Financial habits are
something that people will pick up on their own or learn through others around
them. It seems very easy to adopt bad habits while good habits are often a
struggle. When it comes to finances, habits begin to formulate in your youth.
Many are taught from watching and listening to your parents while others
develop when you begin to earn income. You may never have been taught to save
money. Did you see credit cards being used but never knew how they got paid? Did
you learn the difference between wants and needs? Are you going to use payday
loan companies to support your lifestyle or will you fit your lifestyle into
your budget? How much impact does your financial budget have on your everyday
life?
If you are looking to
maintain a financially healthy lifestyle, you will not want debt to control
your budget. Those people who spend carelessly on credit cards without the
means or habits to pay them back effectively may end up in line at a local
payday loan store just to get regular bills paid. We often forget about the
cost of interest. This fee is an accepted cost from most credit card users. The
low monthly payment may have something to do with it; a fast payday loan
interest never goes unnoticed.
Follow habits of self-made
'rich' people. Not only will you find that you have more money to work with,
out of the same income, but you will also notice that you can be in charge of
your finances. Self-made millionaires build their wealth by staying consistent
and not overspending.
-They create a budget
and stick to it. Not only do they make themselves accountable for money spent,
but they watch their flow of money. They never ignore their budget. It is
revisited often and revamped as needed.
-They create goals.
Short-term, medium and long-term goals are set and managed. They don't just
think about this month. Living paycheck to paycheck doesn't allow a person to
plan for their future. Self-made rich people care about it all.
-Lifestyle is
moderate. No fancy homes or cars with large payments and expensive upkeep to
follow. Their money is spent wisely on needs and wants are calculated on
affordability not what the neighbors own.
-Consistent lifestyle.
Luxurious items are often avoided. Vacations may still happen but they won't
upgrade rooms or outspend the budgeted allotment for the trip. They don't move
around changing homes, buy new cars only as needed and will often remain
married to the same spouse.
If you want to change
your finances so that it emulates those of the rich you will have to set firm
goals and focus on sticking to them. Watch for triggers that prompt you to
stray from course. Did your trip to the coffee shop turn into a weekly or daily
habit? Could you cue a cell phone reminder to alert you each day to skip the
expensive java? Routine is good as long as it is filled positive activities.
Reward yourself by setting a cell phone reminder that 'today is the day' trip
for coffee because you successfully went the whole month without it.
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