5 Habits That Will Help You Save Money

This post is part of our 21 Days to a Better Budget Series and was written by the financial guru, Natalie of Finance Girl! To view all the posts in our series, please click here.

“Simple daily disciplines – little productive actions, repeated consistently over time – add up to the difference between failure and success.” – Jeff Olson, The Slight Edge *

Saving money seems impossible when you’re just starting out. Instead of setting a goal and forcing it to happen, in this post I’m talking about habits. I believe you can change your life dramatically by doing small things over time. That is to say, by creating habits that promote the life you want. This post is about little baby steps that you can take to help you save money.

Who doesn’t want to have more financial margin in their life? I know I do. I’m less stressed when I’m not as worried about money.

Here are 5 habits that can help you save money (and feel less stressed during the month).

1.  Say “no” to yourself once every day

Say “no” to yourself once every day. This will help you avoid spending because you feel like you deserve it. It’s so easy to buy things because you want them, or because you think you deserve them. If you’re in the habit of saying “yes” to yourself, then it will be harder to stick to a budget.

Start by saying “no” to yourself once a day to get in the habit of discipline and self-control. You should buy something when you can afford it – not because you deserve it.

2.  Review your bank accounts weekly

Review your bank accounts weekly. Put an event on your calendar for 30 minutes every week to “review your bank accounts”. During this time, go through your checking, savings, investments, credit card accounts, and any other financial accounts that you have.

When you’re reviewing your accounts each week, update your budget or note anything that stands out to you. This habit will help you stay in touch with your financial reality.

3.  Max out your retirement contributions

Max out your retirement contributions. You can contribute to retirement in an employer-sponsored account, such as a Roth 401k, or in your personal retirement account, such as a Roth IRA. If you get a match from your employer, you are passing up on free money if you don’t contribute up to the match. Even without an employer match, you are missing out on compound interest if you pass up on retirement investing. The longer you have your money invested, the better. Don’t waste time – start investing in retirement now.  

4.  Don’t charge more than you have in the bank

Don’t charge more than you have in the bank. If you use a credit card, then you should never charge more to it than you can pay at that moment. When you use your credit card, you are borrowing money. Debt creates a relationship where the “lender is slave to the borrower” as it says in The Bible. Avoid the bad feelings that come with being in debt and only charge what you can afford.

If you’re a spender, put the credit card away completely. I’m a spender and I use my debit card instead of a credit card (I’ve never had a credit card). The bottom line is to do what’s wise for you.

5.  Create a positive money affirmation and write it down daily

Positive affirmations can help you turn negative self-talk into positive self-talk, and as a result, change your negative habits into positive habits. A big part of saving money comes from how you think about money. If you believe you can save money, you will find a way.

Here are 10 positive money affirmation examples to help you think differently about money.

1. I have learned from my past financial mistakes.
2. I know where I stand financially right now.
3. I am living in my financial truth (not in la-la land).
4. I am working towards financial success.
5. I am going to be debt free by next year.
6. Getting out of debt will be easy for me.
7. Saving money is easy for me.
8. I am good at budgeting.
9. My family is honest and transparent with finances.
10. I have a positive relationship with money.
11. I make good, responsible financial decisions.

Use a positive money affirmation that works for you – either one from the list above or your own. Write one positive money affirmation down every day – in the morning when you wake up or right before bed. Creating a habit of thinking positively will help you create more positive energy that will help you achieve your goals.

Conclusion

Let’s recap – here are the 5 habits that can help you save money and get on track financially:

1. Say “no” to yourself once every day
2. Review your bank accounts weekly
3. Max out your retirement contributions
4. Don’t charge more than you have in the bank
5. Create a money affirmation and write it down daily

Now, go kill it – remember, what Jeff Olsen said: “Simple daily disciplines – little productive actions, repeated consistently over time – add up to the difference between failure and success.”

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Natalie Bacon is the blogger behind Financegirl. Natalie writes about finance and intentional living for young, professional women (like her). Natalie is a financial planner and freelance writer. Natalie has been featured on The Huffington Post, US News, Lifehacker, Elite Daily, and several other publications.