[Video] Financial Habits Weave Into So Many Areas Of Our Life
by Financial Design Studio, Inc. / July 16, 2019
MICHELLE SMALENBERGER, CFP ®
Finances weave into so many areas of our life, so we need to start early!
Think about it. Do you ever go back and think about all of the decisions, or the choices that you’ve made in a day? Let’s just try it. Just so you can truly understand all those choices. And the type, or the timing of how long it actually took you, to make that decision.
So first, “What am I going to wear today? How did you get those clothes? Do you need to get new clothes?” There may be other questions that come from that. “How am I going to get to work today? Do I take mass transit? Am I going to drive, walk, and bike? What am I going to eat today? Is that already ready? Do I need to go buy something? Did I have to go get groceries?”
All of these decisions that we’re making, and the time that it takes to make them. So think about this, “What I’m going to wear today? Where and how I’m going to get to work?”. So those decisions you could probably make pretty quickly.
The “How I’m going to get to work?” Every day you might do the same things. So that’s not even a decision that you have to spend a lot of time on. However, when we go back and we look at these decisions, we realize that some of those are developed by habit.
Developing A Habit
So it’s just because I’ve done this over and over and over. These decisions that we’re making, we need to realize that they impact our finances. Because our finances in all of those questions that I asked, weave into those.
So, “What I’m going to wear? How I’m am I getting to work?”. All of those things costs money.
Having to buy clothes, having to maybe pay for mass transit, or get gas or your car, all of those things affect your finances at different times. And you may not think every day you’re having to make that decision, but it does impact your finances.
Getting Quicker At Making Decisions
So what we want to try and do is get quicker at making good choices. So if there’s an area, maybe it’s one of these like eating out. Or maybe it’s how are you going toget to work. Or what I’m going to do after work. Any of those things. If there’s one area that you struggle to make a good choice–maybe that spending less or maybe just spending more wisely– whatever that is, we’re really just trying to get better at making quick habit – making choices.
And we want these to be quick but good choices.
So maybe now, you can go back and think about what you’ve done in your day, what decisions you had to make, and how that affected your finances. You’ll see that our finances truly do weave into so many parts of life. So the sooner we start, those habits get put in place younger and younger. And now we can really make progress because it’s easy to make the right choices.
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