Money Management Must Be Intentional

About a month ago, I did a “10 day cleanse” where I filled my body with nothing but nutrients and allowed it to remove all the toxins from consuming food and drink that are not ideal. There was nothing necessarily magical about that process. I did feel better physically. But more than anything else, I proved to myself that I could have the discipline to accomplish something like that. What left the most lasting impression is this: for me to be more physically fit, I had to be much more intentional about what I consumed.  It required not just a mindset of eating better, it required me to actually plan out each day – what I would eat and when. In this case it was simply planning and monitoring my diet so that I could be healthier physically. It has helped me immensely as I’ve now changed many “bad habits” about my daily routine from a dietary standpoint. 

A day or two after I’d completed my cleanse, I came across the list below of 10 habits that financially stable people have. It reminded me that being successful with finances is really no different than being successful with a diet. You simply have to be intentional with your efforts. You’ll notice that at least 7 of the 10 items on the list all involve intent and planning (and I guess you can argue that all 10 do to some degree). Dave Ramsey teaches that having a budget is simply your way of telling your money where to go and not vice versa. It amazes me the number of people I come across who simply let their lives dictate where their money goes. It doesn’t have to be that way. It might not be a bad idea to do a “10 day financial cleanse” where you monitor every penny that you spend and see if there are some tweaks that you can make to your budget. Long term financial success is won by making great daily decisions on all of the little things. They add up. Be intentional with your money.

10 habits of financially stable people

• Save. Spend less than you earn and put the extra away.
• Budget. Make a budget to have a framework for what you spend.
• Track your spending. Every month, look at what you spend and adjust your budget if necessary.
• Don’t spend impulsively. Only indulge in what’s important.
• Don’t procrastinate. Pay your bills on time so debt doesn’t grow.
• Invest. Put some money into long-term investments for college education and retirement.
• Ditch costly bad habits. These just cheat you out of things you could enjoy in the future. What makes you happy shouldn’t wreck your finances.
• Monitor debts. Know what you owe and pay off high interest debt, such as credit card balances.
• Plan. The way to afford the house, car or vacation of your dreams is to plan for them, setting down dates and goals for the money you’ll need.
• Stay healthy. Illness can be costly, but much of your well-being is in your control—protect your health with a healthy lifestyle.