Money Habits Can Make Or Break Your Wealth

Andrew Jeffers | March 06, 2018

How are your money habits?

Are they making or breaking your financial goals?

Good money practices help you achieve your financial goals, and they can include:

Let’s take some time for introspection. Think about your own financial customs and how they influence your financial plans and goals.

It’s never too late to form new routines that will help you achieve those New Year’s financial resolutions. Like with anything else, there’s no better time for change than right now.

The good news about habits, whether good or bad, is you can always change them to form new ones. It will take some time, but it’s possible.

How long does it take to form a new habit?

You must have heard that it only takes 21-30 days to form a new routine. Really, now...?

It sounds inspirational and all. But what’s the reality?

Psychologists say it takes much longer. In fact, the time it takes to form a new habit depends on its type.

You might also be interested in: Financial Lessons From The Super Wealthy

5 tips to successfully escape your routine

All of us needs a change of routine every once in awhile.

And the biggest challenge when forming a new customs is the struggle of being consistent.

Of not giving up.

I understand this struggle. I get it every single time I want to create a healthy practice. And when it comes to my finances - well, if it will help me grow my wealth, I’ll do it!

What about you? If you’re interested, I write about five amazing tips to help you succeed in adopting new financial practices. Here they are…

1. Internal motivation will get you started

Discover the real reason behind your decision to form a new habit. Examine your motivations carefully.

Why is internal motivation important?

Habits determined by internal motivations (you want to do it for yourself) are more likely to succeed as opposed to those determined by external motivations (you want to do it for someone else or to please others).

2. Start with small steps

The tendency when forming a new custom is to start with unrealistic goals due to your beginner’s excitement.

Contain that excitement. Instead of starting unrealistically big, start with small steps.

Behaviours form long term. It’s wiser to start small and gradually increase the frequency of practice as you go along.

3. Accountability is gold

...Whether that means finding an accountability partner or sharing your brave plans with your friends or family, it will help you stay on track.

Accountability will help you stay focused and decrease your chances of giving up.

4. Find your support system

A little extra motivation coming from your support system, whether they’re your family, friends, coworkers or accountability partner, is the thing that will get you through those moments when your motivation lacks.

You need a support system more than you think you do.

5. Consistency is key

Forming a new habit is all about consistency.

In order for your new behaviour to stick, you need to include it into your daily routine. You can choose a time of day that works best for you, a time you will be more likely to remember.

Creating wise money practices will take some effort at first. It’s a process that will take some time, but, most importantly, it’s something that can be achieved. Make sure you consider all the tips we discussed here. They can increase your chance of success.

Are you ready to make your financial goals a reality?

As I said earlier, it all starts with you taking small steps to your financial freedom

Let’s discuss practical solutions that can help you change your attitude towards your finances. I can help you make the best decisions when it comes to your wealth. Forming new habits it’s as important as choosing the right people to help you through this important process. Let’s get in touch here.