You may recall your parents (or grandparents) telling you that certain habits will help you out in life. Remember Ben Franklin's quote: "Early to bed, early to rise, makes a man healthy, wealthy and wise?" Not all habits are bad, but some habits may be bad for your budget. Some habits may appear to be fine, until you take a good look at the financial results of those habits. Still other habits would be very beneficial in helping you save unneeded expenses.
If you are serious about cutting and controlling your spending, then let me encourage you to take a look at your habits. Over the next week begin to think about your habits in a new way. What are you doing, when are you doing it and how much does it cost or save you? Then think about what you are not doing that may help you save money. There may be some habits that can be changed to result is some serious savings.
Here are some thoughts you should consider to get you started:
What are your daily desires?
Do you smoke, stop for coffee or eat lunch out each day, treat yourself to a special drink each evening? List out those daily desires that may be costing you more than you realize.
What are your daily routines?
Are you prone to long showers, late starts to your day causing you to hit slow, gas-gussling traffic or not getting enough sleep causing you to compensate with caffeine? Some of these habits have never been though through but others may be due to poor habits which need to be changed.
What are your addictions?
Have a love for video games, a desire for cigars or a need for speed? Addictions form very poor habits and often destroy budgets. Some addictions such as pornography or gambling may need professional help. Others can be addressed with good accountability and a firm commitment to limit spending.
What are "best practices" that can result in money saving habits in your life?
Are you properly storing perishable foods? Do you keep good records for tax time? Are you eating and exercising properly for good health? There may be some habits that can help you save significant amounts of money.
Why not take a little bit of time and think through the many behaviors in your life to see if you can isolate some habits you may need to "kick" and some you may need to start in order to help your bottom line.
Have some more ideas on habits to stop or start? Comment below.
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