4 Good Money Habits to Build this 2023

Do you have money goals this new year?

Are you ready to achieve them?

Reaching your financial goals this 2023 is possible! It’s time to build solid discipline and decide to quit old ways of handling money. It’s time to make way for good money habits.

If you constantly fall into debt or overspend, worry not, because you can turn things around! Here are some good spending habits you can build starting today:

1. Know yourself and identify your weaknesses

What are your weaknesses when it comes to spending? Three-day sale at the mall? Food deliveries? Movies? Games? Vices?

Have an honest review of yourself.

When you become aware of your weaknesses, then you can make an action plan on how you can stay away from unnecessary expenses that distract you from achieving your financial goals.

2. Practice “forced savings”

Having a hard time saving?

Automate your savings.

With the rise of online banks and financial apps, saving is now made easier. Every payday, you can permit your bank and perhaps your employer to automatically transfer a certain amount from your income to your savings account. This way, you’d have sure savings instead of maybe savings.

3. Put your money in different accounts

Don’t put all your eggs in one basket.

Diversify it.

This means “investing in different industries, areas, countries, and types of financial instruments to reduce the chance that all of the investments will drop in price at the same time,” according to Collins Dictionary.

4. Practice delayed gratification

As defined by Britannica, delayed gratification is “the act of resisting an impulse to take an immediately available reward in the hope of obtaining a more-valued reward in the future.”

Not only does it help you reach financial freedom—it will also shape your attitude toward money and develop your personal character in the process.

If you think it’s too late to start saving, do not lose hope because what’s important is you START TODAY.

“The plans of the diligent lead surely to abundance, but everyone who is hasty comes only to poverty.” (Proverbs 21:5 ESV)

Are you struggling financially this new year?

We are here to help you lift your concerns to God. Call the CBN Asia Prayer Center at 8-737-0-700 and we would love to pray for you.

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