Good Money Habits Of The Very Wealthy That Actually Work

Those that currently follow good money habits know exactly how beneficial it can be to do so. In fact, stopping bad money habits and practicing better money habits can easily help you obtain financial success. All it takes is knowing which money habits of the rich to follow.

Picking up on good money habits to follow can really make a huge difference in your finances.

Thank goodness there are plenty of personal financial management tips to establish good money habits!

As someone who has been practicing good money habits for years, I know how much it helps when learning how to manage money effectively.

You are going to learn about 15 daily habits of the rich and successful that you can easily follow!

That way, you have an easier time managing your finances so that you have one less thing to worry about.

This post is all about insanely good money habits worth adopting and practicing today.

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Insanely Good Money Habits

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Why Should I Learn About Money?

Growing up, you don’t get taught a whole lot about money. Which can actually set you back.

When it comes down it, you need money for everything and money makes the world go round.

This is why it is very important to learn about money the earlier on in life as you possibly can.

By understanding the basics about money, you greatly increase your chances of having a successful financial future!

A future that can open many doors for you that offer plenty of great opportunities.

How Can I Be Financially Smarter?

Become financially smarter isn’t as difficult as most people make it out to be.

All it takes is following a couple of simple steps to get started.

The first step is understanding your current financial situation. You need to take a step back and look at the big picture.

Ask yourself these questions:

How much money do I make per month?
Where is all of my money going to?
How much total debt do I have?
What is my credit score?
What do I want my retirement to look like?
Do I have enough money saved for unexpected emergencies?
Am I maximizing my 401k?
What are my financial values?

Once you are done answering these questions, you can move onto the second step.

Which is seeing where you can make improvements. Be sure to make a list that you can look back on for reference.

As you make improvements in one area, cross it off your list and move onto the next.

This will not only keep you on track, but will also motivate you to keep going forward.

The third, and final step, is to learn about money habits that will help accomplish your goals.

The more healthy money habits you learn about and the earlier you apply them, the easier it will be to reach your end goal! In addition to having habits, having a list of reasons to save money gives you something to constantly work towards.

What Are Healthy Money Habits?

Down below are some of the BEST money habits worth being aware of and copying.

1. Spend Less

By far one of the best money habits worth adopting is to spend less.

I know it is easier said than done, but there are so many little ways to spend less money.

One great place to start is with your monthly bills!

I’m sure you will agree with me when I say that you probably spend a lot of money on your electric bill.

You can do little things like unplug unused appliances around the house.

Or purchase low-cost items that will help you save on electricity so that you save money in the long run.

If you’re interested in the different money saving items available, make sure to check out 21 Brilliant Ways To Save Money On Your Electric Bill.

No matter which bill you tackle first, spending less here and there will add up in the end. That way, you will start to see huge savings.

2. Learn To Manage Your Money

Knowing how to manage money isn’t as difficult as you may think.

What makes managing money incredibly easy is having a system you can easily follow in place.

Why is managing money important?

Simply put, it allows you to live within your means and helps avoid any unnecessary overspending.

That is why learning how to create a budget is extremely important!

If you’re completely new to all of this, make sure to check out my Simple Budget Guide Every Beginner Should Know About.

This guide will teach you what you absolutely need to know to get started.

As you’re creating your budget, make sure to use these 11 Foolproof Budgeting Tips That Help Create The Perfect Budget.

3. Set Financial Goals

After creating your budget, make sure to set financial goals for yourself.

When deciding, what financial goals should I have? Make sure to be aware of the two different types.

The first are short-term goals. Examples of short-term financial goals include:

Save enough money for a car down payment.
Save money to take a well needed vacation.
Pay off debt you have on one credit card.
Start a side hustle to make extra money.

The second are long-term goals. Examples of long-term goals include:

Save enough money for a house down payment.
Start saving for retirement.
Pay off all debt that you have and stay debt free for good.
Invest in a side hustle that generates passive income so you can quit your 9 to 5 job.

Although you can start these financial goals at any time, these are some of the best financial resolutions for the New Year worth starting.

4. Reward Yourself

Part of setting financial goals is making sure to reward yourself upon completing them.

Does rewarding good behavior work? It absolutely does! So much so that it is one of the good financial habits for young adults.

Just think back to when you were a child. You might remember your parents giving you a reward for acting a certain way or completing some sort of task.

Regardless of what the reward was, it most likely helped you in wanting to keep up with the good work you were doing.

The same applies even as an adult.

After accomplishing one of your financial goals, treat yourself to your favorite coffee shop or buy yourself an item you have been eyeballing.

5. Limit Trips To The Grocery Store

When going grocery shopping, you might notice that the prices of groceries keep increasing.

You are definitely not alone as many of us have also noticed this!

When walking down each aisle, you are susceptible to going off track and making unnecessary purchases. Which leads to a money spending problem.

Especially if you don’t have a list to stick to.

This is why you should limit trips to the grocery store as much as you can.

If you’re able to, try limiting trips to just once a week and only buy the groceries you truly need.

For whatever reason if you need to make a second trip, make it a mission to get in, buy only what you need, and get out.

6. Limit Time Spent On Your Phone

Unless you use your phone to make money, limit the amount of time you spend on it!

I’m sure you’re already aware of how easy it is to get carried away when using your phone. Especially with the many different apps that are accessible with the push of a button.

Once you open up a specific app, whether it’s a social media or gaming app, you can get lost for hours upon hours.

If you find it difficult detaching from your phone, you can purchase a phone lock box to help you out.

You simply place your phone inside the box, close it, and adjust the timer so that you don’t have easy access to it. At least until the timer goes off.

This allows you to take time away from your phone and focus on other tasks that are more important.

