Do you ever sit down and think to yourself: there is so much more I could be doing to ensure that I am financially healthy? No matter how regimented you are, we all have those moments when we think – I could do better. And, you know what? That’s a very healthy attitude, especially when it comes to keeping your finances on track. Developing financial goals is really the first step when it comes to having a routine in place because help give you something to strive for. When you have financial goals it becomes infinitely more easy to put a structure in place and structure is exactly what you need to develop those healthy financial habits that will guide you through life. Not sure how to get started? Here’s a look at four habits for staying financially healthy.
4 Habits to Staying Financially Healthy
Develop financial goals. When it comes to turning your passions and dreams into reality, you have to have goals. And, the same goes for your finances. No matter where you’re at in the financial game, it’s time to start thinking strategically about your goals. And, here’s the thing: those goals will change over time as your life and financial positioning adjusts with the changes that naturally happen. But, having a starting point is essential. How much do you want to have in your savings in the next year, five years and even ten. Is investing something you want to add to your list of financial goals? If so, where and what would you like to invest? Thinking about these things and getting them all down on paper is the first step to establishing those financial goals that are so important to developing healthy habits.
Establish a budget and stick to it. This is probably one of the most difficult financial habits out there because impulse spending happens…it just does. On occasion, impulse spending is totally OK – we only live once! However, on a more regular basis, sticking to spending plan will help you keep that all in check and that means you’ll be well on your path to achieving those financial goals that we just discussed. Come up with a reasonable weekly budget that actually works for you. Something doable that you can stick to without much issue…lay it all out there: groceries, incidentals, gas, clothes, salon…you name it. Get a handle on what you need and what you can actually spend each week including understanding exactly how much you can put into savings.
Open a retirement account. This is huge because it’s something you can completely automate and never worry about until you need it later in life. Your employer most likely offers some type of retirement benefits, program and in some cases even matches part of your contributions. Get in there and learn all about it, figure out what you can contribute each month and set up and automatic deduction so that you don’t even notice what’s being deposited. If your employer doesn’t offer a benefit like this, set something up with your bank – but make sure you get on that automated deduction routine so that you never have to think about it.
Figure out where you value spending your money and what’s most important to you when it comes to spending. Not everyone out there has the same spending habits – and that is totally OK. We all love different things and we all enjoy life in different ways. Figure out what makes you happiest and that will help define what you spend on. Do you love and value going out to fancy dinners or would you rather spend your money on shoes? Can you live without all of that, but you love investing in your home? Whatever it is, think it through and choose what makes you the happiest and most fulfilled.
How about you? Have you put habits in place to ensure you stay financially healthy?
