11-08-01
Funny thing about habits. Bad ones just seem to happen, while good
ones are usually the result of considerable effort.
Habits are what personal character is made of, and basically they
come in just two varieties: good and bad.
Some people act as if their habits were issued at birth and are not
likely to ever change. There are a select few, however, who know and
live by the truth: It is possible to learn good habits and unlearn bad
ones, no matter how ingrained or deep-seated. It's all a matter of
choice.
The secret of learning good habits or breaking bad ones is found in
conscious repetition — fueled by knowledge, skill and motivation. One
must repeat an action over and over and over again until it becomes a
natural response, a habit.
To become more financially responsible, consciously focus and follow
these seven habits, repeating them over and over until they become
natural responses:
Habit 1. Financially responsible people regularly balance their
checkbook. They calculate a current balance after every transaction.
Yes, after every transaction!
Habit 2. Financially responsible people think first and spend later.
Thinking first means determining ahead of time whether the purchase is
necessary or prudent. It means waiting. It means seeking out the best
deal and being willing to walk away if necessary.
Habit 3. Financially responsible people save money consistently. They
simply do not spend all the money they have. Financially responsible
people save money first, before they pay everyone else. Saving is a
long-term process, and if necessary, sacrifices are made to achieve
their savings goals.
Habit 4. Financially responsible people don't see the monthly
payment, but focus instead on the total price tag. These folks see
through the marketing tactics and zero in on the true cost and bottom
line.
Habit 5. Financially responsible people know precisely their
financial condition. They usually know within a few bucks the current
balance on their mortgage or other secured loans. They are keenly aware
of and regularly update their net worth, and they habitually make each
financial move in light of the effect it will have on their net worth.
Habit 6. Financially responsible people refuse to live under the
fantasy of entitlement. They are not driven to keep up with their
family, friends and neighbors. They are content to live joyfully within
the limitations of their means.
Habit 7. Financially responsible people's actions are based upon
principles, not feelings. This compels them to pay their bills on time;
to deal fairly and honestly with people; to give generously; and to
restrain their compelling desires and find contentment in the things
that really matter.
Becoming financially responsible is a process. In my case, it was a
long process. I sabotaged myself for many years, convinced that I could
never change. But I was wrong. I have changed and continue to make new
progress every single day. And you can, too. I would consider it a
privilege to walk the path of financial responsibility with you.
Mary Hunt is the founder of www.DebtProofLiving.com and author of 18
books, including her best-selling classic "Debt-Proof Living." You can
email her at mary@everydaycheapskate.com, or write to Everyday
Cheapskate, P.O. Box 2135, Paramount, CA 90723. To find out more about
Mary Hunt and read her past columns, please visit the Creators Syndicate
Web page at www.creators.com.
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