Good Financial Habits

What are good financial habits? We’ve always been told that saving is the only habit you need to become wealthy. But is it true? Let’s check out four interesting habits that will help you improve your financial health!

Set financial goals

That’s actually a great classic! It can be more often overlooked and too simplified. When you set a goal, it can be ANYTHING; not just towards saving money. Let us inspire you a bit on some goals that are interesting:

• I want a monthly cash flow of X$ to be more free.
• I want to reach a net revenue of X$ to improve my lifestyle.
• In order to reach this net Revenue, I need to do Y.
• “Y” could be having a promotion, new income stream, change of career, etc.
• I want to save X months worth of net revenue (or expenses) to be more financially secure.

Financial goals can be anything related directly or indirectly to your income and expenses.

Forecast expenses

Forecasting any expenses is one of the best habits to have. It can be hard sometimes, but having a tool like Miza makes it a lot easier. 

Knowing that big expenses are coming up before your next paycheck, you may very well make better decisions about the next expenses you want to make. 

Understand your spending and budget

I think we’ve never said that enough. It’s really important to understand where you are spending your money, why, and at which frequency you are doing so. 

Tracking down all your expenses is the first thing to do to further analyze where your money is going. Purchasing clothing here and there for a few bucks can easily stack up to a few hundreds by the end of the month!

Understand and track your expenses, and stop overspending.

Make investments, put money aside, and let go

It’s important to do investments, we’ve all heard about it. The most important thing is to never stop and I would even suggest having your investment account separated from your bank account. That way, you don’t see the grind of stacking money every week, but, instead, you see it grow over months. After a while, you’ll be surprised at how much you saved.

By starting to apply those four financial habits, you should start seeing an improvement on how to manage your money. If you want to go flawlessly through these habits, an app like Miza can easily take care of two to three of those habits.