BecomingGolden

written by Brownie Ebal and Nakiyimba Victoria

Managing money effectively is not just about how much you earn—it is about how you handle what you have. Many of us fall into financial habits that seem harmless but can actually hinder our progress. By making a few key changes, we can gain better control of our finances, reduce stress, and build wealth over time. Here are ten money habits you may need to change right now:

1. Not Knowing Where Your Money is Going
If you are not paying attention to your spending, it is easy to lose track of where your money goes. This is not just about budgeting—it is about being mindful. Just like in other areas of life, such as health or relationships, paying attention leads to improvement. The best way to take control is by creating and sticking to a budget.

2. Not Revisiting Your Investment Strategy
Your investment approach should not be set in stone. If you’re in debt and don’t have an emergency fund, it may be wise to pause investing temporarily. Once your debts are paid off and you have built a financial cushion, you can resume investing—allocating at least 15% of your
income to secure your future.

3. Comparing Yourself to Others
Social comparison can make you feel like you are falling behind financially. However, everyone’s journey is different, and basing your financial decisions on someone else’s lifestyle can lead to unnecessary spending and frustration. Focus on your own goals and progress.

4. Believing Credit Cards Will Make You Rich
Many people assume that credit card points and rewards will lead to financial success. However, a study of 10,167 millionaires in North America found that 89% of them built wealth by saving—not by using credit card perks. Wealth is built through smart financial choices, not debt.

5. Keeping Debt Because the Payments Are “Manageable”
Just because you can afford a monthly payment doesn’t mean it is a good financial decision. Keeping debt around for the sake of convenience can slow your financial growth. Paying off debt as soon as possible frees up your income for more productive uses.

6. Living from Crisis to Crisis
If you do not save for emergencies, you will always be in debt from the last crisis. Unexpected expenses will happen—it is just a matter of when. Building an emergency fund ensures that you are prepared and will not have to rely on loans or credit cards to cover sudden costs.

7. Paying for Random Subscriptions
Many people sign up for subscriptions and forget about them. Conducting regular audits of your expenses will help you identify unnecessary charges. Every dollar matters and cutting out unused services can free up money for more important financial goals.

8. Not Talking About Money with Your Family
Money conversations should not be taboo, especially within families. Talking openly with your spouse and children about finances helps create a strong foundation. Teaching kids about money from a young age—such as earning through chores—can set them up for a lifetime of financial responsibility.

9. Upgrading Your Car Every Time You Pay It Off
It is tempting to buy a new car once your current one is paid off, but this cycle keeps you in a constant state of debt. Cars depreciate quickly, meaning they lose value over time. Instead of upgrading right away, consider keeping your paid-off car longer and using the extra money to invest or save.

10. Not Prioritizing Generosity
Giving is not just about helping others—it also changes your own perspective on money. Making generosity a regular part of your budget allows you to contribute to causes you care about while cultivating a mindset of abundance. Even small acts of giving can have a lasting impact.

In conclusion, breaking bad money habits is not always easy, but making small, intentional changes can lead to a more stable and fulfilling financial future. By budgeting, avoiding unnecessary debt, being mindful of expenses, and practicing generosity, you can take control of your finances and build lasting wealth.

For more insights, watch the full video: https://youtu.be/OEJz8Te4EEw?si=LkyeWILoaZA5IitD