Having good money habits make a huge difference in your financial future. There is an old saying that says ‘old habits die hard’. But the best part is that science has proved that there is a cure for old bad habits, ‘replace them’ with good habits 🙂. As with other habits, good money habits are required to build wealth.

45 good money habits that make huge difference

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Getting good money habits is not always avoiding spending, it is much more than that. For me, it was changing the mindset about money. I am sure you are with me on this one. Changing your mindset leads to taking required action to change the present situation.

45 good money habits that make huge difference
Good money habits to build wealth and that can change your life

I am raised in a family where we had enough to meet our basic needs but never had too much to spend on whatever we liked and whenever we wanted. It was always like not spending money on clothes and toys too much. Finally, I understood that I need to change my mindset about money.

Good money habits really make a huge difference in your overall financial condition

1. Change your mindset

This one is the real gold and will have a huge impact on your wealth growth. Never ever think money to be evil. It is the most beautiful thing because it can help you buy those things which you need. It is an old saying that money cannot buy you happiness. I agree but the lack of money can’t either. I always argued with my mother on this one. If the lack of money cannot buy happiness then why not have it. At least you don’t have to think about money always.

45 good money habits you need for a happy life

2. Say positive money affirmations daily

Positive affirmations are really important if you want to succeed in your wealth-building efforts. Saying positive affirmations release negativity from your mind.

How to attract money with law of attraction

3.Visualise yourself to be rich

There is a power in visualisation. When you visualise something positive and beautiful, your mind lights up. This is because your subconscious mind can understand images only. And whenever you think and feel something, your conscious mind generates images for that. Visualise yourself to be rich. At present you may or may not be rich but we all dream of being rich.

If you are not rich now, you need money to be rich. You cannot have money to be rich by spending money. You need to save a good amount of money to be rich. Now, whenever you will be ready to make a purchase, think of becoming rich.

4.  Pay gratitude for whatever you have

Even if you feel like you don’t have enough but your basic needs are met, be thankful for that. And pay gratitude for whatever you have. Paying gratitude will help you in minimising the effects of scarcity thoughts. Gradually you will start building the thoughts of abundance and you will learn that you don’t want a huge amount of money to be happy.

Now as you have changed your mindset, it gets better from here. You are more receptive to the beautiful money thoughts and it will really help you in growing your wealth. I know it is a lot to read but bear with me. Building wealth will become much easier and fun after changing your mindset. Now the next part is creating financial goals.

Even if you feel like you don’t have enough to meet your both ends meet, you have to save.

5. Create Money Goals

Money goals will make you focus on how much you want to save. And when you have a goal, you work hard to achieve it. Same as with any other goal, when you focus on a savings goal, you will be able to identify the ideas to save.

A clear vision for your goals is so important in life. Same applies for financial goals also. When you know clearly what you want from your goals, it becomes easy to work on them. Write down your financial goals and why you want to accomplish them.

For example, you want to save  1000 dollars in 4 months. Write down your why for the goal. When you have a clear why it will always give you the required inspiration to take action. When you have a clear why,  how becomes a lot easy.

6. Classify them into Long term, short term and mid-term goals

Create money goals and divide them into Long term, midterm and short term goals. Breaking big goals into smaller goals helps them make attainable.

 Stay with me and take your next action towards saving.

” Beware of little expenses. A little leak will sink a great ship.” Benjamin Franklin

7. Track your spending

Tracking your spending is the first component of saving. It gives you insights into how much you are spending and where you can cut to save extra dollars. These saved dollars can easily go into fulfilling your financial goals. Try to squeeze money from every spending. Make it a habit of writing down how much extra are you saving and put that money right away in your saving account. If you will not do that, your saved money will be spent somewhere else.

8. Make a budget

Your financial freedom depends a lot on your budget. Creating a budget helps you in allocating money according to your needs and you can squeeze some more money to save. Budgets are not required for only bigger economies but for smaller household economies also. Budgeting helps you in having enough money for all of your expenses and enough for saving and investing.

9. Cancel unused subscriptions

Unused subscriptions are of no use. If you have a magazine subscription, gym membership or other memberships which you never use, just cancel them. If you cannot find time to use those subscriptions today, it is highly that you will not have time for them tomorrow. Better, cancel them.

10. Look for hidden fees everywhere

You have to look for things that may be recurring fees. I happened to me last year. I had a bank account that I was not using but I was paying a fee of 4 dollars every month. That made me pay 48 dollars in a year.

