A Few Healthy Financial Habits
Everything you have in life is a direct reflection to your level of involvement and participation.
Think your health, relationships and now wealth. When it comes to building wealth and managing finances well enough to live comfortably, it’s up to your participation in a long-term financial strategy. Here are some healthy financial habits.
Set it and forget it
Thankfully for us, we live in the electronic age, which can make streamlining financial goals a lot easier than in the past. Whether building savings, investing for the future, paying down debt, or any other goals, there are great apps you can take advantage of and information available online. Don’t hesitate to get a second opinion with your internet findings. No one should have a greater interest in your financial future than yourself. Savings can be put on autopilot. It’s been noted that those who automate their savings, save more than those who do it manually over a long period of time. The same can be done for your retirement accounts or other investment accounts.
Be mindful of small purchases
It can be much easier to be aware of making a large purchase, both physically and financially. It’s pretty difficult to go into an appliance store, walk out with a new refrigerator, the one smart one that tells you when you need to restock, and have no memory of buying it. It’s the small everyday purchases that creep up on us that we typically don’t note. Even if we have a budget, we can still be within it while making small purchases that really aren’t necessity. The grocery store is the worst. How many times have you gone in there, only needed to grab a couple of things, walk down the wrong isle and before you know it, the cart is full. My advice, get a hand cart, when the cart gets too heavy to hold you know you have more than you intended to buy. Buying wants not needs. This goes the same with our coffees and pastries, décor items for the house. All the small stuff adds up.
Paying with plastic has a tendency to make the tiny expenses forgettable until you have you budget money date. One easy way to cut down on the mindless purchases is to pay in cash or set monthly or daily purchase limits on your debit card. When you see the immediate tangible effect of the small purchases, money leaving your hand or leaving your account, there’s more of an impact. Casinos know this trick which is why they replace your “real” money, “play” money, chips.