Pick The Brain
Rome wasn’t built in a day, and financial success isn’t either. That’s where microhabits come in. Microhabits are small acts you can incorporate into your life to set you up for success. While these habits take very little time and effort, the payoff can be huge. Here are five microhabits to set you on the path to financial success.
Enlist in Automation
The easiest and simplest way to save money is through automatic transfers. A majority of banks offer this feature, which will transfer a certain amount of money into your savings account each month. This is an incredible tool, as you won’t be able to spend money you want to save if it is automatically sent to your savings account.
Don’t Impulse Shop
Impulse shopping is easier now than ever. In order to buy less, and therefore save cash, set up a waiting period for buying. This rule may include waiting a full 24 hours before you decide to pull the trigger on items over a certain dollar amount. After 24 hours, it’s likely you’ll realize you don’t necessarily need those new shoes or artisan soap bars. You’ll be saving tons of cash if you incorporate this tiny rule into your daily life.
Get Your Rest
Settling into bed 30 minutes earlier than normal can benefit you in so many ways in the long run. While this microhabit may seem boring, it’ll help you stay recharged for the day ahead. Keeping your mind and body right will make it a lot easier to keep your financial goals and other microhabits in order.
Live Below Your Means
If you end up finally getting that raise at work, hold back on upgrading your lifestyle. By living below your means, you can maintain a lifestyle that’s satisfying all while saving, paying off debts, or investing at the same time. You may even be able to cash flow other purchases rather than financing or putting them on the credit card. The possibilities are endless.
Prioritize Quality Over Quantity
Spending money on high-quality items, instead of several cheaply made products, is an investment well worth the money. By prioritizing quality, your stuff will last longer and you won’t be spending so much on multiple, inferior items. Although, shopaholics beware: be sure to keep your spending in check and not go overboard on high-quality purchases.