Good Money Saving Habits For Building Wealth

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Good Habits = Success

Robert Collier is credited with saying that “success is the sum of small efforts repeated day in and day out.”

I would suggest to you that “small efforts repeated day in and day out” might be an excellent definition of the word “habits.”

Therefore, good habits = success. That being said…

Here are five good money savings habits that will help you build wealth:

Make A Budget
Look At Your Budget Daily
Plan Your Meals
Get In and Get Out When Shopping
“Sleep On” Your Purchases

Let’s explore what these habits look like, and how to make them a part of your financial life.

Good Money Saving Habit #1: Make A Budget

You had to see this one coming. After all, I did choose to name this site “Bank On A Budget.” The focus on budgeting, even in the title, was very intentional.

I believe budgeting is really the cornerstone to good personal finance.

You can have an excellent overarching plan for your money that you’ll work through for your entire career, but without some sort of mechanism to tell your money exactly what to do, that plan is really just a wish. The budget is that mechanism.

If you structure your budget using the method I outline in my series on “Building A Budget,” you’ll be able to construct the exact type of tool I recommend (based on personal experience) to give every dollar you bring home an assignment and a goal. The result of those small goals being met will be that eventually, you can achieve your larger goals and execute your bigger plans.

That’s the power of the monthly, zero-based budget!

Read The “Building A Budget” Series

Good Money Saving Habit #2: Look At Your Budget Daily

It’s great to have a budget. But, it’s not enough. You need to actually look at that budget. Regularly.

I feel like this gets lost with a lot of the “set it and forget it” style budgeting apps that learn how to sort your transactions for you or allow you to set up “rules” for transactions. That’s why I personally recommend and use EveryDollar. EveryDollar forces you to log in regularly and sort your transactions manually. But, the interface is so easy to use that it really doesn’t take any time at all. The result is that you are always aware of where you stand in relation to your budget.

Even if you don’t want to use EveryDollar as your budgeting tool, force yourself to look daily. Set a reminder and stay aware of your spending. Just seeing those numbers on a daily basis will keep you from accidentally overspending.

Bottom line: If you want to stay true to your budget, you need to be looking at your budget daily.

Read My EveryDollar Review

Good Money Saving Habit #3: Plan Your Meals

I like to think of meal planning as a sort of secondary budget. A budget within a budget. I mean, think about it…

You make a budget to decide how to spend your money. You make a meal plan to decide how to spend your food money. Pretty simple.

My wife and I recently got very serious about trimming back on our food line item, and we found the most effective way to do so was by sitting down together and mapping out exactly what we would eat for the entire week. That way, we don’t buy random dinners, eat them on random days, and get to Thursday and realize we’re out of food. If you’re anything like us, that becomes an excellent excuse for 3 days of eating out. Budget blown.

Make a meal plan or menu for every meal you’ll eat in a given week, order the food ahead using an online grocery service, and eat what you buy.

Read About 5 Grocery Hacks To Save Money On Food

Good Money Saving Habit #4: Get In And Get Out When Shopping

This goes hand in hand with my suggestion to order groceries online and pick them up. Unfortunately, however, sometimes you do need to try on some clothes.

So when you must go shopping, don’t shop. It’s not a “good deal” unless you were going to buy it anyway. Don’t be fooled by the big red “Sale” poster. Get in, and get out. This is a mission, not entertainment.

This is a big shift in thinking for some people. And I do get it. Sometimes, it’s nice to just be out in public around people for a while. Shopping is a way to do that. But if you must do it, set a firm limit on how much you’ll spend. Maybe just carry that much into the store in cash. Dare I say don’t bring the debit card?

Better yet, if you know what you need, do this: Walk through the doors to the item, pick it up, pay, and leave.

Regardless, the goal is simple. Get want you need/want while spending no more than you budgeted. Don’t fall for “deals” that aren’t deals.

Good Money Saving Habit #5: “Sleep On” Your Purchases

Lastly, (and speaking of shopping) why not take some time to be sure about your purchases?

I know many financial gurus suggest having a set amount that you always sleep on or bring to your spouse before spending. But, why not take a little time even on the small things? They add up.

I can easily spend $20 on a couple books, $20 on a movie, and $20 to buy my daughter a toy in a day and think nothing of it if I’m not careful. But that’s $60! It may not seem like a lot, but a few days of that in a row and you’ve probably made a little dent in the old budget.

Take some time to think through your purchases, no matter how big or small. You’ll be surprised how many times you forget how badly you “needed” something the next morning.

Conclusion

Remember, good habits = success.

Take these 5 habits and make them part of your financial life and see if you don’t start having a little more success in achieving your goals!

And, as always, regardless of your money goals, you can “Bank on a Budget” to get you from where you are to where you want to be!

Success is the sum of small efforts repeated day in and day out
Robert Collier

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Alex

Hello, my name is Alex! I'm a public school teacher who has achieved some big financial goals just by getting control of my money using some simple strategies like using a monthly budget. Now I'd like to share what I've learned with you. Welcome to "Bank on a Budget!"