Habits create your future.
You may have heard me say this before, but it bears repeating, especially when it concerns your money habits.
Because who wouldn’t prefer a future with more money in it? At the very least, I’m sure you don’t want less.
And so, let’s take a look at seven smart money habits that anyone can do, so that you can improve your financial literacy and create a richer future for yourself.
Smart Money Habit #1 – Know How Much You Spend
This is a crucial money habit that many people overlook to the detriment of their burgeoning money pile.
Because if you want to improve your financial position, you absolutely must know exactly how much money is coming in and how much is going out.
Knowing where your money is going will allow you to fine-tune your budget so that you’re living within your means and not spending money that you just don’t have.
Smart Money Habit #2 – Set Clear Financial Goals
This is a smart money habit because you’ll be more disciplined with your money if you know what it is that you want to do with it.
You’ll be more inclined to control your spending and more inspired to save it.
Because you can’t really keep your eye on the prize if you don’t even know what the prize is, can you?
Smart Money Habit #3 – Pay Yourself First
Money-savvy people always pay themselves first. And by first, I mean first.
Before your expenses are paid, and before you buy yourself any goodies.
This smart money habit is how to build real wealth, and the pros have percentages of their money automatically funnelled into designated savings and retirement accounts where it is out-of-sight and out-of-mind.
When you pay yourself first in this way, you’ll learn to live on less and you won’t be tempted to spend your savings.
Smart Money Habit #4 – Save Like You Mean It
In other words, save with the intention to save.
Your savings shouldn’t just be an after thought, it should be a priority.
Identify small ways to save and minimize any unnecessary expenses.
You might be surprised how quickly the little things add up, even if they seem insignificant on their own.
And when you’re in the saving mindset, you’re more likely to make better purchasing decisions because you want to see that money pile grow.
Pro tip: A smart money habit is to save for emergencies. Because there’s usually one just around the corner.
Smart Money Habit #5 – Learn to Sleep on It
This is a smart money habit to help you avoid overspending and avoid making emotional or impulsive purchases.
Essentially, you hit the pause button and wait until the morning to make any big purchasing decisions.
This helps you avoid making any rash purchases and gives you a chance to further examine the consequences it may have on your long-term goals.
Smart Money Habit #6 – Check Your Accounts Daily
Be like Snoop Dogg who said, “I got my mind on my money and my money on my mind.”
Because Snoop knows that when you implement this smart money habit, you’ll tap into some powerful motivation.
There’s just something about watching your accounts and seeing your savings grow that stimulates a potent desire to grow them even further.
Plus, you’ll always know how much is available to you, which will prevent you from overspending or overdrawing your accounts.
Smart Money Habit #7 – Invest in Your Financial Literacy
This is a smart money habit because it will make you smarter. About money.
I jest a bit here, but this really is the simple truth of it.
The more time you invest in learning from the experts on how to grow your money, the better you will manage it.
And anyone who can read can educate themselves on how to become wealthier.
Even 15 minutes a day will soon add up over time.
Just like your money.
How to Implement Smart Money Habits
If you implement these seven smart money habits into your normal operations, you’ll probably soon find that your money stress begins to lessen.
Because you’ll be more in control of your money and managing your life like a Chief Financial Officer (CFO).
This is how you start putting together some capital to invest in income-producing assets or that big purchase you’re working towards.
But starting habits takes a certain measure of discipline. Which is why so many people fail to keep going long-term.
If you can find someone to help you stay accountable, you’re much more likely to succeed.
As an accountability coach, I may seem somewhat biased with this recommendation, but it’s only because I’ve seen that accountability really works.
No matter what you do, remember that it’s the long-term implementation of these habits that will reap the benefits.
So here’s to your success!