Smart Moves

2Managing money

MONEY HABITS TO FOLLOW

Most good money habits do not come naturally — they are developed over time with consistent practice and a shift in mindset. Being good with your money is more than setting a new year's resolution and thinking that is all that’s required to achieve your financial goals. Like any other positive habit, taking control of your finances is developed through repetition, diligence and focus. Here is a simple summary of actions that you can do daily, weekly, monthly and yearly to get better with your money.

‘HAVING’ A BUDGET VS ‘BEING’ ON A BUDGET

The term ‘budget’ has always seemed to carry a negative stigma with it. It is often misconstrued as something that is restricting, holds us back and means we can never have fun again. The truth is that a budget is simply a plan for your money. It helps you figure out where you are spending your money each month, making sure you have enough for all your bills while simultaneously planning ahead for your future and all the fun things you want to do.

There is also a huge difference between having a budget and being on a budget. This lies in whether you are in control of your budget or if you are letting your budget control you. Being on a budget feels very restrictive and revolves around always finding the cheapest option, cutting things out and spending the least amount of money possible. This is ...