Ever seen the film "Groundhog Day" where Bill Murray keeps reliving the same day? Are you like Bill Murray? Do you keep making the same mistakes over and over? You'd be surprised how many do that in their financial lives! Make a conscious decision today to stop practicing your nasty financial habit and let this post be your inspiration…
Stop spending without a budget
Financial planning is not all about investments. It means saving, spending less and feeling more financially wealthy. All millionaires will tell you the same thing; spending without a budget, or over your budget is not good. Start keep tracking of what you spend so you know where your money is flowing. Decide how much percent of your total income can be spent.
Little bits all add up!
How many of you can add up every bit of spending you incurred buying a drink, sweets, coffee, nuts, glue, equipment, etc? Would the cost be large or small? This point refers to the first one above. Just ensure you track your spending and are within your budget.
Monitor Interest Rates
It pays a hell of a lot to keep up to date with what best interest rates are around. Organising direct debits or standing orders to various accounts can help build interest. And if you missed the opportunity to start from a young age with high interest savings, it doesn't matter – you can start now. Even do it for your kids and explain to them – they'll be real thankful later.
Paying everyone else and keeping what's left
This one kills! My motto is to always pay God (or higher source) first, then yourself and then any debts, etc that you need to pay. Paying God or your higher source can be looked at as tithing, or even donating regularly to a charity that hits home for you. Then pay yourself. If you don't know how much to pay yourself, how about somewhere between 5 – 20% of your income. Even more than that. As long as you feel it's what you deserve, ensure you get it.
By kicking the nasty habits of money and using the three laws I believe are best for attracting wealth which I share at seminars and through coaching, I have increased my finance by over 200% in the last few months with April being the best so far this year! I know it's not going to stop there as I move towards my million. (My million is not the ultimate goal; the ultimate goal is to increase the well-being of every person, one person at a time, however the million is one of the results from it).
What are your nasty habits of money? Please share them through the comments below so everyone who ever reads this can also improve continuously. You are rich!