Some people always seem to have money and are never broke. If you always wonder how they do it and would like some financial stability yourself, then you’ve made the smart choice by reading this post about habits of people who are never broke.
By incorporating these habits into your life, you can achieve financial security and peace of mind.
If the habits mentioned below are new to you, remember you can always start small. Pick one habit to try this week. It should be the simplest one, something that fits into your routine and does not require you to make big changes. Then, next week you can add another. Gradually it’ll all build up – the good habits and your finances- and you’ll be so glad you started.
The last thing you want to do is try all at once. You will become overwhelmed and ditch everything all together. We don’t want that.
Remember, starting a new habit requires commitment and effort. Be patient with yourself and remember to celebrate little wins!
With that out of the way, let’s dive into 15 habits of people who are never broke.
Habits of people who are never broke
They create a budget and stick to it
Having a budget that tracks income, expenses, and savings is one of the best ways to ensure you always have money. So many people are put off by the thought of budgeting. I think if we just stick to the basics budgeting won’t be so daunting. Get a simple app, spreadsheet or printable. Then write down these three things:
- How much you earn in a month or biweekly
- How much you plan to spend, and on what
- How much you eventually spend.
This will help you keep track of overspends.
Related: The 10 best budgeting apps.
They save money consistently
People who are never broke will find a way to save money, no matter how little. They are committed to saving a fixed percentage of their income every month. So it doesn’t matter if they are high or low earners. That percentage must be saved. Setting up automatic monthly transfers from your salary account to your savings account helps. An App like acorn is a must have. It makes saving easy by automatically rounding up your shopping and saving or investing the change. Cool right?
They invest wisely
They educate themselves about investment options and make informed decisions to grow their wealth over time. Know the difference between buying things that cause them to spend money (e.g cars) versus things that grow their money e.g high yield saving accounts, rental properties, Real estate index funds.
They minimise debts
Some debts are difficult to avoid e.g. student loans. However, people who are never broke manage their debts responsibly. They pay off high interest debts with no interest credit cards. Take up extra side hustles to work towards paying off existing debts. It also avoid unnecessary borrowing, and live within their means.
They Avoiding impulsive spending
They practise mindful spending by considering the long-term value of purchases and avoiding impulsive buying decisions. A common approach is to use the 48hr rule where you wait for 48hrs before making a purchase. By sleeping on it, you get time to decide if the purchase is really a priority.
They regularly review bills and expenses
Regularly reviewing bills and expenses can help identify opportunities to save, negotiate better deals, or eliminate unnecessary subscriptions and expenses.
They buy in bulk when it makes sense
Buying in bulk can save money in the long run. When you come across non-perishable items or household essentials at a discounted price, stock up on them. Just be mindful of expiration dates and only buy what you’ll actually use.
They plan their meals around what they have in their pantry
Instead of constantly buying groceries, they take inventory of what they already have in their pantry and plan meals around those ingredients. This helps to avoid unnecessary spending and reduces food waste.
They take their lunch to work
Eating out for lunch can quickly drain anyone’s finances. You can prepare your meals at home and bring them to work like most frugal people do. Not only will this save you money, but it can also be healthier and more satisfying.
They find deals and discounts
Groupon and similar platforms offer great discounts on various products and services. Before making a purchase or booking an activity, people who are never broke check if there are any deals available. This habit allows them to enjoy experiences and buy products at a fraction of the original cost.
If you love shopping on amazon, why not use this simple app that allows you to only display items that are within your budget. With this web app you can restrict the price range of items that amazon shows to you. It’s free to use, created by our inhouse team and you can bookmark for future use.
They find deals on secretsales
Secretsales is an online platform that offers exclusive sales and discounts on a wide range of products, including fashion, home goods, beauty, and travel. By taking advantage of these deals, people can save a significant amount of money on their purchases.
They book flights and holidays with Wayaway
Way away is a platform that offers competitive prices and deals on flights, accommodations, and travel packages. However, By using this platform, people who are never broke can find affordable options for their travel plans, enabling them to save money without compromising on the quality of their travel experiences.
They embrace DIY
Taking on do-it-yourself projects whenever possible, such as home repairs, crafting, or basic car maintenance, can save high fees often charged by professional services. It is not always possible to DIY but where necessary, it should be embraced.
They make their own crafts for kids:
Children’s toys and crafts are cheap but can add up over time. Instead of buying them, people who are never broke tap into their creativity or pinterest to make crafts for kids. Not only will this save money, but it can also foster quality time and creativity with your children.
They use credit cards or apps that reward for shopping or eating out
There are only a few things that feel better than earning cash back or rewards on your regular everyday expenses. However, People who are never broke use credit cards or apps that offer rewards for everyday shopping, groceries, and restaurant spending.
Related: 10 best cash back apps
They get creative with gifts:
Instead of spending a fortune on gifts, people who are frugal get creative. Also, They love giving homemade gifts, experiences, or personalised items that hold sentimental value. Thoughtful gifts can be more meaningful and memorable than expensive ones.
They Seek additional income sources
Not everyone who always has money has a high paying job. Most people often explore opportunities for additional income, such as side jobs, freelance work, or passive income streams, to boost their financial stability.
Related: 63 ways to make extra money this month.
People who are never broke are constantly learning about personal finance
Investing in yourself will always yield lifetime rewards. Also, People who are never broke are constantly reading books, reading books, attending workshops, and staying informed about personal finance and financial trends and strategies.
Related: 10 best personal finance books to add to your reading list this 2023
Need practical solutions to avoid being broke?
Try making money in your spare time
- Sell printables – Selling printables is the easiest side hustle to make passive income. You can do it in your own schedule and earn over $10,000 a year selling simple printables.
- Proofreading – Earn $15-20+ an hour proofreading online. Set your own schedule, choose what you want to proofread and when.
- Complete short tasks – Make money filling out surveys or playing games on Swagbucks. You can earn up to $5 per task, tasks take only a few minutes to complete.
2)Learn how to save money: 25 practical ways
Conclusion:
You can cultivate a lifestyle of financial stability and avoid being broke. Create a budget, minimise debts, invest wisely, try buying in bulk when it makes sense, plan meals around what you have, take your lunch to work, find deals, embrace DIY, use credit cards that reward restaurant shopping, and get creative with gifts. Remember to also delay purchases, set savings goals, and track your spending to stay on top of your financial situation. With these habits, you can achieve long-term financial well-being and peace of mind.