5 money habits for financial freedom in 2022
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What are the five money habits for financial freedom in 2022?
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It is wonderful to be back, Owen, for this bonus episode. And today, we're going to give you five ways to improve your financial habits in 2022 that are going to set you up for success.
Whoa.
Yeah, it's quite a pitch.
Okay. So, 15 minutes, five habits. Let's start with what is a habit?
Yes. So, using a definition because we didn't make this stuff up, but in psychology, a habit is any regularly repeated behaviour that requires little or no thought and is learned rather than innate. And this is developed through reinforcement and repetition. And that is from the Britannica Dictionary.
One of my favorite dictionaries, if I do say so myself.
Yes.
But habits are really important to form, right? We talk about, there are many quotes. One of my favorite is, the chains of habit are too light to be felt until they're too heavy to be broken. Meaning that once you form them, they tend to stick around. And that's my kind of gripe with a lot of longer term goals is that it's kind of like way off there in the distance. And it doesn't come into your daily routine unless you make micro goals.
Yeah, and we talk a lot about the things, the habits we want to break. We want to stop spending money. We want to stop impulse buying. We want to stop eating out as much. But we want to talk about these positive habits that we can add to our life that are really going to supercharge our financial future and also just makes life a little bit simpler because you're not having to rethink these financial decisions on a regular basis.
Yeah. And one of the things that we know is that when it comes to money, habits tend to trump like those longer term goals just because they are repeatable and you can fine tune them and they tend to stick around. They tend to inform other parts of your life as well. You know, if you are mindful of money every single day, if you have a ritual or a habit, that can then inform other parts of your life as well. And money is one of these topics that it makes a lot of sense to have habits around. So, Kate, let's try and forge some habits or give people the kind of, I guess, the fire to go on and to pick one of these or all of these to incorporate into their daily routine. And then we can share kind of some hacks to make it like supercharged.
Awesome. So the very first one, and it will come as no surprise to regular listeners of the podcast, is to automate your savings and investment goals. Now, we talk about this a lot and a lot of people have probably heard this idea, so it won't be a new concept, but often we need a few nudges before we actually go and set up these automations in our bank accounts or in our investments.
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Sounds like good money advice... But is it?