All About Money Habits

Assalamu Alaikum girlie,

This Monday we are diving deep. Deep into your money habits — the secret sauce that can shape your financial future.

But first…. why should you care?

Because… Habits can make or break our finances. Your daily money habits are like small ripples that eventually create waves in the ocean of your financial life.

Being intentional can save you a ton- trust me (Inshaa Allah).

Good Money Habits to Adopt:

1. Consistent Saving:

   • Cultivating a habit of saving regularly, even if it's a small amount, builds a strong foundation for financial security.

2. Budgeting with Purpose:

   • Creating and sticking to a budget based on your lifestyle ensures that every dollar has a purpose. This will help you prioritize your financial goals.

3. Investing for the Future:

   • Developing a habit of investing early and consistently allows your money to work for you, laying the groundwork for long-term wealth.

4. Delaying Gratification:

   • With next-day and same-day deliveries being the norm, waiting to make a purchase can feel like a crime.

   • Practicing patience can save you some money in the long run, you won’t borrow money to buy something you can’t afford. There’s nothing wrong with saving and *waiting* to buy something.

Destructive Money Habits to Avoid:

1. Impulsive Spending:

   • Falling into the trap of impulse buying without considering the impact on your overall budget can lead to financial stress. Don’t use “retail therapy” as an excuse- we see you girl

2. Ignoring Financial Statements:

   • Avoiding regular checks on your bank statements can result in overlooking discrepancies and potential financial pitfalls.

3. Procrastinating on Debt Repayment:

   • Delaying the repayment of debts can lead to increased interest payments and hinder your journey to financial freedom.

Questions to Ask Yourself:

1. Am I a Spender or a Saver?

   • Reflect on your natural inclination when it comes to money. Are you more inclined to save for the future, or does spending bring immediate joy?

2. What Triggers My Spending Habits?

   • Identify situations or emotions that may prompt impulsive spending. This twill take you one step closer to building healthier habits.

3. How Do I Approach Financial Goals?

   • Examine your approach to setting and achieving financial goals. Are your goals realistic, and do you have a plan in place to reach them?

Tips for Cultivating Positive Money Habits:

1. Set Clear Financial Goals:

   • Define specific and achievable financial goals to guide your money habits and provide a sense of purpose.

2. Create a Visual Reminder:

   • Use visual aids, such as vision boards or financial trackers, to keep your goals at the forefront of your mind.

3. Reward Yourself Mindfully:

   • Celebrate your financial victories! Choose rewards that align with your long-term goals.

4. Get an Accountability Partner:

   • Grab someone in your corner to keep you accountable to your financial goals and plans.

   • If you have someone telling you when you need to pull your socks up, you’ll probably feel pressure to stay on track.

Financial wellness is a journey, not a destination. It is never too early or late to start. Which of these can you start implementing today?

That’s all I’ve got for you today!

Until next time,

Fatimah 🌼