Control Your Bad Money Habits

This article contains some things you must consider if you want to be able to change your bad money habits.

  • Make a Decision

Changing your bad money habits would require you to first make a critical decision in your life whether you want to change your bad money habits or not. You cannot change your bad money habits without first resolving to do so. Taking charge and controlling your finances will afford you the power to reshape your life positively. Making the resolve in your heart to change your bad money habits is the first step, but it does not end there. What is more important is your decision to stay committed and determined every single day.

  • Managing your Money

You do not have to start living below your means before you can start taking charge of your financial situations. You do not have to start giving up your daily cup of coffee before you can assume control over your finances. All that is required from you is the ability to master the art of self-control and postpone pleasure and focus on the more important things. You must understand the art of getting into good debts, rather than bad debts; and know how to take advantage of them.

  • Managing your Debt

The real culprit in your financial struggle is not debt. There is the good debt, and then there is the bad debt. Good debt is the debt you incur in investing in assets, which in turn makes you some more money. Bad debt, on the other hand, takes money away from you. You spend bad debt on pleasurable things such as cars, and clothes; which do not necessarily make you more money in return. You must understand the difference between good debt and bad debt.

  • Pay yourself

The idea behind this is, whatever money you receive from all your sources of income such as salary, gift, or tax refund; you must remove 30% for yourself. Whatever is left, share it between your savings account and your investment account.