6 good spending habits - improve your financial situation

The end of the year is closing in, how well have you stayed true to keeping your finances in order? Financial distractions may have interfered with this, but it would become a much easier task if you establish good spending habits.
Financial distractions such as constant unhealthy takeaways and bottled water may have been some of the issues you were struggling to cut out. They could continue to be a roadblock, but only if you don’t mold the 6 best spending habits into your life:

1. Spend less than you earn

This is rule 101 of personal finance, it will forever be a fact that you will not grow financially if having more money leaving your pocket than going in is true. Luckily for you, this is quite simple to achieve by focusing on growing your financial income and controlling your spending by cutting down on unnecessary purchases, which translates nicely into habit Number 2.

2. Keep track of your spending

Make sure that you are always aware of your spending by tracking every last penny that you spend, that’s right every last penny! This is because you cannot put your money where it matters if you don’t even know where it goes. You should figure out a system to track your spending whether it’s on your phone, on a notepad, or whatever works! This will allow you to find gaps and issues with your spending allowing you to improve in these areas and cover the gaps with ease.

3. Grow your income with investments

Whilst saving your money in your bank account is recommended by all the broke people, the only way to grow your money and build real wealth is by investing your money in valuable businesses/assets that will grow in value over time . Investing will allow you to build capital like Elon Musk, and who doesn’t want that..? This can be as simple as putting money in large corporations such as amazon providing little risk. 

4. Growing your knowledge 

Books are 1 of, if not the most valuable resources on the planet, they hold a generational value that can change your life forever. Knowledge is power and power is money! The knowledge from an £8 book will pay itself back several times in your lifetime, automatically. Books will also allow you to adopt the mindset of always growing and improving allowing you to gradually achieve your financial goals, whatever they may be. Another incredible way to improve your financial knowledge is by watching high-value videos on Youtube from many creators - Did you check my channel?

5. Invest in yourself

The BEST place you can put your money is into improving yourself and your value, equipping you with skills and knowledge. From getting a gym membership to learning photography, to improving your sleeping length, you should adopt the mindset of improving yourself in every aspect of life (not just finances) resulting in incredible long-term effects. This will also increase your value and improve your mindset to achieving your financial goals, and who on earth doesn’t want that? 

6. Take only the money you need 

If your wallet is often filled to the brink and you struggle to button it shut, it may be smart to limit the amount of money you are carrying around with you all day. Instead carry the bare necessities you need for the day such as food, petrol and other things like those. You cannot spend money that you do not have, so leaving cash and credit cards at home to resist the temptation you have for spending money on unneeded things is the smart move.

Plus: this will make it much simpler to track your spending like spoken on in habit 2.

Building these habits leads to financial freedom

When implementing these spending habits you are basically setting the foundation you need for financial freedom. Which we all want, right?

Staying on top of your expenses will be the winning factor to achieving your goals which you so heavily desire.

As you begin to build these money habits into your life, you will swiftly see the number in your bank account skyrocket and quickly notice how important the habits truly are.

Integrating these habits into your life may take some time but it is essential for your financial success. For faster growth in your financial success click here for more life-changing resources.