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Whoever says they have enough money have probably never raised children. While money does make the world go around, it doesn’t have to be viewed as an evil. The real question here is, what is enough? The best financial habit to form is to pay yourself first. Even if you are in serious debt, developing a savings habit by setting aside at least 2% of your paycheck into a savings account that you can see but not touch will significantly impact your other expenses and your mindset.
Ideally, you should pay yourself 10% of your take-home wages first. The reward here should be obvious: the comfort and satisfaction of seeing your bank account grow every single week, month, and year. The cue is simple, every paycheck you receive should either have an automatic deduction of a set percentage into your savings account, or you do it yourself when money comes to your account. The hard part is setting up the behavior routine. How can you afford to set aside 2-10% when you feel like you are just getting by right now? A better question is, do you recognize the times in the past you have gotten by with less? By taking away the small percentage upfront and paying yourself first, you will be forced to make do with what you have left.
Learning to live under your means is like learning to go on a diet to lose weight. Once you get into a good rhythm and are used to it, it becomes easy. Develop this habit, and within a few months you will start to feel less anxious about your finances and find that you make better choices overall with less stress. Our finances and their health can affect our personal health and relationships in lots of ways, both negative and positive. Develop this habit, and you will be surprised by how much better you sleep at night.
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Published by Dr. Zaid Fadul
Healthcare 101, Health Care Guides, Health Insurance Plans