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6 In Money

5 Ways To Create Better Habits With Money

How you can establish better money habits today. | Imperfect Concepts #SmallBusiness #Money #finances

The topic of the day is…money. I love that we’re having an open dialogue on this. I’m very thankful that this is the type of content you want to learn more about. As always, I will be sharing from my personal experience. I hope it helps you create better habits with money, so that you too, can be successful in your personal and business life. In recent years, I have seen what bad money habits can do to you; from causing strife to much more drastic damages to your life.

Living On A Budget

This is really important. When it comes down to it, you need to know where your money is going; from the first to the last penny. For 90 to 120 days, be very strict as to how you budget your money; tracking how much you’re wasting and so on. We don’t notice that going to Starbucks every day accounts for $100 a month of our money. That gym membership that never gets used. After I did this, I got mad at myself. There was so much waste occurring. I would spend $40 a week getting organic and natural food to eat, but, during the week I would be at multiple restaurants. By weeks end, my veggies and fruit didn’t look appetizing. If you’re a pen and paper type of person, invest in a ledger to track everything. If you’re a digital person, you can use a tool like Mint; it actually has amazing features to set goals etc.,.

Use Credit Cards Wisely

I have a personal credit card. Yes, I believe the debtor is enslaved to the lender. In my case, I chose to get one to assist with rebuilding my credit; after being irresponsible and letting some of my student loan go into default. I signed up for a secured credit card through USAA. My bank approved me for a non-secured credit card. I love that they allow me to put my money into a CD that earns interest. Credit cards are not meant to be lived off of. That’s the big problem. We get into financial trouble and start living off of borrowed money. My credit card is ONLY used for travel.

Keeping up with the Kardashians and bloggers is keeping you in debt. Create better habits today. | Imperfect Concepts #SmallBusiness #money #Finances

Open A Savings Account

Almost two months ago, I asked my audience how many of them had $1000 in their savings account. A great amount of them didn’t. This is another huge problem. Back in my early twenties, I lived in the moment and just did what I wanted, not thinking that I actually needed a savings account. If an issue arose and I would contact my dad. He was my savings account. When I got older, he stopped being my piggy bank. Most emergencies are $1000 or less. After you have the $1000 saved up, continue to save don’t just stop. I put away 10% of my weekly income into my personal savings.

Keep Up With The Jones’

Stop keeping up with the latest stuff that’s happening on Instagram. Go figure, this one is huge too. If you want to have better money habits, I suggest you focus on yours and not others. Trust, there are moments I get wrapped up in the beauty of the Chanel bags I see or some bloggers amazing outfits. I give you permission to un-follow those that make you feel less about yourself. There was a time when I was jealous that my friends were getting new Apple products while I had to settle for just owning an ancient MacBook Pro. I had missed the fact that, someone blessed me with my old Macbook pro.

Separate Bank Accounts

Some people find it strange but I have six different bank accounts. My business has a checking and savings account. Personally, I have a checking, savings, pay off debt, and a shopping account. All my accounts are free, so I am not being charged fees every month to have them. You probably have a minimum of three or four accounts if you’re a business owner. If you run a business you need a checking and savings accounts. You need a checking and savings for your persona tool. Now, if you’re paying off debt, I would suggest you have a separate account for that. Then my blow money aka “I can buy what I want” shopping account is where I put extra money. I don’t feel guilty if I buy a pair of heels or a bag or take myself to the spa with blow away money. That’s what I created it for.

Establishing better habits with your money is essential if you truly want to be successful.

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  • Quiana Milam

    Great info as always. Thank God I married a man who is great with money. He’s super old school though. He hates banks so he stashes money everywhere; he has a checking and savings drawer! Lol! But he is helping with my money mismanagement. He manages the money for my business as well and shows me how to do so along the way. With his help, I am looking to be debt free in the next 2 years. I agree with having multiple accounts Tasha! I think it’s important for every $1 to have a place. I have never thought about having a checking and savings for my business though. I would love for you to elaborate on your perspective of the subject.

    Air Huggs,
    Quiana

    • imperfctconcept

      You need to be great with money and your money needs to be in a bank or a credit union. Find one that you love. I have gone through several until I got where I am now and have a great relationship. He shouldn’t be managing your business finances. YOU SHOULD. You need to know how to do all that on your own. You must separate your business finances legally if you want to protect your business. Someone will be able to go after your personal money if its tied to your business.

  • Great tips

    • imperfctconcept

      thank you

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