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24d (edited) • Generativity(life's calling)
💲17 Habits for Financial Wellness💲
I recently watched a video called “17 Tiny Habits That Made Me Rich” and wanted to share the key takeaways. (I may return to this to elaborate on each point further)
*** The main message is that small, consistent habits can transform your finances and life over time.
***Some of these habits are not so small and may actually require more effort than others, though
Here are some of the habits that were highlighted:
- Create more than you consume 💡: This can be applied to multiple aspects of life--creating more sources of income and spending /consuming less; creating more time to dedicate to finances and spending less time on things that you would consider time wasters (e.g. scrolling)
2.Surround yourself with positive people/distance yourself from negative influences 🌟: Surround yourself with people that inspire growth and that encourage financial responsibility as opposed to individuals that encourage backsliding/poor habits that lead to financial loss. Additionally, we feel better around individuals with a positive mindset which contributes to generativity and higher motivation.
3.Track your wins and milestones 📝: When you visually see your wins, it's easier to gain momentum. This also impacts the brain and those little dopamine hits can be really powerful.
4.Practice gratitude regularly 🙏: Having a mindset of abundance as opposed to scarcity creates a mental space that is more positive. Negative/unhelpful thinking can keep individuals stuck and not able to see more possibilities. A mindset of gratitude allows us to see opportunities everywhere.
5.Automate savings and investments 💳: make processes easy; have some of your paycheck automatically go into savings; the more barriers you remove, the easier things are.
6.Set clear and realistic financial goals 🎯 : Think SMART goals (Specific, Measurable, Attainable, Realistic, Timely: I will put $20 aside each week on Friday for the next year so that by the end of the year I have $1,120 to put towards the vacation I have planned)
7. Audit spending into essentials, lifestyle and future 📊: Assess your spending for a month and see where your money is going (this is no small step). Then, amend areas where you can cut back or shift. Address overspending and identify what your future goals are. Keep these in mind as you budget/spend each month. Having a reminder of what you're working towards helps make better decisions now.
8.Learn something new about money each week 📚: There are a lot of resources out there. It can be overwhelming. Breaking things down and saying "i just want to learn one thing" can help simplify this process.
9. Stop worrying about other people’s opinions 🛑: Other individuals are not living your life and likely not having to make the same decisions as you do. Be open to hearing others out especially if you know that they're looking out for you or if they may have some knowledge/skill that you may not currently have. But, ultimately, you end up having to live the consequences of your actions, so be discerning in regards to who you listen to. Someone's opinion of what it means to be financially secure can look different than your situation. Assess your situation honestly and make decisions that are truly best/aligned.
10. Say no to things that don’t fit your goals --avoid the "yes trap" --just because someone asks, doesn't mean we have to say yes✅ ; assess what it is within you that makes you want to say 'yes'--is it a desire for connection, is it a desire to fit in, is it a fear of missing out? Now balance these against your financial goals and ask yourself--can I still have connection even if I say no? Is there a benefit to missing out?
11.Invest in yourself through learning and health/personal growth 💪: A healthy body/mind means less expenses; the more we learn the more we can use those skills to our benefit (personally, financially, relationally)
12.Take action even if you don’t feel ready; overthinking--while trying to protect us--sometimes gets in the way of making decisions that would catapult us forward in our goals🚀: Absolutely assess risk as some risks may not be worth taking at this time, but without some risk at some point, there may never be progress. Assess what's holding you back but don't let fear of the unknown be the only driving force in decision making.
13. Talk openly about money instead of treating it as taboo 💬: The more we are willing to talk about money or any subject, the more we are able to learn and obtain valuable feedback and information.
14. Make small improvements every day for big results --apply the 1% rule--small consistent improvements add up!!🌱 If today I was able to save or invest $1, can I save or invest $1.50 tomorrow? If this week I went and got a coffee 5 times, can I make it 4 next week?
15. Diversify investments/income streams: This is kind of the idea of not putting all of your eggs in one basket. This step may not be so small as it will either require research or someone to help you financially plan, but it's worth looking into.
16. Network intentionally--make connections/create relationships: relationships are important in general and often times people invest because they believe in the person behind the product; people have a wide variety of skills too and so connecting with others puts us in a position to grow and learn.
(I'm missing one and I'm not sure if it was combined with one of the other ones, lol)
Question: is there one that stands out to you? What is your favorite way to increase financial wellness?
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💲17 Habits for Financial Wellness💲
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