• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer
Cult Of Money

Cult Of Money

Personal finance for the crypto-curious.

  • About
  • Podcast
  • Contact
  • Cryptocurrency
      • How To Start

      • What Is Cryptocurrency And How To Invest?
      • What Is Bitcoin And How Does It Work?
      • What Is Ethereum And How Does It Work?
      • Most Common Crypto And NFT Scams (And How To Avoid Them)
      • Proof Of Work vs. Proof Of Stake vs. Proof Of History
      • How To Invest In Crypto In Your IRA Or 401k
      • Tools + Resources

      • Best Cryptocurrency Exchanges
      • Best Cryptocurrency Wallets
      • Best Crypto Savings Accounts
      • Best Tax Software For Crypto And NFT Traders
      • Reviews

      • Coinbase Review
      • Gemini Review
      • BlockFi Review
      • Binance Review
      • Hodlnaut Review
      • Ledger Wallet Review
  • DeFi
      • How To Start

      • What Is DeFi?
      • What Is Staking Your Crypto?
      • Centralized vs. Decentralized Exchange
      • Tools + Resources

      • What Is Uniswap And How Do Decentralized Exchanges Work?
      • Reviews

  • NFT
      • How To Start

      • What Is An NFT?
      • Tools + Resources

      • Most Popular Play-To-Earn Crypto Games
      • Popular Projects

      • What Are VeeFriends And Are They Worth It?
      • Bored Ape Yacht Club NFTs Are Popular (And Expensive)
      • What Is The Sandbox And How Can You Play?
      • Why Visa Bought A CryptoPunk
  • Investing
      • How To Start

      • Tools + Accounts

      • Reviews

  • Personal Finance
      • Banking

      • Best Bitcoin Rewards Checking Accounts
      • Tools + Resources

      • Tax

      • Income Tax Prep Guide
      • Bookkeeping And Accounting For Crypto And NFTs
Personal Finance

Why You Should Put a Focus on Creating Habits

By Alexa Mason • November 10, 2015

At The Cult of Money, we want to help you navigate your finances. To do this, many or all of the products featured here may be from our partners whom we receive compensation from. This doesn’t influence our evaluations or reviews. Our opinions are our own. Learn more here.Advertiser Disclosure

There are thousands of financial products and services out there, and we believe in helping you understand which is best for you, how it works, and will it actually help you achieve your financial goals. We're proud of our content and guidance, and the information we provide is objective, independent, and free.

But we do have to make money to pay our team and keep this website running! Our partners compensate us. CultOfMoney.com has an advertising relationship with some or all of the offers included on this page, which may impact how, where, and in what order products and services may appear. The Cult of Money does not include all companies or offers available in the marketplace. And our partners can never pay us to guarantee favorable reviews (or even pay for a review of their product to begin with).

For more information and a complete list of our advertising partners, please check out our full Advertising Disclosure. CultOfMoney.com strives to keep its information accurate and up to date. The information in our reviews could be different from what you find when visiting a financial institution, service provider or a specific product's website. All products and services are presented without warranty.

When it comes to money creating habits that last is one of the absolute smartest things you can do. Here are my favorite financial habits + tips on getting started.Money is an interesting thing.

One on hand we all know that there is far more to life than money. On the other hand, not having enough money can make your life miserable. Money can either be a tool that helps you build the life you want or it can be the source of a whole lot of stress.

I feel like I’ve been on both sides of the fence.

When I first got divorced money was a HUGE issue. I had been used to earning around $20,000/year which wasn’t a problem when I was married. However, after I got divorced making that money stretch was hard. I worked two jobs, tried to build online income, and saved an emergency fund.

The first year was really hard. But I made it work. I was able to keep my expenses in check and save a decent size emergency fund on a low income. And it all came down to creating habits that stuck.

Now I don’t even have to think about how to manage my money or what money is going to go where. My entire financial system is on autopilot.

I personally feel like this is a good place to be – to not have to think about budgeting, investing, debt repayment, or saving. It just happens on autopilot without even thinking about it.

These are the habits I’ve developed that have helped me the most.

# 1 – Not Buying a lot of Stuff

“You save 100% on the stuff that you don’t buy.”

That’s a completely true statement. I think we get caught up on trying to pinch pennies here and there or are tempted when we see sales like “BOGO Free” or “Save $15 when you spend $100” but the truth is, you’re not really saving anything if you buy stuff you don’t need.

I have a hard time buying things. I’ll put stuff in the shopping cart that I might need or that would be nice to have but I can never buy it! I walk around with it in my cart for five minutes and then I go put it back.

I’m not saying I never buy anything. I just don’t cave to impulse purchases much. When I buy something I’ve usually thought about it for a couple weeks before I pull the trigger.

# 2 – Saving Certain Income Streams

I LOVE that I have several income streams. It allows me to very easily designate different income streams to different savings goals.

