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Three Good Money Management Habits for the New Year

April 24, 2012 | Comments: 0 | Views: 180

Learning how to manage money and gaining financial independence is a common New Year's Resolution. As you know, the majority of New Year's Resolutions don't last very long. If you want to make things different this year, these three money management habits will help you to do that...

Three Good Money Management Habits

The first good money management habit is to make investing in your financial security a priority. This means you do your investing and setting aside a portion of your disposable cash BEFORE you pay your expenses. People with financial security started doing this long before they ever achieved financial security. So don't fall into the trap of thinking that you'll "start investing money once you can afford it." Just get started right now, whether you're ready or not.

The second money management habit is to have a structured plan for how you're going to manage your money. You simply cannot win without this. It's like John Maxwell said: "A budget is you telling your money where to go instead of wondering where it went." If you want financial freedom, you have to stop thinking of a budget as a restriction and realize that it's a tool for creating financial independence.

Finally, you have the habit of planning your purchases and buying with cash instead of using credit. 50 years ago, people had no problem living without credit, today we've come to depend on it so much that I've seen people plunge themselves into financial ruin just by borrowing money. If you want to achieve financial independence, you have to stop doing things which make you a dependent, and debt will always make you dependent upon the lender.

These three habits will empower you to achieve your New Year's Resolution for achieving financial freedom. Just one other thing to consider...

One More Word About New Year's Resolutions

Be careful not to give too much credit to the change of date on a calendar...because other than that, not much will change unless you make it change. You'll have the same habits and beliefs and the same obstacles which you had on December 31st, so make sure you're realistic about your expectations. You'll still have to put in a lot of hard work to get what you want and to build the habits of good financial management.

The date on the calendar means very little in comparison to the level of determination you have to change your life. Now get started today, and good fortune!

Before you spend any more money, download this FREE report on how to manage money. Discover the simplest way to achieve financial freedom through the use of Powerspending.

Source: EzineArticles
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