How do you change bad money habits? I mean sure, we can tell you ways to save (here are 40 ways to save money) and ways to make more, but at the end of the day permanent change with regards to your finances comes back to permanent change in your underlying behaviours. Unfortunately our behaviours in one area don’t happen in isolation to the rest of our lifestyle, so gradual integration of financial change and acceptance of errors and setbacks is helpful.
If a mental money detox is what you need, here are some tips to get you started.
1. Understand your background. The way we were brought up and the friends that we choose can have a massive impact on our attitudes and beliefs. For example, the way that our parents managed money while we were growing up can influence how we manage money as adults. Likewise, the way that we observed the relationship between our peers and money while we were growing up can influence our attitudes towards money as adults. Understand how your life up to this point may be subconsciously influencing the money beliefs that you hold and decisions that you make.
2. Acknowledge your inner rebel. We don’t always mimic what our parents (or peers) do. Our observations and sometimes unspoken criticisms of our parents’ behaviour and values can lead us to take an opposite path in life. This can also hold true with regards to money and can be an equally powerful influencer of our attitudes.
3. Recognise your vices. We all have vices – including financial ones. Understand your financial trigger points so that you can avoid them where possible. For example, are you competitive – keeping up with the Joneses to your financial detriment? Or are you timid – allowing investment opportunities to bypass you through fear of failure? Also be aware of specific financial habits (for example, spending) that may have an emotional basis.
4. Recognise your strengths. Whilst everyone has weaknesses, everyone has strengths as well. You may be a very organised person, able to monitor a terrific written budget, or you may be a “big-picture” person, able to take a step back and assess your entire financial situation. Learn to recognise your financial strengths so that you can use them effectively.
5. Address what money means to you. In money important to be happy in life? Is it a means to an end, or a symbol of power? It is important to understand what money means to you so that you can work out how best to spend (and save) it.
6. Take responsibility for your behaviour. Understanding the way that upbringing affects your current attitudes and beliefs are important – but equally important is for you to acknowledge that your behaviour ultimately is your responsibility.
7. Be prepared to change. It is one thing to recognise your current beliefs, but it’s another thing to be prepared to change some of them. Our own procrastination prevents us from doing so many things in life. Make a commitment to positive change now.
You can’t change habits overnight, of course, but the most important thing is working out what you need to do and getting on with it. And the best time to start is today.
Do you need a income detox?
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