3 Tested And Trusted Ways To Develop A Good Money Habit
They say that old habits are hard to break, but with the appropriate attitude, you can break free from all of your poor money habits and nurture new ones that will lead to financial success. This year, I want to be more deliberate in how I manage my funds, as my sporadic bad financial habits are like droplets becoming a sea. It's not very visible, but if I don't stop, I may sink one day.
Keeping track of your expenses and budgets
I've made a poor endeavor at a budget since I haven't been as deliberate as I should have been. My budgeting is primarily done in my thoughts, which means I balance my books in my head at the end of the weekend. Because I can't recall everything I spent because I don't write down my weekly spending and expenditures, I end up losing accountability.
I can't say how much I spend on food in a week with certainty. There are also additional expenses to pay, such as electricity, medical costs, and urgent care bills. I know what I spend my money on, but it would make my life easier if I had a detailed budget prepared at the beginning of each week.
Automating your personal investments and savings.
Nowadays, there are a number of apps that allow you to set up scheduled recurring payments for your savings and investments. You may now easily pay yourself first before spending money. This is especially useful for targeted savings because it allows you to get closer to your goal faster. The year before, I was able to give my sister a birthday present by setting up auto-target saving within a few weeks; this would not have been possible if I had to save manually.
Reducing your spending
Until I started paying my own electricity bills, I couldn't understand why some individuals would turn off or alternate the use of appliances in their homes. I already live frugally, but I attempt to keep our bills down by controlling our utility usage.
I have a tendency to treat myself because I deserve it, but I often go overboard and spend more than I should. This year, I'm eliminating retail therapy and all of those small expenses that add up over time from my vocabulary.
I feel that by making these changes to my spending habits, I will see an improvement in my finances within a few months. You, too, can take on a task.
Thank you for reading, God bless you all