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Good Personal Finance Habits That Everyone Should Follow

Good Finance Habits That Everyone Should Follow

Do you have a $50 a week lunch habit? Do you spend $200 per month on a parking space when you could get public transport and cut that cost in half! Because we can afford it, we can easily get ourselves into the habit of reckless spending that has a detrimental effect on our budget. If you want to gain control of your finances, here are some personal finance habits you will need to start implementing.

Set up Automated Savings Payments

Many of us get way too excited when we get paid and the money has already been spent in our minds before it's left our accounts. If you have a savings goal that you are finding difficult to reach, set up an automatic transfer to your savings account every month so that you are not tempted to spend the money and deviate from your financial plan.

Get an Accountability Partner

Let’s face it, most of us don’t like to look stupid when we say we are going to do something and don’t end up doing it. You are more likely to stick to your goals when you know someone is checking up on you and you have got something to prove.

Freeze Your Credit Cards

Many people don’t have good financial management habits. It’s a vicious cycle, you spend what you can’t afford, get further into debt and the money you need to save you are spending on paying your credit card bill. Well how about you stop spending on credit and only spend what you can afford? If you want to know how to spend your money wisely, stop spending on credit. You will soon realise that you actually don’t need a credit card.

You Deserve it!

Now this title is not what you think! Of course you deserve that new outfit after that crushing presentation at work, or that holiday to Rome that you can’t afford. But do you know what you deserve even more? To have a roof over your head if you get made redundant. Luxurious spending leaves no room for a good financial foundation when an emergency happens. Once you start to ask yourself if you really do need these expensive items, you will be surprised that the answer is no!

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