Bellmore Group Management Services, Tokyo Japan 10 Habits to Develop for Financial Stability

Bellmore Group Management Services, Tokyo Japan on 10 Habits to
Develop for Financial Stability and Success
Just like any goal, getting your finances stable and becoming financially successful requires the development of good financial habits.
I’ve been researching this topic extensively in the last few years in my quest to eliminate debt, increase my savings and increase
financial security for my family.
I’ll talk more about these habits individually, but wanted to list them in a summary (I know, but I’m a compulsive list-maker).
Here they are, in no particular order:
1. Make savings automagical
This should be your top priority, especially if you don’t have a solid emergency fund yet. Make it the first bill you pay each payday, by
having a set amount automatically transferred from your checking account to your savings (try an online savings account). Don’t even
think about this transaction — just make sure it happens, each and every payday.
2. Control your impulse spending
The biggest problem for many of us. Impulse spending, on eating out and shopping and online purchases, is a big drain on our finances,
the biggest budget breaker for many, and a sure way to be in dire financial straits. See Monitor Your Impulse Spending for more tips.
3. Evaluate your expenses, and live frugally
If you’ve never tracked your expenses, try the One Month Challenge. Then evaluate how you’re spending your money, and see what you
can cut out or reduce. Decide if each expense is absolutely necessary, and then eliminate the unnecessary. See How I Save Money for
more. Also read 30 ways to save $1 a day.
4. Invest in your future
If you’re young, you probably don’t think about retirement much. But it’s important. Even if you think you can always plan for
retirement later, do it now. The growth of your investments over time will be amazing if you start in your 20s. Start by increasing your
401(k) to the maximum of your company’s match, if that’s available to you. After that, the best bet is probably a Roth IRA. Do a little
research, but whatever you do, start now!
5. Keep your family secure
The first step is to save for an emergency fund, so that if anything happens, you’ve got the money. If you have a spouse and/or
dependents, you should definitely get life insurance and make a will — as soon as possible! Also research other insurance, such as
homeowner’s or renter’s insurance.
6. Eliminate and avoid debt