1. Be mindful. In other words, do not be careless. Pay attention to your spending habits. Minimize impulse buying. Be intentional with making rational decisions. First, buy only the things that you need. Second, buy only the ones you can afford. Develop a monthly budget. It is an excellent tool to help you become mindful.
2. Keep track of your financial transactions. Amounts don’t matter but your vigilance does. Remember that small amount can become huge in the future if left unchecked. Do not rely too much on computerized registers. Think about human errors. The sales clerk may enter the wrong item or return the wrong amount of change. Watch while your items are entered into the cash register. Review your receipt and re-count your change.
3. Treat your money with respect. That’s the only way to abuse it. Again, amounts don’t matter. A dollar or a penny can go a long way. Deposit your coins in a container. As they accumulate in amount, deposit them into your account, maybe at least once a month. Over time, your pennies will grow into big amounts of cash.
4. Use your credit cards wisely. To own a major card is an advantage But only a disciplined use of the card can help you build financial integrity. Holding many cards is the number one enemy of intelligent buying. Do not apply for more than three credit cards. If you don’t intend to use them, leave them at home when you go out. If you need a card, bring your debit card instead.
5. Get out of what hinders your financial freedom. Repeatedly making poor money decisions can sabotage your family’s financial future. Identify the areas of weakness. Seek professional help if necessary. Find someone you can accountable with - one that will follow you up in developing positive financial habits.