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Establish healthy money habits

Module 1, Chapter 2 Content Overview

Establish healthy money habits

Read time
6 min.

Establish healthy money habits

They might not seem comparable at first glance, but there are definite similarities between developing your physical fitness and improving your financial health. Both involve building healthy habits and sticking to them. 
Working through this level will help you to decide on the helpful attitudes you want to keep, and determine ones you’d like to change.

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In this module you will learn

  • about common bad money habits
  • what to do against them
  • how to take the first steps in developing good habits

It's time...

Once you’ve uncovered your assumptions about money and discovered its hidden meanings for you, it’s time to start tackling your financial habits. You probably have some money habits that are good, and some that are…not so good! We don’t know which bad habits you have, but we can show you some common examples to help you identify your own.

Chains of habit are too light to be felt until they are too heavy to be broken.
 

Author
Warren Buffett

It’s time to be honest with yourself – do any of these habits seem familiar?

Taking the first steps

It’s not easy but it is straightforward to build new healthy habits. Identify your worst financial habits and take small steps every day to correct them. And target the healthy habits that work best for you, and use whatever help you need to achieve them. Whether it’s using an app to keep track of your expenses or setting up automated withdrawals from your salary payments to your savings.

And as your everyday spending habits change, so will your overall financial situation, encouraging you to keep up the good work!

Test your confidence

Select the 3 money habits that you would really like to adopt in the next 12 months.

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Checklist: Good money habit

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Key takeaways

Now, you’ve read about bad money habits and how to counter them. Furthermore, you have prioritised your top 3 good money habits to adopt and a checklist to help you... in other words, you have registered for your money gym, designed your workout plan, prioritised your exercises and packed your gym bag... all that's left to do now is... to actually go to the gym! But similar to physical exercise, it's better to start with shorter not too demanding exercises and do them regularly rather than trying to achieve that beach body within only a week. That's why we asked you to only select 3 healthy habits to start with - let's tackle those first! 

Success is the sum of small efforts, repeated day in and day out. 

Author
Robert Collier

What comes next

In our next module, we will discuss how to put your gym squad together. In financial fitness terms that means starting to Talk about money with your friends which will provide feedback and inspiration to keep you going on your way of enhancing your financial health. 

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