Finances

Smart Financial Habits

  1. Live Within Your Means

Do not spend more than you make. It sounds simple, but a little more difficult to implement. This strategy requires discipline but discipline never hurt anyone.

  1. Differentiate Between Needs and Wants

Every time you want to buy something ask yourself if this is a genuine need or a want. If you can live without it don’t buy it.

  1. When You Buy, Buy Value

Simply buy the best of what you can afford. It is worth paying for quality because it will last longer and serve you better but it is important to stay within your budget and to make your research about the product.

  1. If You Have to Borrow, You Can’t Afford It

Adopting good financial habits means avoiding using credit cards when you don’t have the funds  to cover the expense.

  1. Pay Your Bills Ahead of Time

Pay your bills on time or ahead of time. This will help you have control over your finances, and also help you adopt good financial habits. When you use a credit card pay it entirely before the due date and this way you will avoid paying interest.

6. Spend Time Reading Books

Invest in yourself by taking time to read good articles or books on finances. Dave Ramsey is a good authority on this. It is smart to take advantage of available knowledge on the subject. “Poor people have big TV’s. Rich people have big libraries.” ― Jim Rohn

7. Track Your Spending

Know exactly where your money is going. Watch for unnecessary spending. If you eat out on a regular basis consider going out just for special occasions. Cooking can be fun and the meals will be healthier. Bring a sack lunch and you will have more money in your pocket.

8. Learn to Say “No” to Instant Gratification

A good rule is to wait 72 hours on a purchase that you think you need, especially when buying online. After 3 days you will really know if you need to purchase the item or not.

9. Give

Learn to give. This could be donating time, tithing, or cooking a meal for someone in need.  It is actually fulfilling and rewarding to do something for someone else instead of being focused on self.

10 Inspirational Quotes

1. An investment in knowledge pays the best interest. –Benjamin Franklin

2. The habit of saving is itself an education; it fosters every virtue, teaches self-denial, cultivates the sense of order, trains to forethought, and so broadens the mind. –T.T. Munger

3. Formal education will make you a living; self-education will make you a fortune. –Jim Rohn

4. Happiness is not in the mere possession of money; it lies in the joy of achievement, in the thrill of creative effort. –Franklin D. Roosevelt

5. I have not failed. I’ve just found 10,000 ways that won’t work. –Thomas A. Edison

6. Opportunity is missed by most people because it is dressed in overalls and looks like work. –Thomas A. Edison

7. Not everything that can be counted counts, and not everything that counts can be counted. –Albert Einstein

8. As long as you’re going to be thinking anyway, think big. –Donald Trump

9. The only place where success comes before work is in the dictionary. –Vidal Sassoon

10. If plan A fails, remember there are 25 more letters. –Chris Guillebeau

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