boring

Good money habits are small and boring but make a big difference over time. First, figure out what you want.

Are you trying to:

  1. Buy a house?
  2. Clear debt?
  3. Save for a life event such as a wedding?
  4. Create an emergency fund?
  5. Pay off your mortgage?

Once you know your goal(s) and your timeline, use a financial calculator to determine how much you need each week to reach your goal(s).

Next, use a budgeting app or money manager to track your finances and work out your weekly income and expenses.

Lastly, it’s time for the small boring stuff. Find out what small changes you need to make to reach your goal. It may be reducing takeout, switching to instant coffee, or even dropping Fridays at the pub. The trick is to spend less than your weekly budget for the duration of your goal timeline. It’s boring, but it works.