Develop good financial habits
Habits – we all have them and we often focus on the bad ones and how to break them. What about the good habits that make our life better and richer. People think when you want to change your life, you need to think big. But world-renowned habits expert James Clear has discovered another way. He knows that real change comes from the compound effect of hundreds of small decisions – doing two push-ups a day, waking up five minutes early, or holding a single short phone call.
What about good financial habits? these can really impact your quality of life in both the short and long term. Funding for a rainy day or a specific goal is much easier if you are in the habit of Saving.
So how do we develop good financial habits?
Start with the basics…
- Set a savings goal and work towards it – It doesn’t have to be overly ambitious but it can be
- Set up a savings plan that allows you to contribute what you can afford
- Try to save at least 1% of your income every month – every little counts
- Save for emergencies such as car repairs or the boiler service/breakdown – so they don’t come at a bad time when you can least afford it
- Make saving money a habit – a good, life improvement habit
Remember small changes can grow into positive life-altering outcomes.