I closed that account otherwise I would have finished all the money in that account. It is better to look for banks that operate bank accounts without a fee.

11. Save first even if it is a small amount

Whatever you are earning, make a habit of saving some money. Keep some percentage for saving then start your budget. This way, you will have that money set aside even if you earn less. The saved money will not be available immediately for expenses.

12. Meal plan and cut your grocery spending

Meal planning is necessary because this will save you from buying those ingredients which will just lye in your pantry or fridge and get deteriorated. It is really difficult to think every day about what to cook.

Being a vegetarian, I have fewer choices and o top of that, my husband doesn’t like to try new dishes. I am open to trying new dishes though. Meal planning saves me a lot of hassle. And the meals are not very expensive too.

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14. Make a grocery list and stick to it

Grocery is a big expenditure. Ultimately food or basic necessities are very important. And believe me, without a list, most of us have a tendency of buying everything else but not the necessary stuff. If you don’t have a list, you just go and look on supermarket aisles for inspiration “what to buy”.

The mind gets confused and buys those things which you even don’t need.

21 tips to save money on very tight budget

15. Eat frugally but healthy

Maintaining health is required for a happy life. But you don’t need to spend a lot on food. Just eat mindfully, simple seasonal food and you are done. Wherever possible, cook your food at home. When you cook your food from scratch, you know which ingredients you are using and how much.

You and your wallet, both will be healthy.

How to eat healthy on tight budget

16. Start couponing

If you haven’t used coupons, this is the time to start using coupons for saving money. Couponing is a great way to save on shopping. It is important to save with coupons as well as make use of sales. Don’t buy things on a whim. Wait for sales. Use coupons along with sales and you would have saved really a lot.

17. Saving  each and every penny

Without saving any money you will not be able to grow your wealth.  Always save a set amount of money. Automate your savings and you don’t have to think about saving anymore.

WHAT YOU CAN DO

Automate your savings and pay your self first.

18. Save on utility bills

Try to cut your utility spending. Not paying any attention towards your bills, and usage of utilities will take a big chunk of money from your wallet. Keeping lights on when you don’t need and washing a very small load of clothes in a big washing machine will let you spend a lot on water and electricity. Be mindful of these things. You will see the impact of your choices on your bills.

19. Stop spending as a hobby

If you feel like you are a shopaholic, please change this habit. You will not be able to save any money along with shopping love. I have seen people who can spend all the money before their next paycheck.  They don’t realise, these paychecks can stop anytime. Anything may happen. For them, spending becomes a habit which eats up all the money. They feel enjoyment in spending money on the stuff even if they don’t need it.

20. Save on shopping

Online shopping has made it possible to buy everything with a click. It is easy to spend money but if you will exercise caution, you can get some cash back with sites like Ebates.

 ♦  Sign up for Ebates here and get your $10 bonus

21. A manageable mortgage is one of the good money habits you need

Housing, whether it is a mortgage or renting, takes a big chunk of your income. If you really want to save money for your self, it is in your best interest to downsize your house. Saving enough money for a down payment before buying also saves money on the mortgage.

22. Forget about expensive cars

Everybody loves big fast expensive cars. But the actual thing is they cost a lot. The only reason for having a car is to transport you to and fro. It can be done in an inexpensive car also. So why to spend on big cars. Big cars need more fuel and also you have to shell out more money on their maintenance.

23. Not spending too much on entertainment

Entertainment is classified into  TV, outings, leisure travel and many more things. Don’t stop entertaining yourself but keep your spending under control. Spending too much on entertainment can make you broke. Go for free/low-cost entertainment wherever possible.

24. Expensive gifts

Always go for affordable gifts for your family and friends. Gifts are making everybody happy. Gifting very expensive things can make a big hole in your wallet. Always gift according to your budget. Those gifts which are gifted with love are the best.

25. Build your emergency fund

There are so many reasons to build your emergency fund. Now is the time to start building it up and making it a habit of keeping growing. If you can save $25 every week, you will have 1400 dollars at the end of the year. So let us start building it from today

26. Review your finances regularly

The most effective way to control your finances is to review them frequently. A beautiful phrase I read on developgooodhabits, “what get measured get managed”. It will help you in tracking your spending and purchases. And also your saving.

27. Review your bills every few months

Make it a habit to review your bills every few months. If you find that you are getting huge bills, talk to your energy provider or switch to the one which is less expensive.

