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10 Budgeting Habits That All Wealthy People Do

Everyone in the world strives for financial success. So what are the wealthy doing so differently? These are the top ten budgeting habits that all wealthy people do.

By Kelsey LangePublished 6 years ago 4 min read
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Though everyone's story is different, financial success is possible for anyone. These are the top ten budgeting habits that all wealthy people do, and they're simpler than you think. Protect and grow your investments with these changes.

From saving 10 percent of your earnings to reaching out for advice, these tips are guaranteed to transform your financial situation, no matter how cliché they might seem. People who properly incorporate these habits into their day to day lives are sure to see a drastic change in their financial opportunities.

Put away 10 percent.

We all know that saving money is one of the first things to transform your financial situation. In order to be successful, you have to save. But where can you start? As one of the best budgeting habits that all wealthy people do, putting away 10 percent of your income is an incredible way to start.

Separate a portion of your income as soon as you receive it; this way, you won't know what you're missing, and it will turn into a habit. And if you don't have a savings account, open one! Trying to save leftover money is never a good approach, and instead providing yourself with 10 percent right away will help you to immediately put money toward your future financial goals.

Ask: do I need to make more or spend less?

An important question to ask to correctly move forward in transforming your finances is: do I need to make more or spend less? Two completely different routes to take, but ones that help you reconsider your troubles.

If you are focusing on the wrong path, try fixing the other for a while. Or even better, try both! As one of the best budgeting habits that all wealthy people do, reconsider your income, and reconsider how much you are willing to spend.

Keep track of your spending.

Though you might think that you have your spending habits under control, keeping track of each of your bank transactions will allow you to better gauge your money issues, and where they are coming from.

Just like keeping track of your calories will allow you to lose weight, keeping track of your transactions will promote savings. You will be much more conscious of your decisions, and in return, learn how to make smarter ones.

Ask for advice.

No one finds success alone, and reaching out for help is crucial. As one of the best budgeting habits that all wealthy people do, ask for advice. Whether this is from a mentor, a financial advisor, or just someone who is better off financially than you, ask them how they think that you can save more money, and make more money.

The worst that can happen is that you don't get an answer. Getting advice and information that you didn't know previous to that conversation is beneficial as it is. Don't ever be afraid to ask for help.

Tackle your debt.

Before you can begin to save money, you have to tackle your debt. Spending more than you can earn will ultimately end with you in terrible debt. As overwhelming as it might seem, debt, whether it is from spending or student loans, cannot be put on the backburner.

Though it might seem appealing to begin saving for your future, you cannot truly make money if you have debt looming over your bank account.

Plan for retirement.

Even if you are in your 20s or 30s, with retirement seeming very far away, it will happen one day! And for a future and much smarter you, you will certainly want to thank yourself back when you were young. On the topic of saving money, you should always consider your retirement fund. And if this fund is nonexistent, create one!

It doesn't take much work or much money to contribute, but with all this time from now to then in between, you'll have plenty of moments to contribute your savings to this fund. Who doesn't want a brighter future, free of work, and with plenty of money to live comfortably?

Look for bargains.

In order to build wealth, you don't have to completely cut off spending. It is inevitable to spend money, and you shouldn't feel guilty every time you swipe your card. But there are always better ways to spend, and this includes finding bargains.

As one of the best budgeting habits that all wealthy people do, bargains are your best friend, even if it might take extra time to find them. When there is an option to pick the cereal that is half off, of course you should choose it. Keeping this mentality, and always asking if there are better opportunities to save, will benefit your wallet immensely.

Realize "bad luck" is a myth.

People who attest their bad luck to the universe, saying that the world is out to get them, are not taking responsibility for their actions, and the way that they can transform their own life, especially their bank account.

As one of the best budgeting habits that all wealthy people do, putting in hard work for what you want is the only way to achieve success. Even if you think that people doing better than you financially simply had their money handed to them, this doesn't provide a reason for you to attest your small savings to "bad luck." You have to transform your "luck" with changes, work, and dedication to a new lifestyle.

Don't obsess over your salary.

Though it is important to keep track of your transactions, and reconsider your methods of saving, obsessing over your salary will not benefit your financial success.

Just because you aren't making a six-figure income doesn't mean that you cannot be wealthy. If you obsess over things like this, you will fulfill your prophecy of never becoming successful, even if you strive to be.

Pay your bills right away.

Last, but not least, on our list of the best budgeting habits that all wealthy people do, paying your bills straight away will ultimately reward you, because you'll be paying yourself first.

Being sure to square away each of your bills every month will avoid debt, stress, and a financial downfall. It will also allow you to build credit, maintain funds, and save more. A simple action, but one that has incredible benefits, pay your bills once you get them.

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About the Creator

Kelsey Lange

Passionate about writing, animals, makeup, movies, friends, family, learning, exercising, and laughing!

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