Healthy Habits

What are your money habits?

“We are what we repeatedly do. Excellence then is not an act but a habit.” ~ Aristotle Experts estimate that around 40% of what we do, we do out of habit. According to Oxford Dictionary, habit is defined as something you do often and almost without thinking.

Given that such a significant percentage of what we do – and do often – is habit, it makes sense that good habits will have a substantial positive benefit on all aspects of your entire life.

It is generally accepted that it takes 21 days, or 21 repeats of an action, to create a habit. So, while you may now have a habit you often repeat without thinking, you had to repeated it consciously at least 21 times or for 21 days, at some point, to create it.

The great news is that it takes exactly the same amount of effort to create a habit than to break it or replace it with a new habit: 21 repeats or 21 days.



Think about your money habits. Do they serve you, add value to your life, make you happier?

Here are three Healthy Money Habits that will make a significant difference to your financial success.

1. Spend Less Than You Earn

This might be the most important of Healthy Money Habits. If you live on less than you earn, you can finally get ahead – instead of getting further and further behind each month. Look at your income and your expenses. Starting with the essential expenses, list what you can pay with your income and eliminate the rest.

2. Save!

A savings habit will make a substantial positive difference to your financial future. A monthly saving of just R200 a month will grow to become a significant amount over time. Start by saving up an emergency fund of at least three months of living expenses, save for your retirement and save up for your dreams. Also make it a habit to increase your savings every time you get a raise.

3. Manage Your Money

Make managing your money a habit. Spend 15 minutes a day on your finances: revising your financial goals and checking your progress; drawing up a budget and faithfully following it; tracking your income and expenses; checking your accounts; managing where every rand goes and ensuring you get the most value out of every cent.

These Healthy Money Habits are easy to implement in your life, and it will take just 21 repeats to make them part of the 40% of things you simply do out of habit. Remember, your financial coach is always ready to help! Simply click here for assistance in making it a habit to spend less than you earn, to save and to manage your money.