Five Fierce Financial Habits you need now

I have developed five small but fierce financial habits over the last few years that really help me save time and money.

Just say no

I said yes to the person collecting for Jen in accounting’s baby shower (I have never met Jen in accounting).  I said yes when the item I bought was way more expensive than I thought when I was at the checkout.  I said yes to my daughters request to “borrow” $200. I said yes to swanky dinner of $150 when all I really wanted to do was curl up with a book…then I practiced saying NO once in a while.  At first it was a bit aggressive…collecting for Jen in a accounting? NO WAY! At the checkout…ARE YOU TRYING TO RIP ME OFF? $200…YOU MUST BE KIDDING, AGAIN? But now I am positively graceful.

Unfortunately that doesn’t work for me.

I don’t think so.

I must have picked the wrong item.

No

Be organised always

I like to have one account for bills and the other for my everyday spending. This is my two-bucket technique – fun funds in one bucket, boring bills in the other.  I love this as I can see what I am sending but I limit myself with no stress because I no longer spend my days doing mental calculations and checking if payments have come out.

More than two accounts is simply too many and one is not enough to be organised.

Know your limits

This works with the buckets – know where and what I can spend going out, going for a drink, having dinner. I put a number in my head before I go out and that way I don’t get stuck a the swanky dinner for $150 when I would rather be cuddling up with Netflix. If we give ourselves a limit its like a curfew – hit it and its time to go home.  This works with shopping too!

Guard against bill shock

Everyone says Have a buffer.  I spend years not having a buffer and living pay to pay and then I discovered Micro Investment Apps – this is where they round up to the next $1 on all your spending, take the money out of one account and you can add extra (think of an amount you won’t miss like $10 or $20 a week – more if you can).  Last year when my puppy was very very sick I didn’t have to use afterpay because I had the money on me.  These apps normally take 2 to 3 days to hand over money so access is only for when its important.

Be a squirrel

This is such a Grandma thing to do but I am a bit of a squirrel.  During the year, when sales are on, when I see something that will work for a gift for a friend I buy it.  This does two things – first it stops the mad buying rush at Christmas time, second it means I get really good gifts for people I love which makes them happy.  I have a little box in my study with gifts for nephews, niece, friends and others.  Squirreling gifts means no big Christmas expense – it spreads it through the year.

 

My money type is definitely Money Status, I like to have money and look after it.  I really think this directly influences my spending and savings habits –share your habits and tag us @happymoneyjourney

If you haven’t already done the money habits quiz, check it out here MONEY TYPE QUIZ

Contact Phoebe

Phoebe is available for interviews, guest appearances, article commentary, and talks on a range of topics relating to property, mortgage broking, and personal finance (particularly for women!).