What are habits, and why should I create them?
We all have habits that shape us and how we live our lives. Some of us may be early risers, slowly sipping the same morning cup of coffee each day, or some may barely grab that cup of coffee as we rush out the door to make it to work on time. While some habits are fleeting, others stay with us for our lifetime, both the good and the bad.
The reality is that some habits hinder us while others help us. Our good habits can offer health and structure to our otherwise chaotic lives if we recognize their value and keep them going. Sometimes we need the proper tools to begin employing the good habits that are lying dormant. If someone seeks to be physically fit, they will seek a fitness coach. It can be assumed that they would expect this coach to point them in the right direction so they can see the results they’re striving for – physical, mental, and behavioral changes that will benefit their overall quality of life. Their trainer will instill habits such as stretching before workouts or drinking enough water to help them achieve their fitness goals. Like a fitness coach might map out and encourage healthy habits, so does a financial coach.
How to create financial habits
Habits can impact our finances in a similar way to our physical health. We all have financial habits instilled in us from a young age, whether we’re aware of them or not. If you received an allowance growing up – did you run and spend it on your favorite candy or add it to the piggy bank to save up for that dream toy? Those childhood financial habits factor into your habits surrounding finances today.
Creating financial habits takes time and diligence. Seeking a financial coach can be a huge benefit to helping you get on the right track with your finances. Financial coaching is similar to fitness coaching in that it can retrain your brain, allowing you to cultivate healthy financial habits if you are willing to put in the effort. This can also drastically change your quality of life. Given your specific circumstances, a financial coach will work with you to create habits to help you achieve your financial goals.
Some financial habits include:
- Tracking your spending through a budget
- Creating a financial plan
- Setting achievable goals
- Avoiding debt
- Patiently saving for a larger purchase
As your financial habits evolve, you become more aware of where your money is going and where you want it to go. When your financial habits change, you may be surprised that you drove past that coffee shop to save the extra $7. The reality is that healthy financial habits can ultimately lead to a debt-free, financially independent life. Contact one of our financial coaches today to see how they can help you.
Author: Beth Anne Allen