By: Tandee Victor
Having good money habits are important for your growth and success. Money is needed to pay tuition, rent, purchases cars and houses, and so many other things that are needed to survive as well as others that are simply wants. One of the best things you can do for yourself is to learn healthy money habits and practice them daily. This will help you to stretch your money farther than you imagines. Healthy money habits will help you have a budget that meets your needs and to also have money saved in the event of any emergency.
- Create a budget and goals. Set up a budget for all of your spending and goals for your finances. Develop both short-term and long-term goals and determine how much money is needed to meet each goal. Short-term goals can be on a daily or weekly schedule, while long-term goals may be made by months or years.
- Know what your money looks like. Open and review all of your statements and bills for accuracy; do not just file them away, know where your money is going. After you have reviewed them keep them organized. You can create files for household bills to be paid and recently paid, folders for debit (credit card, student loans, etc) and more depending on your individual needs.
- Be On Time. When paying your bills make sure to pay them on time. Paying bills late adds late fees and stress you do not need.
- Pay More. If you have any type of debt (mortgage, student loans, credit cards, auto loans, etc) pay more than the minimum whenever your budget allows. This will save you money on finance charges and interest.
- Update. Keep your files update and make sure to adjust your budget and goals as your situation changes.
- Be Honest. Be honest with yourself and those around you about your money situation. Realize you cannot always pay for you and your family or friends to go out. And if someone asks you to go out and you do not have the money available just say so, do not put extra strain on yourself.
If you have already started out on the wrong foot, it is okay you can start today with building your healthy money habits. Just remember everything will not come to you over night but with daily practice these habits will become natural to you.