{"id":7095,"date":"2022-09-19T13:46:43","date_gmt":"2022-09-19T18:46:43","guid":{"rendered":"https:\/\/pierreroy.com\/?p=7095"},"modified":"2022-09-23T15:53:41","modified_gmt":"2022-09-23T20:53:41","slug":"healthy-financial-habits","status":"publish","type":"post","link":"https:\/\/pierreroy.com\/en\/2022\/09\/healthy-financial-habits\/","title":{"rendered":"Healthy Financial Habits"},"content":{"rendered":"

Spending your money on things that you want can be pretty tempting \u2014 but it can also leave you with empty pockets and a long credit card statement. Below are a few healthy financial habits to curb that urge to spend.<\/p>\n

<\/p>\n

Pay your bills on time<\/h2>\n

Your credit score is the epitome of your financial health. That being said, one of the biggest influences on your credit score is whether or not you pay your bills on time. If you\u2019ve found yourself missing a few payments, consider setting up a system to remind you to make them, such as setting different alarms, or making use of a calendar. You could also try to automate most of your expenses so that you don\u2019t have too many to keep track of.\u00a0<\/span><\/p>\n

Try saving as much money as you can<\/h2>\n

One of the most important things you can do in order to have healthy financial habits is to start saving as much money<\/a> as you possibly can. Not only will this benefit you in the future when it\u2019s finally time for you to retire, but it could also save you if you suddenly have to pay for an unexpected cost.\u00a0<\/span><\/p>\n

We know it\u2019s not easy to set money aside, especially if you\u2019re living paycheque to paycheque. If this is the case, try figuring out where you could cut costs. Review all of your expenses, and see if there are any that you can reduce, such as your cellphone bill, your grocery bills, your outings, etc. This way, you can use the difference for setting money into a savings account. \u00a0<\/span><\/p>\n

Automate your savings<\/h2>\n

You might find it useful to automate your savings<\/a> so that you don\u2019t feel tempted to make any purchases you might later regret. Make a plan to set aside a certain amount of money per paycheque. Once the money comes into your bank account, that amount will automatically go towards your savings. You won\u2019t even have to think about it anymore! To do so, see if your bank can set up automatic transfers. If they don\u2019t, then talk to your employer about automatically depositing a portion of your pay into a savings account.\u00a0<\/span><\/p>\n

Pay off credit cards in full<\/h2>\n

If you want to be able to live your life without any debts or financial burdens, try to pay off your credit card in full at the end of each month. That way, you can ensure that you\u2019ll have a good credit score and that your debts won\u2019t just keep accumulating.\u00a0<\/span><\/p>\n

Another big factor that affects your credit score is your credit utilization. Credit bureaus like Equifax and Transunion like to see consumers spend less than 30% of their total credit. So the less you use, the better. That doesn\u2019t mean that you shouldn\u2019t use your card at all! In fact, credit bureaus want to see how responsible you are with money.\u00a0<\/span><\/p>\n

As long as you\u2019re able to pay the money you\u2019ve borrowed back, your credit score will stay in the green and you won\u2019t have to worry about paying tons of money back in interest fees.<\/p>\n

Figure out what your goals are<\/h2>\n

The sooner you figure out what your financial goals are, the closer you\u2019ll be to realizing them. In fact, determining what your financial goals are will help you create the best plan of action for your personal situation. It\u2019ll also help you see what your priorities are in terms of savings and\/or debt repayment. Not only will your financial goals provide you with financial freedom and health, but they will also increase your chances of doing so by strengthening your resolve and motivation.\u00a0<\/span><\/p>\n

It isn\u2019t enough to think of a long-term plan. After all, who would feel motivated on a month-to-month basis when they\u2019re trying to look 10 years into the future? In order to keep feeling that drive to achieve your goals, you should set short-term ones as well. Those little victories will increase your desire to keep plowing forward and achieving your objectives. \u00a0<\/span><\/p>\n

Create a budget<\/h2>\n

After you\u2019ve determined what your financial goals are, you should create a budget<\/a>. A budget will help you keep track of your objectives. It will track all of the money coming in and out of your account. It will also help you make adjustments whenever you see a dip in income or a rise in spending due to unexpected expenses.\u00a0<\/span><\/p>\n

To create the best budget, calculate your total net income. Then, calculate all of your expenses \u2014 variable, fixed, and periodic. Then, subtract those expenses from your income and see what you\u2019re left with. With the difference, you can choose to set that money towards your debts or towards savings. It all depends on what your financial goals are.\u00a0<\/span><\/p>\n

We know that budgeting isn\u2019t the easiest thing in the world. Luckily, there are many different budgeting styles available to you as well as helpful online budgeting tools. Find the one that works best for you, and stick with it!\u00a0<\/span><\/p>\n

Check your budget first thing in the morning<\/h2>\n

In order to follow your budget appropriately, consider reviewing it first thing in the morning over a nice cup of coffee. This will ensure that you\u2019re not veering off track. It will also allow you to make all of the changes necessary to your budget.\u00a0<\/span><\/p>\n

Reviewing your budget in the morning is a good reminder of how much you can spend for the day as well. The sooner you know just how much you can afford, the less stressed you\u2019ll be by the end of the month.\u00a0<\/span><\/p>\n

If you\u2019re struggling to make ends meet, contact a licensed insolvency trustee as soon as you can. The sooner you get rid of your debts, the sooner you can start partaking in healthy financial habits. And the sooner you\u2019ll be able to reach all of your financial goals.<\/p>\n","protected":false},"excerpt":{"rendered":"

Spending your money on things that you want can be pretty tempting \u2014 but it can also leave you with empty pockets and a long credit card statement. Below are a few healthy financial habits to curb that urge to spend.<\/p>\n","protected":false},"author":17,"featured_media":7099,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[45],"tags":[173,353,354,322],"class_list":["post-7095","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-budget-tips","tag-budget-en","tag-credit-cards","tag-dettes-en","tag-savings"],"acf":[],"yoast_head":"\nHealthy Financial Habits - Pierre Roy & Associ\u00e9s<\/title>\n<meta name=\"description\" content=\"Spending money can be pretty tempting. 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