Are Your Habits Hurting Your Finances? {Day 7 of 21 Days of Hope + Help for Your Money}

This is Day 7 of 21 Days of Hope + Help for Your Money, a series providing you encouragement and tips to start the year off on a note of hope. Catch up on previous posts here. For future posts, come back daily or subscribe to have them emailed directly to you.

“Successful people are simply those with successful habits.” — Brian Tracy

Habits…those pesky little things that are hard to break (when they’re bad) and even harder to instill (when they’re good). Sometimes we’re not even aware of our habits.

But when it comes to managing your finances, your habits have a tremendous impact on whether or not you’ll be successful with your money. Dare I say your habits are just as important, if not more, than your income?

That’s a bold statement, but a true one. If your habits result in the mismanagement of your money, then it doesn’t matter if your income is $30,000, $300,000 or $3,000,000.

On Day 6, we learned that your money mindset dictates your habits. Now that you’re aware of your money mindset, you can also be aware of your habits, because kids, “knowing is half the battle.” 😉

There are many negative financial habits that we can fall victim to, but here are some common ones.

Comparing Yourself to Others
Negative Thinking
Spending Outside of What You Value
Living Beyond Your Means
Emotional Spending
Not Talking About Money
Giving into Financial Bullies
Denial or Ignoring Your Situation

Not all of these will ring true for you, but I bet one or two is your downfall. Being aware which ones will allow you to work on them!

Action Step

Ditch a Habit

Which of the habits above has the most significant impact on your finances? Identify it and ditch it…well…at least commit to working on it. Rome wasn’t built in a day and habits aren’t formed or broken in a day either. But by being aware, you can now take action against it.