Saving sounds like a good idea and you can`t deny that both building good saving habits and controlling your emotions when making buying decisions can be very important for your future plans.
We are surrounded by many shiny objects and lots of new things that are pulling us towards buying them. We all feel great and proud of new things we have just bought - at least for a little bit.
Yet all this will go in vain the moment you realize that you should`ve started saving and investing money months and years earlier.
At moments of emergency when you immensely need money, nothing will help you but your savings or a good friend – which is rare nowadays. Your savings are as great as a good friend is.
The Following are 6 tips for Building Healthy Financial Habits.
I hope they convince you to start dealing with money with more discipline.
1. Make more money.
People are motivated by the extra money they can make and not by money they have to save rather than spend on something they are fond of.
Instead of looking for ways to make the most of what you earn right now, multiply your efforts, investments and creativity so that you can make twice or triple the amount of money.
One effective technique is multiplying your monetarily goals by 10, planning and working on getting these financial goals.
It`s like the “Shoot-for-the-stars, land-on-the-moon” saying. If you need $1K per month and you aim and work for a $10K goal, it is more likely that you will be making $2K or $3K instead of just $1K.
2. Invest more money.
This may sound risky. But as many financially affluent individuals have pointed out - the biggest risk in this fast-paced and ever changing economy is in making no risk at all.
A good way to motivate yourself to save money is to find any business idea or project that you believe that it will make you money future, and invest your time, money or both in it.
Here you are giving yourself a reason to save money and this is more encouraging than the idea of saving money "for the future"
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3. Monitor your purchasing process.
Monitor your spending habits and then eliminate any unneccesary spending.
Most heavy spenders - when sitting down and checking the stuff they have recently bought in a period of 30 days – will detect a repeated pattern of emotional spending. In other words; they will find themselves buying stuff they don`t want for no rational reason other than boredom or a talented seller.
4. Do it yourself – unless it brings you more than what you pay for it.
When you don
t have so much money to spend, its better that you do it all yourself - from household chores to babysitting. That is, unless the alternative thing you would be doing is going to make you more money.
5. Build lists and wait for the right time.
A good way to avoid spontaneity while buying is to build a list of the things that you need to purchase and wait for a good deal a discount or a major event – like black Friday – to come so that you can buy the things you want at a much lower price.
A good example for this is to buy most of your clothes at the end of their season when prices drop down.
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