Think about the regular wellbeing habits that are currently part of your everyday life, like taking off makeup, brushing your teeth and staying active! These everyday rituals ensure that in the long term we can stay healthy and well.
Similarly, small financial habits can make a difference in the long term as well!
Financial Mentor Cat Rikihana gave some great examples during our our wāhine webinar, as part of Sorted Money Month. Cat emphasises the importance of understanding what drives your financial behaviours and making adjustments to align these with your goals.
Cat says shifting from a mindset of scarcity to one of opportunity can help you view small changes as stepping stones rather than obstacles.”
Some of the small habits discussed included;
Check your regular subscriptions.
- Are there any small payments coming out of your account for things you don’t currently use?
- Research the most cost-effective options and check your bank transactions regularly.
Automate your savings and bill payments
- Set up automatic payments for all essential bills.
- Automate your saving into accounts that you won’t be tempted to transfer from – setting up an account with another bank or using an account that charges for transfers or withdrawals is a great idea.
Prioritise paying off high interest debt
- Pay off higher interest debt first or use the snowball tactic, pay off small amounts and use the momentum to tackle the bigger amounts (see our article on Paying Off Debt here: GETTING ON TOP OF DEBT – Wāhine
Get a Financial Mentor
- Meet regularly with someone who can help you set goals and hold you accountable. You can discuss your current situation and goals for the future.
Educate yourself
- Sign up for webinars and events or read articles that may cover key skills you would like to learn.
- Do your research before making big financial decisions, especially if they require ongoing costs or maintenance in the future!
Make sure your money is working for you
- If you’re currently saving for a big goal or purchase, make sure you’re aware of the different options. Could switching to a higher interest rate and/or making regular contributions into your savings account create better returns for you long term?
Even the smallest steps are still progress toward your long-term goals. If you’re unsure on where to start – talking to a financial mentor like Cat, may help you feel more confident and excited about what can be achieved.
The information contained in this document is intended for general guidance and information only and is not personalised to you. It does not take into account your particular financial situation or goals.
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