First Quarter Financial Planning: Creating Solid Money Habits

posted 2/4/2014 in General

Last month, Lincoln Savings Bank started 2014 off on the right financial foot by offering up tips and advice as part of the First Quarter Financial Plan. The aim was to help those needing help with their financial weaknesses gain footing and get the basics in place.
As we’re now in February, we’d like to offer up more words of wisdom to help you stay strong in your financial life and protect your assets moving forward.
5 Money Habits to Adopt Right Now
One of the topics we covered last month was how to create a budget to help you track your spending and work toward your savings goals. The following are five habits you should incorporate into your life as soon as possible to help your budget stay on track.
  1. Setting small goals- large savings goals are great, but you should get accustomed to breaking them down into more manageable chunks. This way you can better track your progress and feel like you’re actually making headway instead of staring at a big daunting number.
  1. Rolling with the setbacks- setbacks happen: cars break down, injuries occur, furnaces stop working. Dealing with these setbacks properly – cutting back on spending in other areas, finding ways to offset the cost – can make a huge difference.
  1. Learning to wait- there will always be new and exciting things you can buy. Learning to wait and save money until you can actually afford them (instead of charging it to a credit card) will help keep you from piling on debt.
  1. Price comparisons- why buy milk at your usual grocery store for $3.25 when it’s $2.75 at another grocery store? While small, price comparisons like these end up saving you a good amount of money in the long run.
  1. “Fake it until you make it”- there’s no reason to spend on high-price items when cheaper alternatives will do. You can still dress and eat well without it costing you a pretty penny.
The sooner you’re able to make these habits a normal part of your life, the sooner you’ll see how easy it is to stick to your budget and achieve your financial goals. Lincoln Savings Bank will be back later this week with tips on maximizing your budget, so be sure to check back.
Lincoln Savings Bank, member FDIC
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