HABIT is something you do over and over again until such time it becomes you. You must first form the habit, then habit forms you.
There are only two habits we can have, one is good the other is bad.
The question is what are we forming?
Good or bad habit.
Just like in becoming wealthy and rich. You need to know and form the habits of the rich in order for you to become one. But if you form and follow the habits of the poor, you will soon become one.
Here are the 8 Healthy Financial Habits You Must Develop To Make You Rich:
HABIT 1. GOAL SETTING
You must have a goal in order for you to have a direction. It is useless to go through a journey without a destination. Likewise in life, it is useless to live without a goal in mind. You may be busy but you are not productive. Goal setting is your starting point to become wealthy and rich.
HABIT 2. SAVINGS
It is great if you are aware of how much money you would like to save. This will help you to hit your goals and target in life. The earlier you know what you want, the better it is for you. This will help you to set your goals and targets in life.
HABIT 3. PLANNING
Plan your personal budget. Making a budget and sorting out your expenses is a great way to manage finances successfully. By doing so, you will know about your expenditure, income and your savings.You will not overspend and will avoid getting into debt.
HABIT 4. FOLLOWING
A plan is just a plan until it is followed. It is not just that planning a budget is enough, but you have to keep following it too. If there is something extra that you want to buy, it should be added to the budget so that you will have a clear calculation of the things you have spent on.
HABIT 5. REVIEWING
Remember that it is better to review your finances regularly. The more you review, the more successful will be your finances. What you evaluate in life usually grows. What you neglect in life will not grow. It is important that you are aware of your money movement happening in your life.
HABIT 6. SAYING NOTOBAD DEBT
Plan your budget and keep your expenses under control. It is a possibility that when you do it, you will not require extra money to carry out your responsibilities. In addition, if you do need some money to fulfill your needs, you can use your savings.
However, make a promise that you will never get into bad debt. Bad debt is money you borrowed that does not yield you any interest. If you want to become wealthy and rich, get into good debt. It allows you to earn money by using other people’s money.
HABIT 7. SETTING UP YOUR EMERGENCY FUND
Make an account where you can save if there is an emergency or you face a critical situation in life. As life is unpredictable and we do not know what can happen to us, so it is better to stay prepared for any unforeseen case where you need financial aid. If you put some amount in the emergency account each month, you would not require the help of others when times are tough!
HABIT 8. SAVING FOR YOUR RETIREMENT
Just stick to this rule, and you will lead a stress-free future. The tip is to save for the future. Make a habit of saving as much as you can every month and try to avoid using it. Keep saving regularly even if it is a small amount per month. It will be a big relief in times when you are retired from the job.
If you follow these 8 habits which I mentioned. You are on your way to become rich and wealthy.
THINK. REFLECT. APPLY.
Do you have a good or a bad financial habit?
What habit should you improve and work on?
If you want to learn more on how to develop a good habit of handling your money. Please follow me at my YouTube account at CHINK POSITIVE.