For instance, freelance income goes to checking to pay bills while other income streams are divided up among my savings accounts.

Other than those one off expenses I don’t have to think about or touch my savings.

# 3 – Automation

This goes hand in hand with #2 but it works well. When your money is out of sight it’s out of mind. I have my Loyal3 investments, IRA contributions, and my kids’ college savings automatically saved for me every month.

I treat these expenses just like I would a regular bill. They happen automatically and so I account for them every month.

# 4 – Saving Whatever I Can

When I first started saving I saved whatever I could. I would sit down and pay bills and if I could only add $5 to savings then I would add $5 savings.

I think a big problem a lot of people have is thinking they don’t have enough to save. ANYTHING is enough to save.

If you develop the habit of saving whatever you possibly can then when you have access to more money you’ll still be saving whatever you possibly can and that amount will snowball.

What Habits Should you Develop First?

To truly make a habit stick you need to give it enough time to actually make it a habit. You have to keep repeating the action until you no longer need to think about it and your brain just automatically does it.

Since we’re all different I personally don’t think there’s a particular roadmap to follow. Instead you can try to:

Identify Your Biggest Weakness or Need. What is going to make your financial life vastly improve? Focus on that. Also, what area are you struggling in the most? Focus on that next.

Have Clear Goals. It’s hard to know what road to take if you don’t know where you’re going on the first place. Ignore what everyone says you should do and instead think about the things that are most important to you.

Repeat Until Automatic. Once you figure out what you need to do keep repeating until it becomes automatic. Depending on how often you need to repeat the action it could take anywhere from 30-90 days for the habit to develop. Keep repeating it until it you don’t even have to think about doing it.

Move on to the Next Habit: After you have on habit down move on to the next. Before you know it you won’t even have to think about money management other than checking your balances from time to time. You’ll develop the habits you need to have a lifetime of financial stability.

 

Alexa Mason
Alexa Mason

Alexa Mason is a freelance writer and wanna be internet entrepreneur. She is also a newly single mom to two beautiful little girls. She chronicles her journey as a single mom trying to make it big at www.singlemomsincome.com.

Editorial Disclaimer: Opinions expressed here are author’s alone, not those of any bank, credit card issuer, airlines or hotel chain, or other advertiser and have not been reviewed, approved or otherwise endorsed by any of these entities.

Comment Policy: We invite readers to respond with questions or comments. Comments may be held for moderation and are subject to approval. Comments are solely the opinions of their authors’. The responses in the comments below are not provided or commissioned by any advertiser. Responses have not been reviewed, approved or otherwise endorsed by any company. It is not anyone’s responsibility to ensure all posts and/or questions are answered.

Primary Sidebar

  • Facebook
  • Instagram
  • Pinterest
  • RSS
  • Twitter
  • YouTube

Editor’s Picks

  • 8 best cryptocurrency exchanges ranked

    8 Best Cryptocurrency Exchanges Ranked For 2023

  • crypto savings accounts

    6 Best Crypto Savings Accounts For 2023

  • Cryptocurrency Bonus Offers

    10 Best Crypto Promotional And Bonus Offers

  • best crypto wallets

    Best Crypto Wallets For 2023 (Software And Hardware Options)

  • Best Portfolio Trackers For Cryptocurrency And Stocks

    6 Best Portfolio Trackers For Cryptocurrency And Stocks

  • best tax software for crypto and NFT traders

    Best Tax Software For Crypto And NFT Traders In 2023

Popular Posts

  • proof of work vs. proof of stake vs. proof of history

    Proof Of Work vs. Proof Of Stake vs. Proof Of History

  • Why I Bought An NFT

    Why I Bought An NFT [And 5 Reasons You Should Too]

  • My Dogecoin Experiment: What I Learned From Investing $2,000 In DOGE

  • common crypto and nft scams

    Most Common Crypto And NFT Scams (And How To Avoid Them)

  • Bookkeeping and Accounting for Crypto and NFTs

    Bookkeeping And Accounting For Crypto And NFTs

  • what is a 51% attack

    What Is A 51% Attack? (And How Is That Game Over For Crypto?)

  • what is staking crypto

    What Is Staking And How Can You Make Money With Your Crypto?

  • what are veefriends

    What Are VeeFriends And Are They Worth It?

  • how to file a complaint against crypto exchanges

    How To File A Complaint Against A Crypto Exchange [Crypto Regulators]

Footer

Pages

  • Best Cryptocurrency Wallets
  • Best Cryptocurrency Exchanges

Categories

  • Cryptocurrency
  • DeFi
  • NFT
  • Personal Finance

About

  • About The Cult Of Money
  • Contact
  • How We Make Money
  • Advertise With Us
  • Facebook
  • Instagram
  • Pinterest
  • RSS
  • Twitter

Copyright © 2023 | Cult of Money | Privacy Policy | Terms of Service