THE BROKEN WALLET

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Nobody cares more about your money and finances than you. So whether it’s a new year, a new month, or a new week – anytime is a good time to adopt a few good money habits.

Looking to improve your relationship with money? Here are 22 tiny money habits to help you become more intentional and deliberate with your spending.

1. Give yourself a time limit when shopping

I’ve done this in the past – primarily when shopping for clothes. I use my phone timer and give myself 15 or 20 minutes to browse the store (based on what I’m looking for.) And once my time limit is up, I’m done.

I’ll purchase or try on any items in my hand at this time. But if I didn’t find anything, I’ll leave the store empty-handed. This approach works because I’m less likely to “force a purchase.”

2. Keep a picture of goals in your wallet 

It’s important to keep goals visible. When they’re out of sight, they’re often out of mind.

For this reason, I recommend creating a vision board. But along with this, it doesn’t hurt to keep a picture of your goals in your wallet. Maybe next to your cash or cards. 

It can be a photo of a house or a destination – it doesn’t matter. The idea is to get a visual reminder of what you’re working toward…before you make frivolous purchases.

3. Ask yourself, “Can I afford to buy an impulse purchase twice?” 

Get into a habit of asking yourself this question before any “unplanned purchase.” If you can’t afford to buy it twice, don’t buy it. But if you can, and you decide to, transfer the save amount into savings.

4. Keep a spending journal

At the end of each day, write down every purchase you made that day. This includes gas, lunch, grocery store trips, a pack of gum, etc. This is great for understanding your spending patterns, plus you can catch overspending before digging yourself into a hole.

5. Put your splurge money on a separate debit card

While I think it’s important to budget for fun, there’s also the risk of spending too much on a good time. To avoid this, consider keeping your splurge or “fun money” separate from your bill money.

You can use the envelope method for fun money, or get a prepaid debit card and load your recreation or entertainment funds onto this card.

6. Enroll in a “save the change” program

Some banks have programs that will round up your purchases and deposit the difference into your savings account, or for every debit card purchase they’ll transfer a $1 into your savings. So if saving money is a challenge, visit your bank’s website to learn about their automatic savings programs, or use Acorns (a savings and micro-investing platform). 

If you opt into Acorn’s roundup program, they’ll round up your purchases and invest your spare change in a portfolio of ETFs. Plus, you can make additional contributions into your account at any time. 

7. Add a browser extension to save money online

Browser extensions are often free, and once added the extension automatically searches the internet for coupon codes to apply at checkout. I personally use Ibotta, but other options include Capital One Shopping, Honey, and Rakuten.

8. Organize your closet before shopping

In the past I’ve been guilty of accidentally buying duplicate items. Maybe you have too.

To avoid this, organize your closet and other stuff “before” buying anything new. This way, you can think about what you already have, and what you actually need, before spending money.

9. Turn off autofill for credit cards

If you have a problem with impulse buying, using the credit card autofill feature when shopping online is asking for trouble. But fortunately, this feature is easy to turn off. Go into your computer or phone’s browser settings, look for autofill options, and then remove any saved credit cards.

10. Talk openly about money

If you’re uncomfortable discussing money – whether it’s with your kids or your partner – make this year the year that you normalize money discussions.

Make it a point to discuss finances with your children at an early age. Also, schedule budget date nights with your partner to ensure you’re on the same page.

11. Review your budget every week

First and foremost, if you don’t have a budget, you’ll need to create one as soon as possible. And if you do have a budget, review it at the end of every week.

Some people create a budget at the beginning of the month, but don’t look at it again until the end of the month. However, variable expenses can change from week-to-week. So it’s important to keep an eye on your budget throughout the entire month. If you overspend this week, you’ll need to spend less next week to stay on track.

12. Check your account every day

It’s also important to check your bank account every day. You don’t have to spend a lot of time on this. But definitely give it a glance over to make sure everything looks okay.

You’re able to track your spending and catch fraudulent purchases early – possibly before someone drains your account.

13. Create a no-spend list for the year

For one year (12 months), agree to avoid certain purchases. For example, maybe you’re into makeup, yet you have more than enough products. Or maybe you love shoes, but you already have a huge collection.

Instead of adding to your collections, include these items on your yearly no-spend list to save money.

14. Set your coffee timer

Rather than purchase coffee on your way to work, buy a coffee maker with a timer and set it to automatically brew your drink in the mornings. 

15. Get a travel mug that actually keeps coffee hot

But don’t just brew your own coffee, buy a travel mug that actually keeps hot liquids hot (for hours). This way, your morning cup doesn’t get cold on the commute. 

16. Meal prep your lunch

Some people eat out for lunch because they don’t have time to make lunch in the morning, and they’re too tired to prepare something at night. To solve this problem, set aside an hour each Sunday to meal prep lunches for the following week.

17. Prepare two or three extra dinners

At the beginning of each month cook two or three extra dinners for yourself or family. But don’t eat them right away. Separate the meals into freezer bags and then freeze them. On nights that you don’t feel like cooking, eat one of the frozen dinners and avoid takeout. 

18. Do a no-spend week every month

Some people will plan a no-spend weekend or a no-spend month to save money. The problem, though, is that many revert to their old spending patterns after the challenge. 

So rather than a “one-time” no-spend challenge, plan a money saving challenge every month. This can include a no-spend week at least once a month, or one no-spend weekend each month.

19. Shop for groceries once a week

Some people go to the grocery store several times a week or even daily. However, we’re likely to spend more on food with multiple trips. So if you’re a frequent shopper, reduce your number of grocery store runs to see if you notice a savings.

20. Check your credit 

Every consumer is entitled to one free credit report every 12 months from each of the bureaus. It’s important to monitor your reports, yet some people never check their own credit. However, this is the best way to catch fraudulent activity early. Plus, checking your own credit doesn’t hurt your score.

You can get your reports directly from the bureaus, or visit annualcreditreport.com.

21. Get credit monitoring

Not only should you check your credit, you can also sign up for a service that will monitor your credit. You’ll receive a notification when a company checks your credit, and when new accounts open in your name.

22. Negotiate at least one credit card

Credit card interest rates are negotiable. If you have a good payment history with your credit card company, call them and ask for a lower rate. When you owe less interest, more of your payment can go toward reducing the principal balance. For this to have the biggest impact, though, continue making higher payments.