What Habits Most Affect Your Money?
When it comes to habits, most of us--well, perhaps not the Rebels--have habits that we'd like to add or drop.
A few weeks ago, I asked the question: What habits most affect your spiritual life and work life? The answers were fascinating.Now I have a follow-up question: What habits most affect your financial life?
For instance, do you...
- Use an automatic savings plan (what I call an "invisible habit")
- Use cash instead of credit cards--Andy Warhol, who enjoyed the experience of spending, remarked on this distinction: "I don't like charging. It feels more like buying if you pay with money." For most people, using cash makes it harder to spend (in a good way).
- Spend hours every day on online shopping
- Shop only from a list, so you're not tempted to make impulse purchases you'll later regret
- Keep a careful record of everything you spend
Those are some examples, to help prompt your thinking.
Some people need habits to help them keep from spending. I, as an under-buyer, need habits to help me spend. I remind myself, "If I need it, buy it now." Otherwise I just keep putting off purchases, even when it causes me a lot of inconvenience.
How do habits, both good and bad, affect your financial situation?