Revolutionize Your Money Habits With These Easy- Peasy Tips
Sure, many women get to know about financial pressures early in life but the same cannot be said about understanding how to manage our finances. It is something we all must learn as we grow.
A few years back, car seat belts were optional. In fact, most cars did not even have seat belts.
It was not a requirement for automobile dealers to install seat belts in their vehicles. Growing up, you would emulate this habit and accept it as the norm.
After all, this is “how we do things, right?”
But what if your parents chose to install seat belts in their car, then made sure you had your seat belt fastened at all times?
This would later become a habit as it would have been deeply rooted in you.
And the same is also true for money habits…
We develop habits from what we basically perceive as “normal.” But just because you grew up seeing people around you do things a certain way or differently does not qualify it as normal.
Your parents might have managed their finances recklessly and ended with huge debts that they are still trying to pay off! This does not have to be you. You can pull away from this comfort zone and choose to do things in your own way.
But that is always easier said than done.
Why You Should Develop Great Money Habits
Truthfully, everyone likes good things. If you have the cash for it, why not buy it? You want to live a good life.
Buy all the best clothes, that big house, and flashy cars. Generally, this always comes back to haunt you, and it hits the hardest in your pocketbook.
Good money habits put you in complete control to make thoughtful decisions.
It does not have to be complicated simply because you were not taught fundamental money management skills.
Say, for instance, you want to buy a car. You probably never thought about the overall impact of this decision.
You were not concerned about the financial toll it would have on your life. But that was how your parents made their car-buying decisions.
Today, consider these questions before proceeding with the transaction:
Will you pay cash upfront or finance the cost?
If you are financing, how much do you need for the total down payment for the car?
What is the best available rate in the market now? For how many years will you have to make the payments?
What impact will the new car have on your monthly fuel costs?
How will it affect your auto insurance premiums?
What impact will the payments have on your budget or your annual savings?
Should you adjust your deductible and coverage for the new car?
What will the repair costs be over time?
As you can see, investments such as buying a car or mortgage require a lot of financial scrutinizing.
You should critically analyze some of the seemingly simple decisions from multiple angles.
Think of its impact on your present and future cash flow, savings, debt, and risk management.
Are you in Control of Your Finances or Are Your Finances Controlling You?
If you are not in control of your money it will control you.
Looking at your financial habits and your current financial situation always depicts a mirror image of your financial decisions and their impact on your financial well-being.
That is why it is critically important that you analyze every money-based decision before deciding which financial move to make.
This is how you will stay on the positive end of your finances. The right money habits are what get you there!
Developing great money habits by scrutinizing all aspects of your finances will ultimately help you achieve all your financial goals with ease.
“Money is only a tool. It will take you wherever you wish, but it will not replace you as the driver.” —Ayn Rand
Control your finances ~ Control Your Destiny
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