Young couple in debt calculating budgetJust like bad habits can get you into trouble, good habits can get you out of it. Good financial habits are the key to keeping on track and paying down your debt to reach your financial goals. Good financial habits help you spend cleverly and save more and the best thing about habits are, you do them without even noticing.

What money habits good or bad do you have? Have you even spent time considering if you have any financial habits that hinder or promote your financial success? Take a few minutes now to think about some of the ways you manage money.  The ones that make you proud and the ones that make you cringe. Write them down. You’ll need them. Why? Because we are going to challenge you to change one new money habit today and kick one to the curb that’s been holding you back.

Let’s list some of the most common money habits that hold people back. Not budgeting, not tracking, not sticking to the budget, spending unnecessary on the credit card, overspending in general, not paying bills and incurring fees, not saving, not having goals, berating yourself about money, not taking a list shopping, etc. (Do you have one to share? Leave it in the comments below.)

What about habits that propel us forwards financially? Saving every pay cycle into a compounding interest account, learning about financial management, filing your financial records, tracking your money, budgeting….pretty much the opposite of everything we just presented as negative habits.

Which habit did you choose to change? Pick an easy one to start off with because changing habits is never easy. After all we have to catch ourselves in the act and when you’re attached to something with great passion, like the morning coffee, that won’t be the best habit to make a play on. You are bound to fail with a loved habit. So set yourself up for success and pick wisely. Choose a mantra too before you start the shift. Or a brief activity you can do to break the habit thought when it arises; obviously something really distracting. Mantra could be “I want debt freedom” or “house and land” if you are saving for something neat. Make it positive. There is no point saying: “I don’t want coffee, I don’t want coffee, I don’t want coffee” if all you’re going to think about is a coffee to remind you that you really do want a coffee.

Positive habits can really drive you further in ways science has explained to us as a psychological response to thought stimuli using our Reticular Activating System. It’s basically the think of a red car theory; you can’t not think of a red car now can you. And you’ll start noticing red cars all over the place. Same as good financial habits, for example, read one positive financial blog a day and you’ll start to realise more positive financial thoughts thus notice more positive financial opportunities.

Knock the bad financial habits one at a time and take up the positive ones and you’ll be kicking financial goals in no time.

Now, off to read a positive blog. I want debt freedom, I want debt freedom, I want debt freedom…just practicing.

testi-200x200-DefaultIf you’re facing financial hardship we are here to talk about a solution. Call us on 1300 887 211 or Book a Free No Obligation Phone Consultation with our friendly team and we can discuss debt management options specially focused on your personal situation.