Must have good money habits

gboyinwa ajomale

February 21, 2018 12:57 PM

Here are good money habits you must have.

Having good money habits is important.

If you want to achieve your financial goals, you need to have these money habits.

1. Save

You should make it a habit to save at least ten percent out of your monthly income. This is a good money habit you must have, which is good for your finance.

2. Create a budget

Create a budget to help you manage and control your spending.

Having a budget has a way of making you get better with your money and saving habits.

3. Set one major financial goal

You should have a major goal financially which you plan to achieve. It could be a short-term financial goal or a long-term financial goal.

ALSO READ: How to create a bare-bones budget

Setting a financial goal will be a great step towards financial progress.

4. Note down how your spending

You need to start taking note of how you spend money. This is a good way to gradually quit your bad money habits and lifestyle.

You can get a small notepad where you jot down all your spending after a whole day, just to know how much you have spent and how you can improve your spending.

5. Keep track of your net worth

Find time to keep track of and know what your net worth is. Your net worth is the addition of all your assets excluding your liabilities.

ALSO READ: Ways to stop overspending

It is very important to know your net worth because it helps you look forward to a greater financial picture.

gboyinwa ajomale