Money Habits That Keep You Broke & How to Break Them
If you’re always broke and wondering if a few simple tweaks could really change your life, you are in for a treat. Christine, from Frugal Fit Mom, is an expert on developing money habits that help you get ahead. She’ll show you easy ways to save money that you’ve probably never thought of.
The first piece of advice Christine gives is to know what money is coming in and going out of your bank accounts daily. She says that most people don’t pay close enough attention to this.
Becoming knowledgeable about exactly how much money you receive in your paycheck every pay period and then paying out bills and shopping trips is one of the foundational life hacks to save money.
The next step when you’re looking for new ways to save money is always to pay yourself first. Instead of paying all of your bills and giving in to impulse buys before you think to save, Christine says to invest in your retirement or savings account immediately. In other words, you come first, and your money habits should reflect that.
Other frugal living tips and ideas she shares include creating a one-month buffer in your checking account. That way, when unexpected expenses arise, you have it covered, and you’re not forced to lose money on overdrafts or late fees.
Christine also emphasizes the need to save for retirement each month. Frugal living tips are great, but if you don’t transfer some of those savings into your retirement accounts, you’re not really getting ahead, and your future self will not have the financial security you’re hoping for.
In essence, you don’t need extreme frugal living tips just to get ahead. Simple money habits can help you get there. And while you’re at it, Christine recommends paying off debt and taking advantage of tax savings too.
For more money advice, discover the 11 types of regret purchases and how to avoid them or these 14 easy ways to feel rich on a tight budget.
To see more videos, check out the Frugal Fit Mom YouTube channel.