and living. Sometimes we get into habits that seem practical and financially harmless, but over time they impair our ability to financially succeed.
- Attitude – Having a positive attitude is a habit worth acquiring. We all know that negativity breeds negativity and positivity brings more positive outcomes to our lives. Financial matters are no different. You need to believe you can be financially successful for it to become your reality. It may seem easier said than done but say it and do it anyways. “I can be financially successful” “I am smart and will earn money, save money and spend wisely.”
- Regular Routines – Going to convenience stores for snacks, cigarettes and sodas may seem convenient and of minimal importance to your overall budget. Stopping for a gourmet coffee and danish every morning is easy to do; and it is even easier to ignore the cost and forget about the expenditure. Going out to lunch every day, rather than pack a home-made lunch, may seem practical, but it is actually expensive. These regular and continuous expenses add up and their compounded financial monthly impact can be huge. Frequenting certain places frequently spending more money than necessary on routine items is a budget wrecking habit.
- Consistency – Keep it up. Routines and habits take a long time to become part of your nature. Write your new habits down. Read them frequently. Implement them into your life. If you get off track, re-implement them into your life. Keep it up.
- Take Time For Yourself – Spend a little time every day taking care of yourself. Eat properly, rest, exercise and spend some time pondering your spending habits and financial goals. Put some plans into place for your financial terrain.
- Ads, Coupons and Sales – Pay attention to weekly ads, what’s on sale and available coupons. Stock up a little on the groceries you need when they are on sale, but don’t overdo it. Use coupons when you can. However, don’t purchase items you don’t actually want or need just because they are on sale.
- Available Cash and Credit – Simply taking less cash with you when you go out can save you a lot of money. Decide before you go somewhere how much you will spend and stick to it. If you can handle credit cards (and are paying them off monthly), use them wisely and stick to a pre-set event budget. If you find you turn into a green-eyed monster when the credit card is out, leave it at home and only bring the exact amount of cash you plan on spending for the evening.
- Pay Attention – Check your monthly statements; make sure you are charged the correct price for items you purchase. Restaurants, retail stores and bars sometimes make mistakes and overcharge you or charge you for additional items. If you find an error, promptly and politely ask for the bill to be adjusted. If it’s a credit card or bank statement, immediately call the company, explain the error and request the correction.
What financial habits do you want to change?