Changing Your Money Habits to Save More Money
Money Habits of Rich Women can change your life for the better if you just let go of some bad habits and learn new money management skills. It’s very easy to blame yourself when things go wrong or if you don’t get the result that you want – but you shouldn’t. You have control over your money and it’s up to you to use it to its full potential. Here are the top 7 money habits of rich women that will make it more difficult to get ahead in life:
o Spending too much. If you’re the type of person who has no problem splurging on what you like, and you’re not in a financial situation to be able to do so, then you’re more than likely living a money management nightmare right now. It’s really not a matter of whether you’re splurging or not; it’s a matter of when and how you’re splurging. To avoid this, develop a system for tracking your spending so that you know exactly what you’re spending and where it’s going. Also, if you do need to splurge, set a limit as to how much you can spend in one day and stick to it.
o Giving yourself credit cards. Credit cards are a way of life for most people, especially the affluent. However, they’re a terrible money management technique. People who give themselves credit cards tend to buy things that they can’t afford and that they feel they can “charge up”. This is a bad idea, because credit cards encourage the overspending that causes money problems in the first place.
o Having too many financial assets at your disposal. While it’s nice to have money stashed away somewhere that you’ll only ever need, this can also lead to financial problems. If you own a lot of items that you rarely use, like old toys that sit around the house, you’re less likely to sell them or trade them in if you’re ever in a pinch. Instead, just get rid of them if they’re not making you money. This money management habit is similar to having too many credit cards.
o Keeping your checking account balances low. This may seem like a good idea, since you won’t be tempted to let go of your cash until payday. On the contrary, though, if you never overdraw on your account, you’re more likely to develop an impulse to spend money. This money management habit is even more dangerous than having too many assets because you’ll end up owing more money when you try to redeem yourself.
o Living a frugally green lifestyle. If you’re aiming to save money, then you should be aware of your money management habits, whether they include saving too much or too little. It’s a good idea to make some sort of plan to help you with your money management challenges, even if you’re not yet committed to changing your habits. For instance, if you have a tendency to always buy the most expensive things that you can, you might want to make an effort to purchase more “green” products.
o Having no money worries. You might feel like you’re out of luck with this one. If you think that you’re in for some trouble down the line because you’re constantly living from pay check to pay check, then you’re probably wrong. Money worries are temporary, and once you learn how to manage your finances properly, you can live worry-free.
Changing your money habits is a great way to improve your financial situation, no matter what you need to fix on your finance issues. It’s a simple matter of replacing bad spending habits with good ones. Start with the ones you absolutely cannot do without. From there, you can move onto the ones you can begin using more effectively. Even after you’ve done it once, though, it’s always a good idea to have someone watch over your money for you so that you stay on the right track.