What Are Your Money Habits?
- Are you spending beyond your means?
- Do you run out of money before the end of the month?
- Are you running up debts on your credit card bills?
- Would you like to get control of your money?
How does money or lack of it affect different areas of your life?
If you don't know where you are then you'll have a more difficult challenge sorting out your finances. Take stock of where you are now and then you can start to make changes to your money habits so you have more money in the bank at the end of each month.
To get you started, here is my Money Habits Checklist.
Money Habits Checklist
Which of the following money habits do you currently have?
1. I don't know where my money goes each month.
2. I spend more than I earn.
3. I don't budget my spending each month.
4. I never check/open my bank and credit card statements.
5. I only pay the minimum on my credit cards each month.
6. I have no/minimal savings.
7. I don't put aside any money each month for long-term savings.
8. I often bounce cheques.
9. I often incur charges from paying my utility bills late (gas, electricity, phone).
10. I don't have sufficient/any insurance on my home, possessions, car.
11. I often have to juggle money to pay off my bills (utility and credit cards).
12. I am up to my limit on one or more credit cards.
13. I can't afford to pay off my credit cards.
14. I have one or more loans (excluding a mortgage).
15. I often borrow money from friends and family at the end of the month.
16. I often buy things I never use.
17. I have clothes in my wardrobe that I've never worn.
18. I have no idea how much I owe.
19. I have a second job to make ends meet.
20. I often worry about money.
Only a few ticked - Well done. You're on the right track. If you're not already saving and making your money work for you, then that's what you should be doing.
Quite a few ticked. More than six but less than half of these habits, then you definitely need to make some changes in your life.
More than half ticked. If you have more than half of these habits, you know you really do need to take some action to get back in control!
So now that you know your bad habits, understand where these habits have come from and create some good habits to replace them.
Take one habit that has the biggest impact and determine to do something about it over the next few days, weeks, months.
Get a clear idea of where you want to be financially in the next year and what your longer-term financial goals are.
- Clear your debts
- Spend within your means
- Create a savings plan
- Save for your future
Put your plan together, create some targets and milestones and then keep focused on track until you reach your goal.
1. I don't know where my money goes each month.
2. I spend more than I earn.
3. I don't budget my spending each month.
4. I never check/open my bank and credit card statements.
5. I only pay the minimum on my credit cards each month.
6. I have no/minimal savings.
7. I don't put aside any money each month for long-term savings.
8. I often bounce cheques.
9. I often incur charges from paying my utility bills late (gas, electricity, phone).
10. I don't have sufficient/any insurance on my home, possessions, car.
11. I often have to juggle money to pay off my bills (utility and credit cards).
12. I am up to my limit on one or more credit cards.
13. I can't afford to pay off my credit cards.
14. I have one or more loans (excluding a mortgage).
15. I often borrow money from friends and family at the end of the month.
16. I often buy things I never use.
17. I have clothes in my wardrobe that I've never worn.
18. I have no idea how much I owe.
19. I have a second job to make ends meet.
20. I often worry about money.
Only a few ticked - Well done. You're on the right track. If you're not already saving and making your money work for you, then that's what you should be doing.
Quite a few ticked. More than six but less than half of these habits, then you definitely need to make some changes in your life.
More than half ticked. If you have more than half of these habits, you know you really do need to take some action to get back in control!
So now that you know your bad habits, understand where these habits have come from and create some good habits to replace them.
Take one habit that has the biggest impact and determine to do something about it over the next few days, weeks, months.
Get a clear idea of where you want to be financially in the next year and what your longer-term financial goals are.
- Clear your debts
- Spend within your means
- Create a savings plan
- Save for your future
Put your plan together, create some targets and milestones and then keep focused on track until you reach your goal.
Teleclass: Get Control Of Your Money
Get Control Of Your Money.
Discover key tips to help you to manage your money more wisely.
* Are you spending beyond your means?
* Do you need to improve your budgetting?
* Would you like to start saving for your future?
* Are you just getting by from month to month?
How would you define your spending pattern? How do you know that you're overspending? It might seem obvious - you're overdrawn at the bank, your credit card bills are at their limit but what problem does your overspending cause?
Do you know how much you earn? What are all your sources of income and ALL your outgoings? Do you know how much you spend each month? More than you earn, less than you earn, no idea? What is the minimum you need to live on - just the basics: rent/mortgage, utility bills, food and essentials?
Discover the importance of planning and budgeting. Avoid things getting out of control and start saving for the things you really want out of life.
Full details and to register for the Money Management Teleclass on Tuesday 22nd January by clicking here.
Discover key tips to help you to manage your money more wisely.
* Are you spending beyond your means?
* Do you need to improve your budgetting?
* Would you like to start saving for your future?
* Are you just getting by from month to month?
How would you define your spending pattern? How do you know that you're overspending? It might seem obvious - you're overdrawn at the bank, your credit card bills are at their limit but what problem does your overspending cause?
Do you know how much you earn? What are all your sources of income and ALL your outgoings? Do you know how much you spend each month? More than you earn, less than you earn, no idea? What is the minimum you need to live on - just the basics: rent/mortgage, utility bills, food and essentials?
Discover the importance of planning and budgeting. Avoid things getting out of control and start saving for the things you really want out of life.
Full details and to register for the Money Management Teleclass on Tuesday 22nd January by clicking here.
More Month Than Money
Seven Steps To Financial Freedom
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You'll find out how to save money by reducing your outgoings.
You'll be able to put together a savings plan and create your fund for emergencies and you'll learn the benefit of long-term investment.
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Full details here - More Month Than Money.
Money Saving Websites
- Money Saving Expert
- It's about cutting bills not cutting back and being a sassy consumer. Companies try to screw us for profits. MoneySaving shows you how to (legally) screw them back.
- Store Plus
- Save money on utilities, electricals, entertainment and gifts.
- Utility Warehouse
- Save money on your gas, electricity and phone bills, including broadband. (UK Residents only).
Click here to find out more.
Money Saving Books
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