6 Good Money Habits

Four clear bottles filled with increasing amounts of coins and a plant
good money habits

If you get nervous when it comes to settling a bill or you’re always searching behind the couch for loose coins, then you might want to consider changing your habits. Long-term savings might seem hard to achieve, but by taking some simple steps you can make the process so much easier.

Good money habits, while they may take you some time to learn, have many positive benefits. Who knows, the money you save in just a couple months by changing a habit or two could afford you a holiday or deposit for a new house! Here are 6 easy money saving habits to get you started.

1. Start Tracking Your Finances

If you want to effectively save money, it makes sense to track your finances. This doesn’t mean you should go and get all of the latest fancy financial apps, because a simple spread sheet will do. Work out what you actually need vs. the things you can do without.

While it’s not necessary to track every cent, working out a weekly budget and abiding by it is one step in the right direction.

2. Take Your Lunch to Work

How great is it to walk out of the office and choose from an array of international cuisines to indulge in for lunch? But as great as it is, these costs can and do add up. If you spend $15 per day on lunch, it adds up to around $300 in just four work weeks.

Taking your lunch to work from home is usually healthier too, because you actually know what you are putting in the food.

3. Automate Everything

It’s no secret that more and more things are starting to become automated. It’s popular because it saves you time, enabling you to focus on other tasks. For example, if you still receive bills in the mail or pay instalments, it might be worth considering a regular direct deposit instead.

4. Become Disciplined

Some habits, such as drinking alcohol and smoking are often not only costly, but obviously bad for your health too. You need to discover the true value behind your actions, and then consider why you’re actually doing them.

5. Save Money

Even if it’s just $50 per week, a little bit can and will add up over time. When you get into the habit of putting away money, whether it’s into a piggy bank or savings account (yes, you can automate this too!), you will save money in no time.

6. Prioritise Your Purchases

Do you have a list of things you want to buy? Add a number next to them and rank them in terms of their importance. Do you really need a new jacket if you already have 6 or 7? Probably not.

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