Frugal Lifestyle Guide 1

3 Healthy Spending Habits to Develop this Year

Spending money in a wise manner seems to be an art only rich and skillful CEOs and entrepreneurs can master, but is this really the truth? Everyone who accumulated a fortune eventually started from a wage relatively similar to yours. The secret lies into the spending habits you put into practice every day, week, month and year. Money is a capricious power, but if you adopt a series of strong personal rules, it will obey to you and transform your life from rags to riches. Here are a couple of habits you should internalize this year.

  1. Drastically limit impulse buying

Yes, that thing is shiny or tasty and it has “buy me, buy me!” written all over it, but this doesn’t mean that you should buy everything that catches your eye. Impulse buying is something that can make a big difference when it comes to your financial situation. Try to spend more than 2 seconds deciding if you need that pair of shoes or those brand new gaming headphones and by the end of the month, you’ll be richer with maybe $50 or $100.

  1. Stop funding services you don’t use

We know people who pay a gym membership (and a professional trainer) every month, but they haven’t been to the gym for more than half a year. Sounds familiar? Other people pay an insane amount of money for their internet or TV package, but they rarely surf the internet or watch a movie. Start to assess all the services you’re subscribed to and decide whether you need them or not. This simple action can save hundreds of dollars every year.

  1. When you get your salary, pay you first

“What do you mean pay me first?” you might ask. Well, if you’re not familiar with the teachings from “The Richest Man in Babylon” book by George Samuel Clason then let us enlighten you. The foundation of accumulating great fortunes and having financial security is to put aside 10% of every paycheck you get every month. You put it in a bank account and don’t touch it. With the passing of time, your savings will increase, giving you the opportunity to invest your small fortune and accumulate greater riches. Read the book, by the way, it is one of the most interesting money-related books you can put your hands on!

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