10 Positive Money Habits to Cultivatein 2023 

Old obsessions are likely to die hard, especially when it has to do with bad money habits. If you find yourself having no reasonable savings and spending more money than you earn from daily hustle, it’s time to drop those bad spending habits and start working towards better ways of making good financial habits

Developing yourself into having good money habits can help increase your wealth and set you up for financial success. It will also help you learn how save money, budget, and work towards your financial goals.

Undoubtedly, cutting off from bad habits, and starting new ones doesn’t happen overnight. Nevertheless, with persistence and know-how, you can start transitioning to better money habits.

How Bad Money Habits Can Set You Up For Failure

It is always a good thing to stop bad money habits as soon as possible. Bad money habits can directly or indirectly prevent you from reaching your financial goals and set you up for failure which later on might create great negative impacts.

Not allocating your money properly, having bad spending habits, and not having a good savings can actually leave you so vulnerable to an unexpected emergency and even leave you having no savings after retirement. As you can see, bad financial habits can wreck your financial future and leave you so broke.

10 Good Money Habits to Build On

Now that you know how bad money habits can set you up for failure, check out these 10 amazing financial habits to start now which are habits of the rich:

Create Good Financial Plan

For you to reach a destination, you have to know where you’re heading to. The same applies when it comes to your financial future. Creating and working consistently on your financial plan will help you map out your goals and take action to achieve them. Always include short-term and long-term financial goals in your plan to help you achieve them faster (you can also break-down your long-term goals into smaller goals in order to accomplish them easier)

Cut Your Expenses

Cutting down unnecessary expenses can help you save money. Small expenses add up over time and by cutting them out, you can save lots of money for something you truly want—like vacation and other funs

Grow Your Money by Investing

In order to grow your money and build a real and better wealth, you need to start making several investments. Having a total risk free investment can increase your income and secure your financial future.

You don’t actually need to have lots of money before you can start investing. Interested on learning how to invest? Click the link to learn how you can “Grow Your Money, Learn How Investing Works”

Get the Right Insurance

Many asks questions why is money hard to get. Being inadequately insured can cause major out-of-pocket costs while having the right insurance can help protect your income and assets.

Money habits

Bank Statement Review

Having continuous reviews on your bank statements can help you catch those unauthorized transactions quickly as bank account fraud is abundant in the society.

Always keeping a close eye on your money helps your ensure nothing slips through and also it helps you see your spending habits as well. It is advisable to always make a review of your bank statements on monthly basis as is a good financial habit to cultivate

Get On A Budget

The first good money habits you should start as an individual with a promising future is to get on a budget. Having a good budget will help you manage your finance perfectly. Budgeting for the future helps you pay your bills on time, prevent financial mishaps and as well build wealth by saving 

Live Below Your Means

Living below your means can actually help you to build your savings account much faster and also helps you measure your needs vs. your wants in order for you to prevent bad spending habits.

Making simple changes in your spending habits (e.g purchasing pre-owned vs. new, couponing and ditching cable) can make a huge impact on your wallet

Pay Off Debt

It is very good to always pay off debt if you want to build good money habits. With the right debt payoff strategy you can always free yourself from the burden of being in debt. Also, by cultivating the habit of paying off your debt, you can start saving more money and secure your financial future.

Build Your Emergency Fund

Not having reserved money to use pay for times of emergency like home repairs, car break-down or even an unexpected job loss can be one of the worse feelings in the world. It is always good to have bulk up money to be used for emergency.

The actual goal is to save 3-5 months of essential living expenses to help cover unexpected events. Are you overwhelmed with the amount you need? You can make a move by saving up $500 and start building from there.

As a Female Nigerian: 11 Liable Ways to make 3k daily in 2022

Put Yourself First In the Payroll

The most excellent way to save money fast is to always pay you first. This simply means you have to pay yourself by saving money before you spend any money.

For instance, after you might have done a job and have been paid, you put aside a set amount say $50 and deposit it into your savings. By so doing, you will save first and spend later on because you are putting your financial goals first.

Always Pay Your Bills Early

Always do yourself a favor by paying your bills early rather than paying them on the due date as it will help you prevent them from been forgotten and racking up late fees. Do make it a goal to pay your bills as soon as you get it.

Get started with good money-savings challenge

It can be hard for you to get motivated in order to break bad money habits and start good ones. Nevertheless, if you make something worth enjoying, it can help take the pressure off and help you stick to it.

Qualities of a good money

The things that characterizes a good money habit includes: General acceptability, portability, durability, divisibility, homogeneity, cognizability, stability

Building an Excellent Money Habits Leads to Financial Success

You will definitely set yourself up for financial success when you embrace good money habits. Saving money, planning for your future and staying on top of your finances will lead you to the financial freedom you so desire.

Building on good money habits will help prepare you for those unexpected expenses, avoid penalties and late fees, and as well help you have money for a wonderful retirement for the future.

As you cultivating these golden money habits, you will quickly see your bank account grow and how it will lead you to financial success.

Leave a Comment