I went from having dreams to owning things. I spent cash and used credit to overcome my scarcity mindset, and still found myself unable to curb my spending or allocate more money to savings. When cash became tight my credit usage became habitual, turning credit into long-term debt.
We spend rather than save because our future needs are unknown and instant gratification serves a current emotional need. When underlying emotions are not addressed, the spending continues uninterrupted, solidifying the habit. Spending habitually without thought can lead to inconsistent financial decisions that impact your long-term satisfaction.
Since you’ve grown in awareness about your money mindset, your values, and your vision for life, it’s now time to improve your financial behaviors and change your habits.
On the road to financial wellness you may need to change your behaviors and habits, just as you might change parts in a car before an actual road trip. As you gain awareness about your values, create your vision, and define your money philosophy, you’ll need to challenge old financial habits that were created from your previously held money beliefs. These habits may be good or bad. This chapter will help you to increase your awareness of the good habits that help you with money and to change the bad habits that prevent you from achieving your goals.
I had a morning ritual: Every day I drank ...