Your Money Management Habits Do Make a Difference

We’ve all experienced how difficult it can be to stay motivated, especially when it comes to self-discipline around money management strategies! As the first high school track athlete to break the four-minute mile, Jim Ryun said, “Motivation is what gets you started. Habit is what keeps you going.” So, while motivation is hard to hold onto for any length of time, establishing habits when we’re motivated is what will keep us going to reach our goals! In fact, often habits can replace motivation!

What exactly is a habit? Very simply, it’s a behavior and it’s a practice or a routine that you repeat regularly. When you stop to think about it, our lives revolve around consistent behaviors like brushing our teeth, eating at a certain time, calling a family member weekly, and so on. Good habits allow you to reach goals!

To create or change your money management habits, take a few minutes to consciously make this choice: I commit to creating and practicing positive money habits.

Now you’re ready to decide what the best habits are for you. Here are a couple to consider:

  • Use the “envelope method” to save for special occasions such as birthdays and holidays. To create this habit, decide first how much you want to spend for these occasions. Next, check to see if this amount will fit into your budget!
  • To create positive shopping habits, consider these steps: think before purchasing anything. Ask yourself, “Is this a need or a want?” Also, go grocery shopping with a list, and avoid shopping at convenience stores or corner markets as their prices are higher.

Once you get started with your new habits, have patience with yourself. You may go off track but you can always start again. Remember, it takes time to break an old habit (behavior) and then create a new one!

There are numerous helpful articles about habits. I’ve included links to web articles to keep your motivation going – along with a couple of quotes! Remember, some website links contain a product sales pitch. Be cautious, you don’t need to purchase anything to successfully change your habits. Lastly, I invite you to take on this challenge: see how and what money habits make a difference in your world of budgeting and saving!

“Habits determine 95% of a person’s behavior. Everything that you are today, and everything that you will ever accomplish, is determined by the quality of the habits that you form.” ~ Brian Tracy, renowned international motivational speaker

“We get better at what we practice.” ~Anonymous



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