How to have better financial habits

Looking for a cheat sheet on having better financial habits? Here are my top 22 easy to implement tips.

1)     Use a budget to track income, expenses and savings

2)     Do not over spend or spend more than you earn

3)     Build up an emergency savings

4)     Don’t buy on impulse, research your purchases online

5)     Never shop while hungry

6)     Always pay your bills on time

7)     Pay out your credit card in full every month

8)     Do not make purchases on your credit card you could not afford to pay in cash

9)     Read all contracts properly and consider life changes before signing

10)  Don’t tie up all your cashflow on loan repayments such as cars or personal loans

11)  Pay of bad debt before good debt

12)  Pay as little interest as you can

13)  Earn as much interest as you can

14)  Invest strategically with realistic expectations and an exit strategy

15)  Set financial goals, make a plan, implement that plan and regularly review

16)  Maintain an enjoyable lifestyle but do not spend to cure boredom or create a quick fix.

17)  Don’t worry about what everyone else has or what appears to make others happy.

18)  Put away extra savings towards your retirement early

19)  Never rely on an inheritance, lottery, windfalls or the aged pension to meet your retirement needs

20)  Keep your financial information, bank cards and ID safe from fraud, and theft.

21)  Get life insurance

22)  Seek advice from a Brisbane Financial Planner

How many of these 22 steps can you apply in your day to day life? They are not difficult and will get you on the path to a better financial future. Learn how I can help you further by checking out some of my financial services here.

What you need to know

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This information does not take your circumstances into account, so read the relevant disclosure documents and consider what’s right for you. If you acquire an AMP product or service, AMP companies and/or their representatives will receive fees and other benefits, which will be a dollar amount and/or a percentage of either the premium you pay or the value of your investments. Ask us for more details.

This post contains information that is general in nature. It does not take into account the objectives, financial situation or needs of any particular person. You need to consider your financial situation and needs before making any decisions based on this information