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8 Good Money Habits of People Who Are Never Broke

8 Good Money Habits of People Who Are Never Broke

There has probably been at least one time in your life when you have been broke.

Maybe you don’t have good money habits. 

Do you ever find yourself wondering why some people in your life are never broke?

Good Money Habits 

It’s good to take a look at your money habits to see if there are changes that need to be made.

Discovering what people with good money habits do everyday can help you to adopt your own positive money habits. 

These are some great tips that can help you to prepare for the future.

Plus, you won’t have to worry about being broke all the time. 

1. They set goals

People with good money habits know how important it is to set financial goals and work towards them.

Many people that are never broke have set certain goals in the past and have reached them. 

good money habits

This is what helps them to always have money.

Important financial goals that they prioritize are paying off debt, having an emergency savings, and retirement goals. 

2.  Budget their money

One of the top tips of people that always have money is budgeting. If you don’t already have a budget you need to create one. 

Budgeting is so important because it helps you to not spend beyond your means.

You can quickly get into financial trouble if you don’t have a budget. 

You need to first know how much is needed to cover your expenses, and then you can then use the extra to spend. 

People that always have money have the pay bills first then spend mindset, not the spend first and try to cover the bills after mindset. 

Having a solid budget will help you to always have money, know how much you have, and it will help you with reaching your financial goals.

3. Don’t let emotions control spending

I know that I am guilty of letting my emotions control my spending. I have made purchased off of how I am feeling at the moment many times in the past.

People with good money habits are aware of emotional spending. 

They make sure that they don’t spend money or buy things from an emotional mindset.

Emotional spending can happen due to different life situations. 

positive money habits

Things such as a bad day, a fight, stress, or because of the holidays. The important thing is to start being aware of your emotional spending.

Then you can start to take steps to make sure you aren’t making emotional purchases. 

4. Are not in too much debt

People that always have money know how important it is to pay off debt.

Even if you have a high salary, if you have too much debt you will still not have money. 

Getting into debt is very easy to do. Then, once you are deep in debt it makes it really hard to get out of.

The monthly debt payments and interest just seem to pile up leaving you broke. 

how to save money

Take the advice of people that are never broke and make a plan to get your debt paid off.

I know it can seem overwhelming and impossible when you are in a-lot of debt, but just start making a plan. 

Once you make a plan and figure out how you can get out of debt you will be able to use the extra money you have been spending on payments and interest to put right into your savings. 

5. Understand how finances work

If you know someone that is never broke then they one of the good money habits that they have adopted is that they have learned about finances. 

They know how finances work and can use this knowledge to their advantage. Make it your goal to learn about finances.

Start learning about credit scores, budgeting, how credit cards work, creating budgets, saving money, and ways to pay off debt. 

If you don’t know how finances work then you won’t be able to use it to your advantage.

So start learning today and before you know it you will have good money habits too! 

6. Invest their money 

People with smart money habits aren’t afraid to invest their money. If theres is one thing that you can do to ensure that you will never be broke, that is going to involve investing. 

ways to save money

Many people are afraid of investing, but once you learn how to invest smart it will be much less scary. 

Some of the reasons that you should invest include retirement, investing for the future, and investing to grow your money (such as a savings account).

Just be sure that you are making smart investments. 

7. Know that they are not invincible

A bad money habit that many people have is that they thing that they are invincible.

They don’t prepare for things to happen because they think that they it will never happen to them. 

I am very guilty of this one. I never thought that I could lose my home to a fire and didn’t think that renters insurance was that important.

Then, the thing that I never thought would happen did and I was not prepared. 

Bad things happen daily, natural disasters, job layoffs, medical problems, loss of income, and more.

I don’t want to scare you with all the bad things that might happen. It’s important that you be prepared for the fact that they could happen to you. 

save money

Make sure you don’t make this bad money habit mistake of thinking that you are invincible.

While chances are everything will be fine, you want to prepare yourself just in case. I know I wish I would have. 

I hope that we can all learn from my mistake.

8. Look for ways to save money

You might think that the people that always have extra money don’t really care about saving money.

This is not true. Most of the time it’s actually the opposite. 

They always have money because they have good money habits and one of these habits is that they live fugal and look for ways to save money

Living frugal doesn’t mean that you have to give up all the luxury that you might have or love in your life.

It just means that you look for ways to save a little here and there. 

A little bit of savings on things you buy and do every day can really add up.

Even if you are saving 5% it will all add up over time to a large amount. 

So the next time that you are shopping, or going on an adventure, or buying something new make sure you look for ways to save. 

Some popular ways that you can save money in your everyday life are using loyalty cards, reward points, coupon apps, cash back apps, and watching for discounts and sales. 

Who doesn’t love a good sale!

So the next time you are spending money take a minute to see if there is a quick and easy way to save. 

I hope that all these good money habits inspire you to create some of your own great habits.

If we try to start adopting just a few of these habits then we can be just like the people that are never broke. 

I know that I am going to be working on changing some of my bad money habits.

Let’s adopt some good money habits together! 

My focus this year is going to be on paying off my debt. 

What bad money habits do you need to change?

Let me know in the comments below. 

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