This is the second part of our guide on improving your relationship with money, hopefully you’ve been putting gout advice into practise and are ready to get started with the new tips.
11. If having a credit card in your wallet causes you to spend freely, leave it at home. Doing so will prompt you to carefully consider whether you’ll spend money today or not.
12. Recognize the negative points of using credit cards. Write out the issues you come up with.
13. Vow to carry just one credit card. Make it a major one (Visa or Master Card, for example). Pick one that has no monthly fees and offers low interest rates. Avoid charging more than what you can pay off in a month. Doing so improves your relationship with money.
14. Charge to a credit card ONLY when the purchase is an emergency. For example, paying for medical care would qualify as an emergency. Buying a new bag or smart phone game would not.
15. Establish real financial goals. Set up a simple budget and follow it. Write your overall goals across the top. For example, “I will save 20% of my net pay each week.” Then do it.
16. Use positive self-talk when you do something you’re proud of related to your money. Tell yourself, “I’m really pleased that I met with that financial advisor” or “Good for me, I saved 10% of my paycheck this week.”
17. Stop a spending episode on your way to the check-out. It’s never too late to back out of a purchase. Whose account would you prefer to fatten up – the store’s or your own?
18. Set a new rule: no buying the first time you go shopping for something. Consider your first shopping trip as “surveillance.” See what’s available to meet your need and note the cost. Reflect on your possible purchase. Decide if you really want the item and whether it’s really worth your hard-earned money.
19. Realise that having money in the bank is far more important than having that new trinket. Because it is.
20. Consciously think of your budget each day. If you keep your budget in the forefront of your mind, you’ll likely focus on saving. Otherwise, you could spend without thinking and doing so would place a wrench in your financial plans.
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