When it comes to saving money we all want to have healthy money habits so that we don’t need to be in financial turmoil.
According to studies, up to %75 of Americans live paycheck to paycheck! That number is alarmingly high and can be lowered if people started saving money instead of spending it on things you don’t need.
The harsh reality is most people don’t know how to save money when they live on a low income, it is difficult to do it! The main thing that needs to change, in my opinion, is your mindset towards money!
“You can only become truly accomplished at something you love. Don’t make money your goal. Instead, pursue the things you love doing, and then do them so well that people can’t take their eyes off you.” – Maya Angelou
Some people have mastered saving money, but the great thing is, it is never too late to practice habits of people who are great with money, then you can be to!
Related:
HOW TO MAKE A BUDGET IF YOU HATE BUDGETING
11 THINGS I QUIT BUYING TO SAVE MONEY AS A SAHM
30 HELPFUL TIPS FOR LIVING WITH LITTLE MONEY
7 Healthy Money Habits
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1) They Know The Difference Between Their Wants VS Needs
When we are out shopping for literally anything it is very easy to buy something we want (or more then one). When you come across someone who is very good with their money they have no problem saying no or simply not falling into the sensation of getting what you want.
Figure out what you need in your life to live comfortably and happily, then anything else should be put into your want category and you shouldn’t spend too much on them.
2) They Know Where Their Money Is Going
People who have healthy money habits most definitely have a budget and they are actively involved with it.
Meaning they don’t make a budget then toss it aside, they go over it often and plan short AND long term financial goals.
Luckily if you suck at budgeting there are tons of apps that can help you track your money. The app I love is Trim, because it does so much more then just tracking your spending.
3) They Have Learned To Live Frugally
There is a reason so many people are starting to become frugal, it is an excellent money habit to have. You can save tons of money by applying a few frugal living tips, and it is a great way for low income families to save money.
4) They Have A Good Money Mindset
I could talk about money mindset for a very long time (working on an article for just that). Basically it is when we stop looking at money as a bad thing and start thinking that money is everywhere and we CAN have it all.
If you’d like some more information about ways to transform your mindset you can check out this article from Self Made Ladies!
Take a minute and look around you right now, look at all the things money has already got you, I bet you could feel pretty abundant right now! That’s just it, feeling abundant and knowing you can make money easily is the key.
5) They Earn Money Whenever They Can
When you have good money habits you really take advantage of any chance to make more!
The best thing about the online world is there are now SO many ways to make some extra money from home!
Here are a couple that I personally use to make some extra money:
Survey Junkie- make up to $50/per survey.
Swagbucks– get free gift cards by doing daily tasks including surveys and playing games!
6) They Know When To Use Credit
Most people seriously abuse their credit cards and this causes so much debt they almost never get out of it! If you have healthy money habits then you know how to use your credit cards to the best possible advantage.
What would be the best way to use credit cards?
Find the cards with the most points back or best rewards program, also be sure to check on things like:
- Interest rate
- Annual fee
- Rewards offered
- Credit limit
Once you have found a credit card only use it when you HAVE the MONEY to pay it back within a week! Use it as much as you can to rack up on the rewards!
7) They Negotiate Their Bills
Negotiating can be nerve wrecking for some, but try and remember this is YOUR money not anyone else’s so you have the right to save as much of it as possible.
Still don’t feel comfortable negotiating?
Use the finance bot Trim to negotiate your bills for you!
Most companies will lower your rates, even %1 is better then nothing!
There you have 7 healthy money habits of people who have mastered saving! Do you have any to add? Share them below!
Looking for more ways to save?
- 7 TRICKS TO HELP YOU STICK TO A BUDGET & PAY OFF DEBT
- 11 THINGS I QUIT BUYING TO SAVE MONEY AS A SAHM
- 30 HELPFUL TIPS FOR LIVING WITH LITTLE MONEY
- HOW TO KNOW IF YOU HAVE TOO MUCH DEBT TO LIVE
- HOW TO MAKE A BUDGET IF YOU HATE BUDGETING
- HOW TO SAVE MONEY ON YOUR BILLS
