05 Financial Habits 2

I’m Miriam Neff with Wise Women Managing Money and I’m Valerie Neff Hogan.

M Many of our financial actions are habit’s.  Food and clothing shopping. Entertainment, eating out.  When we’re overspending, it’s easy to keep going on autopilot.

V Bad idea.  It’s easy to coast, but trouble lies ahead.  Here’s a suggestion.  Answer the question: ‘Why?’  What matters to me in the long run?  Much spending is for short term things, food, entertainment.  Those can destroy our long-term goals.  Having 3—6 months expenses set aside in savings is wise.  In turbulent times, it’s survival!

M One thing we can count on is that financial realities change.  Employment, health issues, divorce and widowhood.  Assessing financial habit’s regularly is wise. Rarely do these changes NOT impact our personal finances.  Being willing to change?  Necessary.