Money Glee Monday #54 - September Quora Question of the Month - What habit/decision has saved you a large/huge amount of money?

This is our regular once a month peak into a question that appears to be making waves which we've created using our Quora question of the Month. This will be inspired and based on the personal finance section of Quora and looking to gain more exposure to help a great number of people!

This question is right up our alley as you know we're massive fans of the importance and impact of habits on our financial and lives in general. Here's a quick list of habits  that have and will help to save a lot of money:

  • Paying yourself first - A relatively standard one although there isn't a lot that beats this tactic and habit. Paying yourself first means that as soon as you're paid instead of paying your bills, decide on an amount that you will transfer to support your investing, emergency fund etc
  • Tracking your spending - While tracking every $$ you spend may seem crazy, how badly do you want to reach and hit your financial goals? This is not something you need to be obsessed by and once you do for between 2 - 4 weeks you won't even notice you're doing it. The purpose of this is that you can then understand how you are going in your financial life
  • Automating your spending and saving - Goes hand in hand with paying yourself first. With great technology around why not use it? Something as simple as an auto-transfer can allow you to become wealthier without even noticing. Generally we don't and won't miss the money that we can't see in our accounts. This will involve discipline and an understanding of how much you're currently spending
Continue to ask those questions about others habits and understand the difference between wealthy and "poor" habits

Continue to ask those questions about others habits and understand the difference between wealthy and "poor" habits

What are your thoughts on the importance of habits upon your finances? What habits do you use?

Did this help you? If so, please share!
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