5 Habits to Manage Your Finances Better

Imagine going through life carrying the burden of debt and financial illiteracy because you were educated by someone who wasn’t more knowledgeable. Painful, I know! I want to share 5 Habits to Manage Your Finances Better.

I hate to be the bearer of bad news, but most Americans don’t know how to manage their finances. Your parents probably never sat you down and taught you about credit and budgeting as the most basic forms of personal finance. They likely told you that “money doesn’t grow on trees,” or worse, they didn’t say anything!

They never imagined not talking about money would pass down to you an enormous financial cost, plus a whole lot of increased stress and anxiety. Please forgive them! There is no need to hold grudges because I am about to suggest some “quick fix” solutions.

Before I do, grab a notebook and something to write with because you will need to take action immediately!

1) Forget Everything Bad Your Parents Taught You About Money

If you have ever heard your parents argue consistently about money. Promise yourself that you will not adopt that behavior, especially if you have kids. Kids associate those “adult conversations” with money being a bad thing.

2) Stop Emotionally Spending

You will not buy ANYTHING when you are emotionally unstable. This is the best way to see your hard-earned money go into the hands of the wealthy merchant while your bank account depletes.

3) Avoid “Get Rich Quick” Promises

Not every business is your business. Don’t invest your money in somebody else’s products or services that you don’t 100% believe in and aren’t willing to put in 100% of the work—i.e., network marketing. You will not make money if your heart is not in it.

4) Find A Financial Role Model

If your parents are NOT living the lifestyle, you would like to live. Learn from their mistakes, and find someone’s lifestyle you would like to mimic.

5) Learn How to Invest Your Money

You will commit to building your finances young because you understand that time and compound interest are what will allow you to grow wealthy.

For your future to become better, you have to break bad habits and adopt better ones. The road to wealth is a marathon, not a race. Always be a student of your money and begin with these 5 Habits to Manage Your Finances Better.