5 Steps to change your not so good monetary habits

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By: tiarajoseph11
on 13th Sep,2013

To do so, analyze your finances and figure out the actual problem.
5 Steps to change your not so good monetary habits

Do you think that you need to change some of your financial habits? It might also happen that  you are not able to attain the financial goals you want to.  If this is the case, then you follow these 5 steps to replace your not so good financial habits with good monetary habits, which in turn, will help you taste financial success. 
  1. Identify what your bad habits are - In order to change some of your existing monetary habits, at first, you need to figure out what your bad financial habits are. To do so, analyze your finances and figure out the actual problem.Is it that you are buried in debt or you are not able to save enough? It may also happen that you're not making the required monthly payments on time. 
  2. Ask yourself what is the real cause - Once you have got an idea what needs to be solved, next is the time to ask yourself what is holding you back. If you think, you might find that you face difficulty in making the monthly payments on time, simply because you forget the due dates of payments. Similarly, the reason for not having to save the required amount might be that you don't have a budget and every month you end up spending more, since you do not control your expenses right from the 1st day of the month. Therefore, sit down with a pen and paper and note down the probable reasons for not meeting your goals. 
  3. Figure out how you can solve the problems - Once you have jot down the real reasons what are holding you back, it is the time to figure out remedies to the problems. For making the payments on time, stick a paper, on your refrigerator, with the due dates of payments, so that you'll surely look at it every day and next time, you won't miss out the due dates of payments. If you have multiple credit card payments to make, you can also consolidate your multiple payments into a single one, so that it is easier for you to repay all your debrs with ease. 
  4. Try to rectify one habit at a time - It is advisable you try to tackle one habit at a time and not try to change all your habits overnight. If you do not have time in the morning to pack your lunch, then make it the night before and store in the refrigerator. In this way, you can save a lot of money which otherwise, you have to spend on dining out. Moreoever, it is also a healthier alternative to eat your home food. On the other hand, if you are not able to save enough, plan a monthly budget and allocate definite amount to each item and do not spend more on each item. It will help you succeed in your budget if you plan a weekly budget along with a monthly one, so that you can measure your success in the weekend and make changes to it in order to save the required amount at the end of the month. 
  5. Take out time and make conscious efforts - Often people unconsciously adopt not so good financial habits since they think they lack time. However, to succeed in your efforts, you need to take out time. For example, you can set a definite time every Sunday to make your entire week's grocery list; doing so, you'll be able to stick to your list and not buy anything extra. Planning your meals for the week will also help you list the exact items, you need, in your grocery list and you'll also consume the foods before they perish. Likewise, allot a definite time during the weekend to review your weekly and monthly budget. At the end of every month, you should review your previous month's budget and plan a suitable one for the next month. 
While trying to replace your not so good financial habits with good ones, you may make mistakes. There is no harm in doing so. So, do not worry about your setbacks. The most important aspect is to recognize good behaviors, which will help you attain your financial goals, and implement them in your life. If you consciously do so, then after some time, you will find that you don't have to try hard and you can folllow those good habits automatically. Once you do so, you know that you have started climbing the ladder towards attaining your goals in order to make your financial life a success. 

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