28. Using credit cards wisely or not at all

I have seen some people who go on holidays on credit cards. They spend money from their credit cards and then they work twice to pay that credit card debt. I think they should save money for their holidays and save themselves from the stress of credit card debt.

Buying anything big or travelling on credit money is not a wise thing. It is better to hate credit cards instead of loving them.

45 good money habits that make huge difference in your financial health.

Start earning more to build wealth

If you have a few hours every week which you can spend to earn some side income, go for it. There are many ways to spend your time earning money.

29. Spend time not money

It is wise to spend time with your loved ones instead of money in shopping centres. Play with your kids or talk with your family members, play some sport together.

30. Earn money instead of spending

There are many ways to earn money in your spare time. Start surveys now and you will be able to make extra $200-300/month. Believe me, it is quite good money if you want to build an emergency fund or start investing.

Here are a few survey sites you can sign up to start doing surveys and earn money

 Survey Junkie

Swagbucks

 Survey Club

 Prize Rebel

31. Start some side job to earn extra money

Starting some side hustle will let you make extra money and you don’t need to leave your traditional job for that. Here are some ideas to start some side job if you are serious about it.

If you are good at finding errors then you can start proofreading. These 25 sites will help you find proofreading work. 

Here is a list of some side hustles to start today and earn money.

Start investing and reap the benefits of compounded interest

If you haven’t started investing, start it now. It will take you on a better financial future.

32. Invest money

Investing is considered a bit risky. I myself was averse to investing but once I got into the habit of investing, it feels better and it is not that scary as it was. Read how to start investing as a beginner here.

33. Start with micro-investing  app Acorns

Acorns will round up your purchase and will let you save cents and invest for you. You can read my full review here. And start investing your change now.

♦ Start saving your change and investing it with Acorns ( Raiz )

34. Read personal finance articles daily

There is a plethora of information on personal finance nowadays. Personal finance is not taught in schools or colleges. It is important to teach it yourself. Read some blogs to teach about how to invest.

35. Increase your superannuation contribution every time you get a raise

In Australia, we have superannuation which is same as 401k in America. Each time you get a raise, increase your contribution.

36. Build your retirement fund

Get ready for retirement as you cannot rely on social security.

    ⭐  Paying off debt is as important as saving and investing

Whatever way you chose to pay off your debt, just pay it. Whether you use debt snowball or debt avalanche, start tackling your debt in small steps.

37. Track your debt  and grow your wealth

  • Housing: Housing is the biggest expense, if you haven’t paid your mortgage or if you are renting. It is huge. Here in Australia, half of the salary goes into the mortgage. Or if you are renting your house, it is also a very big expense. Write down how much you are paying for your housing needs.
  • Car loans: Write down how much you are shelling out for your car loan. If you own your car and don’t have any debt, be happy and leave this point.
  • Credit cards: credit cards are an expense in their own form. If you have credit card debt, try to pay them as soon as possible. Because the interest rate on credit card debt is huge.
  • Any other loans: Write down any other loans you have. Loans make a huge part of our lives. Paying attention to them and paying everything on time saves a lot of money.

Some more money habits you need to build wealth

38. Avoid lottery tickets

Don’t waste your precious money on lottery tickets. There is always a very minute chance of winning a lottery. Instead, invest that money and reap the benefits of compounded interest.

39. Shop only after a comparison

Compare the prices before buying anything. If you are going for a big purchase, it is important to ‘comparison shop’.

40.  Regularly checking your accounts

Check regularly your credit card reports and bank statements for any extra payments or fraudulent activities.

41. Reward yourself occasionally

It is beneficial for you and your family to reward by splurging in activities which otherwise you avoid saving money. Pampering yourself is required for your better well-being.

42. Avoid smoking and alcohol

Avoid these health deteriorating activities as much as possible. Smoking is an expensive habit.

43. Pay bills on time

This will save you a late fee and some money.

44. Properly maintaining your car and home

When you take care of your car and home, you save yourself from emergency repairs (which are quite expensive) as well as these last longer.

45. Reading contracts before signing

Read carefully your contracts before signing because they may have some hidden cost stated in the contract.

All these money habits will definitely help you in growing your wealth.

45 good money habits to build wealth and earn money.


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  • Survey Junkie:  I personally use Survey Junkie to make some money in free time. It is easy to find high paying surveys at Survey Junkie and you can make good money as a side income from the comfort of your home. You can redeem the points as money or as free gifts.

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