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5 bad money habits & how to destroy them

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 any that. you would like to change.

In this lesson you will learn:

  1. About common bad money habits.
  2. What to do against them.
  3. How to develop good money habits.

Listen to this article

It's time...

Once you’ve uncovered your assumptions about money and discovered its hidden meanings, 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.

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 possible to build new healthy habits. Identify your worst financial habits and take small steps every day to correct them.  Make sure to 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.

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

Pick three of the following money habits you'd like to adopt over the next 12 months:

  • Auto-transfer money into a savings account.
  • Make (and follow!) a monthly budget.
  • Plan purchases better to avoid impulse buys.
  • Talk about money with friends & family.
  • Save and save - and then invest.
  • Spend less money on credit cards.

Checklist: Good money habit

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

Robert Collier

Key takeaways

Now, you’ve read about bad money habits and how to counter them, and you've made a start at changing these by figuring out which good money habits you'll be adopting. In other words, you've registered for your financial gym - now all that's left is to actually go!

Just like with physical exercise, it's better to start with less demanding exercises, and make sure you're repeating them regularly, rather than trying to reach unrealistic goals after only a week. That's why we only asked you to select 3 healthy habits - let's start slow!

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 Talking money with your friends which will provide feedback and inspiration to keep you going on your way of enhancing your financial health. 

Upcoming events

  • Money Rally: money mindset.

    Replay: Money Rally April 2020

    Incredible women talking about money attitudes, healthy money habits & using money to create the future you desire.