5 Money Habits to Help You Thrive in 2023

The global economy is out of your control and there's nothing you can do about that. Ditto the national economy. The only thing within your locus of control is your personal economy, aka personal finance, and that's why you should grab a seat and learn one or two things about some routines to help you thrive financially. 

Ready? Let's go...

Wait, I didn't greet you? Oh no, my bad. I was bubbling with so much inspiration for this post and didn't want to procrastinate again, so it skipped my mind… 

Dear blog fam, how do you do? It's been a long time here. Life's been happening really fast and this blog just happens to take the back seat of my priorities most times. I'll repent sha. 

So today, let's talk about money. I know the economy is somehow and the cost of goods keeps increasing while purchasing power decreases cos no one is increasing salaries. But I strongly believe that we can thrive financially irrespective of the economy. And to do that, we have to be intentional about our actions and inactions.  

That's why I'm here with a few ideas on how you can win this money game. 

I attend the Redeemed Christian Church of God, and for the past few months, we've been studying about money in our Sunday school classes. Very interesting content, you should check them out. But before this season, I've been studying a lot about finance...investing, and all of that. I also write for a finance blog and it has exposed me to plenty of things about finance. 

Trust me, you can make, manage and multiply money well. And it starts with your habits. Without further ado, let's talk about 5 money habits you should embrace. 

1. Avoid Impulse Buying

"Fine things no dey finish for market". Have you heard that saying before? It's true. And the goal of advertising and marketing is to constantly present you with fine things to make you buy what they sell. And they won't stop. There's even a psychological angle to this; called the fear of missing out. Where marketers engineer their advertisements to make it seem like if you don't buy their product immediately, you'll be on the losing side. It's not true. In fact, if you think about the purchase for a day before buying, you’ll probably change your mind. 

 

Again, fine things no dey finish for market. Except you are getting a really good deal, say a huge discount with a short timeframe, you can refuse to buy stuff on impulse. Plan your purchases, and research for the best deals before you buy stuff that is not an emergency. Your responsibility is to decide who you give your money, when you do so, and where. Meaning you can decide when to make a purchase, no matter the hype around the product. You can also decide who you buy from and where. 

2. Prioritize Savings

Your savings can save your life, literally. Save for emergencies, save for the future, just save. Someone said you should look at it as future spending. That way it makes it more exciting to save. The trick here is to start small and remain consistent. Break down your overall savings goal into a daily habit. Which is easier to save, #500 daily or #15,000 monthly? Mathematically, they are equal. But psychologically, one is easier. 

Instead of waiting till you can save 15k monthly, why not start by saving #500 daily? Put away the change from your purchase and forget about it. And you don't have to always think about it. You can automate things. One hack to avoid procrastination is to eliminate the option of choosing. When you don't have to decide, it reduces your chances of procrastinating. You can use apps like Piggy Vest and Co to set up an automatic saving plan. 

3. Be Strict with Budgeting 

If I ask you how much you spend on data, fuel for your generator, or food, can you answer off the top of your head? You should be able to. That's what budgeting helps you do. It helps you know what you're spending and how you're spending it. Budgeting is simply planning your expenses before you spend and some software can help you with that. Almost everything should be budgeted for. Needs, wants, gifts, and everything else. 

 

Ensure you respect your budget. When the allocated amount is spent for an item on the list, close the curtains. 

4. Start Investing Today 

There's an investment range for everyone. Before you buy a plot of land in Banana Island, can you start with a unit of shares or mutual funds? The best way is to start small and grow big. Don't just save money, invest it. Savings alone will not lead to financial freedom. You must be investing as well.

The goal of savings should be for investment. Save to invest. And I don't mean Ponzi schemes, I mean real investments with realistic and feasible ROI. There are many options out there.  Research well and ensure you understand the concept before investing. Learn about different investment options and choose the ones that suit your financial goals and risk appetite.

5. Grow your Financial Knowledge 

Remember we said we're going to learn to play the money game? Studying is a part of the process. Ask any champion, they study the nitty-gritty of the game. You must be studying finance if you want to master this game. Read books, articles, and newsletters on finance, listen to finance podcasts, and watch videos on YouTube. Just focus on getting knowledge and practicing what you learn as much as you can, according to your capacity and financial reality. 

There you go, guys: 5 money habits to help you thrive financially. Which of them do you already practice? Which one(s) will you start? Do you know other habits we can add? Make the comments section an extension of this post so that we can also learn from you. Thank you. 

Love and Light, 

Nancita ✨