6 Ways to Achieve Better Money Habits

Thursday, September 28, 2017, 6:00 PM | Leave Comment

“It’s not your salary that makes you rich, it’s your spending habits” Charles A. Jaffe

So it’s 2017, and everyone is looking for ways to have better money habits. Nevertheless, the bad news is, very few people have been able to put their excessive spending habit in check and here’s why. Many times, people tend to invest in things they do not need.

So, if this is you and you intend on creating better spending habits, you’re welcomed to read further as this article is exclusively written to help you get the hang of your finances, build better spending habits and save money.

So, without further ado, below are some smart ways you can develop better spending habits:

1. Develop a Robust Spending Plan

   When it comes to developing better spending habits, you must learn to spend smartly, and that involves spending your money on things you need for now. To do this effectively, you must first have a plan on what to invest in, and this is only possible when you learn to prioritize your spending based on your needs.

   And for those who can master this, paying off debt wouldn’t be so difficult. So where do you begin? Well, I’m glad you asked. Start by putting things like food, utilities, shelter, transportation, and clothing on the top of your budget; all the extra cash should be stashed away for future use.

2. Do a Quick Market Survey before Shopping

   If you must develop a proper spending habit, then it makes a lot of sense to do a little research before buying any item, especially items like dishwashers, a washing machine or a huge TV set.

   A smart way to go about this is to learn to compare prices and quality of the item you need and make an informed decision based on your budget and information available to you.

   Remember, while it’s fun and necessary to have the finer things in life, you wouldn’t want to go overboard with your spending.

3. Only Shop with the Cash You Need

   So, you have drafted your list of shopping items, and you’re ready to storm the mall to go about your shopping needs. Well, not so fast, for someone who is trying to develop a better spending habit, it is a smart decision to only take the cash you’ll need to do your shopping.

   Trust me when I say this would save you quite a lot as you wouldn’t be tempted to buy other items which are not on your shopping list. Again, you’ll want to leave your credit cards at home; this is to avoid the temptation of paying for extra items.

4. Avoid Places That Lure You to Spend More

   Now and then we get to visit friends or places where we tend to spend a little above our budgets. Sometimes it could be the sweet aroma from the bakery just around the block or a boutique that sells colorful and irresistible dresses.

   Nevertheless, if you must get the hang of your personal finance and build a better spending habit, you must avoid such places that trigger the urge to spend more.

5. Be Open to Friends and Families about Your Spending Plans

   This is arguably one of the best ways to get a grip on your excessive spending habits. Like it not, friends and family are the number one reason many people go overboard with their spending.

   And while a lot of people may feel a little embarrassed telling their family and friends about their decision to control their spending, I think it’s necessary if you want to put a check on your excessive spending habit.

6. Always Look out for Bonuses

   So, you want to develop a proper spending habit? How about shopping at your favorite stores when they offer good deals for items you’re in dire need of? Makes a lot of sense, right?

   Knowing when you can get a good deal for an item you want to go shopping for is not only fun, but will equally help you save a lot. One way to go about this is to sign up for emails from your favorite stores, this way, you’ll always be updated when the stores offer deals that are mouthwatering and enticing.

Well, we hope this article has been informative? If yes, feel free to go through our other exciting and informative finance related articles.

Author Bio

Kelly Cook is a Content Analyst at CASH 1 Loans. She enjoys blogging, social media and photography. You can follow Kelly on Twitter or Google+.

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