It’s more than common to have goals you’re not meeting to get better with money, but you feel like you’re not making any movement, don’t feel down on your luck just yet. Financial habits, both good and bad take time to change. To help we’ve developed these 7 essential tips to become a money master that you may have never thought of before.
We often invest so much time in our work and in others that we forget about ourselves. We’re not talking about paying yourself first in this case (although that is important for savings as well), but we’re talking about feeling good about yourself and getting enjoyment out of life. Take up a hobby that makes you happy, or spend time around those who make you laugh – when you do these things, you’re going to have more energy and feel better, which can then translate into having more focus on your financial life.
Pick the kind of lifestyle that you want to live and also stick to it. In other words, it’s important to live within the means that you have now. Even if you’re expecting to be making more money in the future, if you spend all of your earnings now, you may develop the habit of spending no matter how much money you earn. Good financial habits start with knowing how to control your spending.
Start saving today no matter how much. Many people think that if they don’t have a lot of money to save, that it’s not worth saving it at all. However, even a small amount of money here and there can add up over time. In addition, once you have savings in place, you’re less likely to get into debt when an unexpected expense comes up, meaning you can avoid future spending.
Look at your spending habits currently and see if there are any small changes that can be made. For example, if you eat out a lot, have an expensive car, gym memberships that you never use, etc., you may want to consider cutting back a little and using the extra money for savings.
Owning a home might not be your best bet. If you asked many Australians about their top financial goals, home ownership is probably at the top. However, everyone’s financial situation is different and therefore, owning a home may not be in your current best interest.
Make choices regarding money that are important to you. Even the wealthiest of people can’t have it all. Sit down and make a list of your financial priorities from highest to lowest. Chances are, the things at the bottom are more wants than needs and can easily be taken off of the list or at least pushed back until a future date.
Plan for long term success. If you only have short term financial goals, it’s very easy to become discouraged if you’re not meeting your goals in the time frame that you set. Instead of planning for the next month, plan for the next 5 years or the next 10 years. You can keep a list of the things that you’ve done in order to help reach long term goals that you feel excited and encouraged.
Finally, when it comes to any financial matter, having a qualified financial planner on your side can mean the world of difference when it comes to meeting your goals.