I don’t want financial freedom – said no one, ever.
We all want financial wellness, but we might just be guilty of certain money behaviours that are stopping us from reaching wealth in the future – without even realising it.
While avoiding these behaviours might not get you on the cover of Forbes, it will stop you from becoming poorer over time, curtailing your chances of achieving wealth. ADVERTISEMENT CONTINUE READING BELOW Think of them as ‘bad habits’ that you need to get a handle on as soon as possible.There’s a reason that everyone says that drawing up a budget is the first step towards financial security. Without a clear, written budget , it’s easy to spend more than you earn.
Almost everything we’re exposed to online is designed to make us spend money. From that ad of a cute dress following you around social media, to a retailer’s newsletter bombarding you with a product ‘special’, to an influencer promoting a miraculous skin cream – we don’t even realise that we’re being inadvertently targeted every time we go online.
Before you purchase something, give yourself 24 hours to think it through. That will dampen the immediate dopamine rush that comes with buying something unnecessary, and you will be in a much better state of mind to make a rational decision.Too many of us see credit as a way of life. We buy on credit, slip into our overdraft, or swipe our credit card needlessly while exposing ourselves to hefty interest rates and debt servicing fees that eat into our money.
For example, having an honest conversation with your partner about your debt and financial goals is important, as is educating your kids about reckless spending. Another way of breaking this habit is to consult a financial advisor. You will need to give them a full picture of your finances, warts and all – but once they have a clear understanding, they will be able to advise you on what you can do to put yourself in a better financial position.