5 Money Habits You Need
1. Have a monthly budget
You’ve heard it time and time again but here’s another reminder to budget. It’s so important to know what you are spending your money on and it’s impossible for you to keep up with it in your head. I have a free simple budget excel sheet on my website!
2. Review net worth monthly
Net worth is your assets minus liabilities. Your assets are things like cash, savings, 401(k), the value of your house, the value of your car, etc. Liabilities are things like the loan on your car, the mortgage on your house, credit card debt, etc. This monthly review is important for multiple reasons: it forces you to look at your debt head on every month instead of avoiding it. It should be an encouragement if you are paying your debt down because you will see a drop each month in your liabilities. This also will show how much money you are saving, how much the value of your house goes up monthly and how much money you spend each month. I do mine on the 15th of every month. Watching my net worth go up every month encourages me even more to be disciplined with my money and save more. No one likes to see dollars go down!
3. Eat at home more
This is another obvious point but it’s a good reminder that you can save so much money eating at the house. This is why Pinterest was invented for those recipes. :-) “Googles: FAST EASY HEALTHY recipes”
4. Never stop investing
Even when the stock market is down you should still invest. It’s basically like a big sale where you are getting stock at a discount. That’s how I look at it anyway. Unfortunately I have a shoppers mindset. Never stop contributing to your 401K, that’s the worst thing you can do. History shows, it will work itself back up eventually!
5. Educate yourself regularly with personal finance books, podcasts, and blogs
You can learn so much from podcasts and books. When I started real estate investing I had no one to really help me or guide me. I learned everything from a podcast, Bigger Pockets podcast actually. I listened to it every single day for years before I started real estate investing. Some of my investing strategies have come directly from personal finance books. I’ve never had a financial mentor to help me with anything, all of it has come from my own research. You got this!
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