3 Personal Financial Habits Everyone Should Follow
Everybody wants to be financially stable, but unless you have a plan to get you there, it’s not going to happen.
Here are 3 key habits that will enable you to set and reach your financial goals.
1. Live Within Your Means
This strategy is the foundation of all good financial habits. It is even fair to say that there is no point in setting good financial goals until and unless you come to the point where you can live beneath your means. There’s nothing complicated or strategic about this habit. If you take home $5,000 each month, you live on $4,500 – and bank the rest. As your savings and investments grow, your financial situation will improve dramatically.
2. If You Have to Borrow, You Can’t Afford It
Credit is an awesome thing when you’re buying something big, like a house or a car. Very few people have $150K sitting in cash to buy a home, so for those things, borrowing makes sense. But adopting good financial habits means avoiding schemes to stretch your paycheck.
3. Learn to Say “No” to Yourself
This is important when you are shopping, or just out and about. This is really about getting control of impulse buying. You’re out somewhere, and you see some item you like, and you buy it because it doesn’t cost that much. Even worse is the ability to purchase things online nowadays and have it delivered to your doorstep in just a few days. If you do that several times a week, the spending can really add up.
If you’re looking for a credit counsellor in Toronto, get a quick assessment with us today or call us at 416.900.2324. We will help you develop a plan, reduce your interest costs and get out of debt over time.