Such as reading a helpful book, working on your side hustle, getting more sleep, or improving your mental health.

7. Delete Shopping Apps

Speaking of phones, you probably have all kinds of different shopping apps readily available for you to use.

If you are an avid online shopper, deleting shopping apps is one of the many great ways for you to save money! As well as get rid of any spending triggers.

Don’t believe me?

For one month, track how much money you spend on all of your shopping apps together. Then, during the next month, delete all apps that you shop from.

Finally, after the month is over, check to see how much money you were able to save.

The amount you will be able to save will prove that if there was a list of 10 good money habits worth following, this habit would be included in that list.

8. Outweigh The Pros And Cons

Before making any kind of purchase, make sure to always outweigh the pros and cons.

There might be times where you buy an item but later on end up regretting it because you didn’t put much thought into your purchase. You then think to yourself how it was a complete waste of money!

To avoid this from happening, wait at least 24 hours before making a purchase.

During that timeframe, make sure to really think about the pros and cons.

Ask yourself if the item will benefit you short-term or long-term? Can the money being used be spent on something better that can make you money instead? Is this just another pointless impulse purchase?

Depending on your answers to these questions, you will know if making the purchase will truly be worth it.

9. Try New Ways Of Saving Money

Why is saving money important? If you don’t already know, saving money is very important for a couple of different reasons.

Those reasons are:

Helps relieve any financial stress.
Provides financial security by helping you have a financial cushion to fall back on.
Prepares you for the future.
Allows you to achieve financial freedom.
Promotes an overall good life.

For these exact reasons, saving money is a good habit you should adopt as soon as possible!

That being said, it helps to find new ways of saving money fast you may not be aware of.

One of the best ways to save money is by switching to reusable items.

Ladies, I’m sure you can all agree that it gets expensive having to constantly purchase feminine hygiene products.

Because of this, it is in good practice to convert over to reusable personal hygiene products for women.

Trust me when I say that when you see the amount of money you can save with reusable products, you will wish you had made the switch sooner!

10. Commit To Financial Education

There might be times where you tell yourself you are going to one day learn about financial education.

You get excited about learning how to save money from salary and how to manage finances. But as time goes on, you start to realize that day doesn’t seem to be around the corner at all.

In order to break this habit, you need to push yourself to go out and actually learn about financial education.

The best part about learning is that it gives you the chance to learn new skills that will last you a lifetime!

11. Read Books About Money

Knowledge is power. Which is why reading books about money can benefit you in so many ways financially!

One book in particular worth reading is Rich Dad Poor Dad.

Although you will be learning many lessons from this book, financial literacy is crucial to financial success is one very important lesson you will be able to take away from this book.

Another book that teaches you helpful lessons about finances is Smart Women Finish Rich.

In fact, this book in particular is labeled as one of the most popular financial books for women ever written! For very good reasons of course.

Whether you decide to buy books on saving money or books on healthy spending habits, you will be able to learn a lesson or two from any money habits book that you purchase.

12. Talk About Money With Others

If you are not the biggest fan of reading books, you can instead talk all about money with other people.

The beauty about money is that people have so many different approaches when it comes to this particular topic.

From how to make money, how to save money, how to budget money, and how to clear out debt, you can learn so much from tapping into another person’s habits!

You also don’t have to incorporate someone else’s habits entirely. Instead, you can take bits and pieces of them and apply them to your own.

Think of it as a way to elevate your current money habits.

Just make sure that if you want to discuss this topic with your spouse, that you know how to talk about money with your spouse.

13. Learn New Skills

Part of applying other people’s habits means learning new skills and actually applying them.

Which skill is best for finance? In all honesty, there are so many financial skills for smart living that it’s difficult to just pick one.

Some basic financial skills that are worth learning are:

Budgeting
Building credit
Investing in stocks
Properly saving money
Understanding banking basics

Again, this is where talking to others about these topics greatly benefits you!

Someone might know something helpful about these skills that you don’t. By keeping an open mind, you can learn a lot of beneficial information.

Keep in mind that the sooner you learn about the many essential finance skills out there, the better off you will be!

14. Pay Off Credit Cards In Full

Should I pay off my credit card in full? The simple answer to this commonly asked question is, YES!

When you don’t fully pay off credit card debt, you are susceptible to accruing interest. Meaning, you will be paying more money on top of what you already owe.

Which is one of the bad types of spending habits you absolutely do not want to get into.

By completely paying off any credit card balance in full, you avoid interest as well as put yourself in a position to improve your credit score. Which is what you do want.

On top of this, knowing that you owe no money at all really puts your mind at ease.

15. Spend On Things That Will Make You More Money

You might’ve heard the saying, “You have to spend money to make money”, at least once or twice.

This particular saying could not be any more true. And I’m sure those that have become very wealthy will agree with me on this.

So much so that spending on things that make you more money is 1 out of the 7 habits of wealthy people worth adopting!

Whether you’re looking into purchasing finance books, buying an online course to start a side hustle, or attending an in-person class to learn about money, make sure that your decision will help you make more money.

Making money and saving money go hand-in-hand with each other.

And will be what you need to do successfully in order to reach the financial independence many seek.

This post was all about insanely good money habits wealthy people follow to easily achieve financial freedom.

All of these incredibly good money habits can help you greatly improve your current situation.

You just have to be willing to change your mindset and go full force when implementing these habits of the wealthy.

Even by just practicing one of these will you begin to see positive changes.

As you continue to adopt many of these money habits, you will start to become more and more successful!

If you found even the tiniest bit of information from this post helpful, just know that it was made simply for you.

Good Money Habits Of The Very Wealthy That Actually Work