Are you up for the challenge? 

But before you start, you need to discipline yourself and make a decision to quit your old ways in handling money. 

If you constantly fall into debt or you’re overspending to make yourself look rich for others, it’s time to make way for new financial habits.  

Take note that “it’s not really about how much you earn but what you do with the money that comes your way and how you use it to work hard for you,” says Beyond Small Talk host’s Marvin Germo.  

Listed below are good spending habits you can apply and learn from Beyond Small Talk’s Best of 2019 with hosts Marvin Germo, Randell Tiongson, and Peter Kairuz.  

1. Know yourself and identify your weaknesses.  

What are your weaknesses when it comes to spending? Three-day sale at the mall? Food? 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 your financial goals. 

2. Practice “forced savings.” 

Have a hard time saving?  

Automate your savings.   

Saving is now made easy. Every paycheck you can permit your bank to automatically transfer a certain amount from your income to your savings account.  

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, this 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.”  

It will not only help you reach financial freedom, it will also shape your attitude towards 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.  

Beyond Small Talk has more exciting webisodes to help you start the year right! That’s every Saturday, 7 pm on The 700 Club Asia Facebook page and YouTube Channel.