4 Good Money Habits
Show me a person in debt, and you have shown me an unhappy person most times. Except there is a good plan or faith that the debt will be resolved, debt can be a strangler. It can even lead to depression and ill health.
However, we can all cultivate good money habits to avoid debt. There is an old English adage, that saves ‘Save the pennies and the pound will take care of themselves‘. This is true. Often you may find yourself looking at the big money while neglecting the small money, and this is how debt can secretly creep up.
Even the Bible talks a look about money and finance management. The Bible says that money answers all things!! (See Ecclesiastes 10:19).
Below are 4 simple good money habits that you can start today!
##1 Have a budget
Having a budget requires discipline. And the natural person does not like discipline or self sacrifice. But having a budget is a wise step especially if you are already overspending.
And don’t just make a budget plan, make sure it is feasible, and then also keep to it!
##2 You don’t have to buy because you can afford it
I remember years ago, my dad wanted the Sunday papers which had gone up by then to about £1 or something or the other. I told him it would cost him the pound, to which he said at the time, he no longer wanted it, but would rather do without…at least for that day!
My shocked reply was ‘But dad, you can afford it!’ To which he said something profound, that I discovered too when I started working in the corporate world. You do not need to buy something just because you can afford it.
Your company may not necessarily upgrade to the latest Windows version just because it is slicker and better, even if there is money in the pot!
It can be surprising when you drive through wealthy neighborhoods that the cars in the driveways are less flash than those with the more expensive cars in less wealthy areas!
Spending money on things that do not appreciate in value like cars, clothes, expensive holidays, will reap less dividend in the long run. So it is frugal, to make the sacrifices now for the longer and debt free life ahead!
There is plenty of time to get the flash car later when your assets have appreciated…and you can afford to run it..rather than faint when the bill comes from the mechanic!
##3 Give
Many wealthy people especially self made millionaires and particularly billionaires will tell you one secret through their actions – they are generous givers.
Rich people have discovered that money certainly does not buy having a meaningful life. I was reading the Guardian newspaper the other day, and it was interesting to note one thing the article said, Meaningfulness went with being a giver more than a taker!
The Good Book certainly adds to that, it is more blessed to give than to receive. And among the blessings include, give and it shall be given back to you! So certainly giving is a law in getting more
##4 Use your discount and loyalty points
Often wealthy people are called tight because of their spending habits. Many assume because they have the money they should therefore burn it. But the mindset of the wealthy is different. Anywhere or anyway they can save, they will do so.
Use those loyalty cards or get them. Save the pennies! And they soon mount up to pounds. Look for discounts. Why spend £100 when you can get something for £90. It may seem like only £10 savings but little drops of water certainly make a mighty ocean!
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