“Success is fueled by being persistent and consistent.” ― Franklin Gillette
When you don’t put much thought into how you’re using your money it can be financially disastrous. So, staying on the right track with how you handle your money is of course important to your financial health. Being at the point where you know you need to make some changes, your motivation to improve your finances is what gets you started on the right track. But it’s your habits…good money habits, that will keep you there.
As you know, habits can be good or bad. And depending on which habits they are will determine your results in any area of your life. Sometimes you don’t even realize as you go about certain things throughout your day, how they have become engrained habits. They just become so much a part of your everyday life, that you can’t change them until you become aware of them.
Do You Understand Your Money Habits
So, of-course there should be no surprise that the same holds true for your finances. If you recognize that you don’t have good money habits, you need to instill them by coming up with a plan. And REPEATEDLY following through with that plan in the small steps that you take. The process is gradual, but it’s not until you recognize that you have bad money habits that you can start the process of replacing them with good ones.
Not having and keeping a budget, using credit cards for all your purchases, not having a list when you do your shopping, these are just a few habits that can be adjusted to make a big difference. Your money habits will be formed and the results you receive will all be based on what you repeatedly do with regards to your money. Like any habit, once bad habits are replaced by good ones, you won’t even have to think about them. It just becomes second nature!
“The SECRET to financial security is not to have more money, but having MORE CONTROL over the money we presently have.” ― Auliq-Ice
One of the most basic, fundamental things you can do to improve your financial situation is to conserve money. By consistently following some money saving tips you’ll start to see a considerable increase in the amount of cash you save. That savings can be used toward paying down debt, saving for emergency funds, saving for a vacation get-away or for investing. It all depends on where you are in your journey to financial freedom.
Setting up a personal spending budget at the start of the week or month and staying on top of it by reviewing it on a consistent, regular basis to make sure that you stick to it, is the glue that holds your finances together. No matter how much you want that specific designer handbag or that recliner you’ve been wanting for the living room, the key is to not budge!
Saving money and budgeting does not imply that you dismiss the things that you want. It only means you plan for them over time for which your budget will allow. This will also prevent credit card use by spending cash that you have instead of spending on credit. Which could have the potential of putting you more into debt. Any time you go shopping you should have a list to prevent impulsive purchases as much as possible. If, and when possible, purchase items in bulk to get discounts.
Also, be open to purchasing used items which you can find that are almost unused and seem just like new. Manage your entertainment spending budget by dining out less. Rather than spending on movie tickets and expensive movie snacks, have a fun movie night at home by renting a movie and having microwave popcorn. You might be surprised how seemingly little adjustments can make such a huge impact on your finances.
“Money, like emotions, is something you must control to keep your life on the right track.” ― Natasha Munson
What most people don’t realize about preparing and sticking to a financial budget is that it’s not only a tool for managing your money. It also instills good money habits. The thing is that those money habits don’t just stop at saving and spending. Good money habits also play a role when it comes to investing and building wealth too.
New habits you form now to get you back on track will be the same ones that will keep you on track. The steps that you take to instill the necessary habits will vary for each person. But it’s the principle of forming and keeping good habits that is the key factor. You can’t have financial well-being without good money habits just like you can’t have physical well-being without good health habits.
It’s also important to remember that once you motivate yourself to get on the right track and you form those good habits, that you make sure to be consistent. Day in and day out putting those good habits into use so that you don’t get off track. It’s always challenging, uncomfortable and sometimes even painful anytime you try you break old habits and replace them with new ones. So, always remember why you’re doing it by keeping the end goal in mind.
Don’t be fooled or discouraged by the seemingly small steps of good money habits. Because done consistently over time, those small steps will yield the benefits for a lifetime of financial well-being. Real financial success doesn’t happen overnight. It always comes from a long string of small achievements that eventually add up to what we see as being successful.
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