7 Tips for Developing Good Money Habits

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If you're trying to get out of debt or if you're trying to be a better spender, start developing the good money habits discussed in this slideshare!

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7 Tips for Developing Good Money Habits

  1. 1. B E I N G G O O D WI T H M O N E Y I S N ’ T E A S Y ! 7 TIPS FOR DEVELOPING GOOD MONEY HABITS
  2. 2. TAKE IT ONE STEP AT A TIME • Not everyone has a natural inclination towards being frugal. For some, spending money and getting into debt is quite easy. • If you’re one of those people that struggles with being good with money, there’s hope. You can learn how to be a wise spender by making simple changes and smart decisions. • The trick is to slowly start developing good money habits, six of which are shown in the following slides:
  3. 3. 1. BUY FOR QUALITY • Interestingly enough, it’s better to buy for quality rather than price. A pair of $90 shoes will last for years while a pair of $20 shoes will last a couple of months. Buying $20 shoes every two or three months will add up to more than $90.
  4. 4. 2. SAVE WITH EVERY PAYCHECK • It’s hard to do this, but it certainly pays off. Every time you get paid, put $5, $10, or however much you can afford into savings. This will help you build a secure financial future.
  5. 5. 3. STOP BAD HABITS • If you smoke or drink alcohol, you’re wasting lots of money on these unhealthy habits. Simply stopping will not only save you money, but it will also improve your health.
  6. 6. 4. DON’T BUY FOR PRESTIGE • Although you should pay a little more for better quality, you shouldn’t pay a ton just for show. Buying name brand products just to show them off or just to prove that you’re superior only wastes your money and loses you respect.
  7. 7. 5. AVOID LOANS • So many people get loans so they can have fancy cars or buy things they want instead of need. Don’t get a loan unless you absolutely have to (like for educational purposes) and even then, question whether it’s truly necessary.
  8. 8. 6. KEEP YOUR RECEIPTS • Keeping your receipts helps you keep track of what you’re spending your money on. It will give you a visual representation of whether your money is going towards necessary or unnecessary things.
  9. 9. BE SMART WITH YOUR MONEY! • Learning how to live within your means can be difficult, but it’s not impossible. Sometimes you have to learn the hard way first. • If you’ve ever had to file for bankruptcy and go through the bankruptcy process, you know how damaging debt and poor money habits can be. • The best way to get out of a situation like this is to start developing good money habits today.
  10. 10. CALL A BANKRUPTCY ATTORNEY • If you find yourself in a situation where you can no longer pay your bills or keep up with your debt, call a bankruptcy attorney today. • A bankruptcy attorney, like JMM Legal, is there to help you through the entire bankruptcy process so that you don’t have to forego any of your rights. • You can contact JMM Legal and get help from them today by calling (801) 505- 9679 or by visiting jmmlegal.com.

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