4 Life Changing Money Habits
Are you stretched to your financial limits? Do you feel like your finances are imploding? Can’t seem to get a grip on your debt, credit card balances or spending habits? You are not alone, many people have the same out of control financial issues. If you practice the following 4 money habits your financial life will change forever.
#1 – Embrace Budgeting
A budget is just a spending plan put into writing. Instead of dismissing budgeting as elementary, embrace it as a financial tool. Do not overcomplicate it, make it simple to understand and easy to follow. Do not feel compelled to spend money on sophisticated budgeting computer software, the simplest budget is created with a piece of paper and a pencil.
#2 – Get Detailed
Hazy intentions are a dead-end. The best way to achieve a financial goal is to get very detailed about it. Telling yourself you want to save more money is not specific enough. You need to state where the extra money will come from. What in your life are you willing to change in order to find some extra money? If you change a habit, how much extra money will you save? What’s the exact dollar amount of money you want to save? That’s what detail looks like.
#3 – Visualize It
Experts say that if you visualize it you will achieve it. Athletes practice visualization; they see themselves making the touchdown or hitting that home run that wins the game. You can do the same thing with your financial goals. See yourself debt free or with your mortgage all paid off. Visualize a retirement filled with daily golfing because you can afford it. Painting a mental picture will inspire you to take the necessary actions to achieve it.
#4 – Mindless Habit
You can make saving a mindless habit by going automated. The more you automate your savings plans the less likely you are to spend aimlessly. If through automation your net paycheck is less you will train yourself to live on less.
Everything you do in life is a result of a habit…the way you sleep, eat and drive is due to habits you formed without even knowing it. The way you save and spend are also the result of your habits. Gain control over your financial life by replacing your current bad money habits with good ones.