Financially stable last year? That’s good news. You have to keep those money habits in 2018.
Before we discuss about how to do it, take note of this excerpt from Aristotle,
We are what we repeatedly do. Success is not an action but a habit.
The very reason why you were financially successful last 2017 is the repeat of those behavior patterns towards money. You were probably not aware about them but you surely adhered to those money habits. What do you need to keep them?
They say old habits are hard to break but if it is a good habit, you might as well stick to it. You have to know what made you clung to those money habits. At the end of the day, you have to remember that they gave you a comfortable and more stress-free life.
Do not lose these money habits. Consider the following list to keep them:
- Continue writing a budget.
Your written budget supported your financial goal. Do not throw it away. It does not require that the budget is complicated. If you did it before so meticulously, loosen up.
A simple written budget will do. You do not need to track your money up to the smallest amount, or categorize it in a confusing way.
But however you want to do or write your budget, what is important is you keep it. You cannot realize a goal without it.
- Exercise discipline by automatically paying your bills.
Among the factors that probably helped you manage your finances effectively is you automated you payments. You probably allowed your bank to set up automatic payments for your savings and payments.
You must have realized that the decision saved you time and allowed you to do other things aside from going to payment centers to pay your bills.
For people who still do not have a bank account, they should give it some thought based on the advantages mentioned. If they still decide on not having one, they have to carry with them the discipline to pay on time and not miss even one. That includes you – exercise discipline always.
- Overcome temptation to buy on impulse.
Always carry with you the strength to resist temptation. Of course, we are not talking about physical desires, but of impulses to buy something to immediately satisfy your eyes and your emotions.
You must have experienced it many times the past year but you were able to overcome it. The result – saving money and not spending it on things that you do not actually need. A lot of times, you can be consumed with your wish to buy what appeals to you emotionally not by what you actually need. Do not give in.
- Pay with cash most of the time.
You must have preferred to pay cash last year. Look at how it helped you save money. With a credit or debit card, it is always very easy to spend more than what you project.
If you still have a credit or debit card, you can use in situations of emergency but with a planned purchase, stick to paying with cash. It worked before, it will still work now.
- Pay yourself first, save yourself from bankruptcy.
If it hadn’t been for your eagerness to save more money, you will not attain financial success last year. Your step towards financial success helped you put money first to where they should belong. Instead of spending first, you saved and paid your obligations first.
You must have realized how helpful it is to prioritize. Putting money on savings, insurances, and debts and obligations before spending them have wonderfully contributed to your financial success.
- Write a spending journal again to track your spending this year.
It probably took you a lot of effort to live within your means. Your spending journal was very instrumental. It helped you see the picture. It showed you your weak spending habits and taught you what to do about them.
The amount of time doing this was not at all important now. The fact that a spending journal assisted you in identifying the way you were spending your money is enough to do it. You can choose to do it in a month but you can always choose to write it longer to sort your spending habits.
- Do not spend overtime pay, bonus, incentives and salary increases.
It did not occur to you last year that these earning are also extra ways to save money. You must have indulge yourself with these earnings. However, if you wanted to add more to your financial goals, why not?
Of course, you need to reward yourself from time to time. If you feel so, do not spend them all but allot a part of these earnings to your savings.
- Try crazy things to save money.
This time of the year, you might try doing some crazy things to add money to your savings. People who earn less will find this challenge easy. For you, however, it will be truly challenging. Will you be able to skip one meal a day?
Will you be able to do odd jobs on your spare time or weekends? Will you be able to give up your vices and live clean? Whatever crazy thing, as long as they’re legal and safe, this will increase your savings. It will need, however, willingness and focus to do these crazy things.
- Bring ‘zeal’ again in whatever money-saving activity you need to do.
Your strong passion last year is what put you in a successful financial status. Do not forget about ‘zeal’. It is a cliché to say that your devotion to stick to your financial goals is what will bring you financial success. It has not changed.
You have to let these old habits stay. Keep them what made you financially successful. Discard those that did not. You will have to congratulate yourself again at the end of 2018.
PS1: Do You Want to be Guided in Your Stocks Investment by Me and Bro. Bo Sanchez? Check out www.TrulyRichClub.ph
PS2: Lost on how to start investing in the stock market? Watch my Video course here –> Stock Market Investing Course
PS3. Do you want to be a Cryptocurrency Millionaire? Watch this –>PinoyCryptoMasterplan