When it comes to saving money, a little know-how, some commitment, and practice all make the task easier as time goes on. Setting your child up with the opportunity to start saving money from a young age is an awesome way to ensure that they are prepared to make smart saving and investing decisions once they start working as an adult in the real world. Assigning paid tasks around the house and using jars as “bank accounts” for saving and spending is an effective foundation to start with. Here, you’ll learn tips, tricks, and techniques that can be implemented as your little one ages to accommodate their learning abilities and maximize their chance of saving success in the future.
Teaching Your Little one to Save Like a Pro
3 Behaviors You Can Change With Financial Behavior Coaching
Claudia Bravo
You've probably taken the time to educate yourself regarding an assortment of financial topics, like choosing what stocks to invest in, investing for retirement, or improving your overall financial situation. However, despite your extensive knowledge, you may find that you struggle to change behaviors that are detrimental to your finances. Or, perhaps you struggle to successfully implement the tips and tricks that you know can give you a better feeling of financial security.
Financial behavior coaching can give you the tools that you need to utilize your knowledge in real-world situations. Here are a few behaviors that financial coaching can help you change.
1. Impulse Spending
You know that in order to pay off your credit card debt or to save enough money to take your dream vacation, you need to curb your impulse spending. Throughout the day, you're faced with multiple opportunities to spend money in a moment's notice.
Perhaps you're tempted to order a pizza for delivery instead of eating the lunch you've packed. While grocery shopping, maybe you're tempted to throw in a few high-priced goodies and treats instead of sticking to your carefully budgeted grocery list.
Even though you know you don't need to spend money on these impulsive things, you continue to do so anyway. A financial coach can help you to identify factors that might contribute to your impulse spending and can help you to work to permanently change your behavior.
2. Maintaining Motivation for Financial Betterment
To retire early or to spend more time with your family, it's essential for you to improve your financial situation. Though motivation typically initially comes with ease, it can be difficult to maintain your drive when it will take months or even years to significantly improve your finances. Your financial coach will use behavioral tricks to assist you with keeping your motivation and remaining optimistic throughout your journey to financial betterment.
3. Avoiding Lifestyle Creep
Lifestyle creep is another issue that people commonly struggle with as they work to better their finances. As you earn more money, it's easy to use the funds to improve your lifestyle. You might decide to purchase a bigger home, buy a nicer car, or spend more on eating out and entertainment.
However, this lifestyle creep will quickly erode any increases in income and prevent you from using your income to achieve your financial goals. Instead, your coach will suggest ways you can overcome the temptation to pursue a higher standard of living so that you can use your additional income to achieve objectives on your financial to-do list.
For more information on financial behavior coaching, contact a company like Behavioral Cents LLC.
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