“You must acquire the habits and skills of managing a small amount of money before you can have a large amount. Remember, we are creatures of habit and, therefore, the habit of managing your money is more important than the amount.”

- T. Harv Eker

Are you aware of your money management habits? Or you do, but still, continue doing it? We’ve gathered up some usual mistakes adults commit when it comes to handling their own money.

1. Not knowing where exactly all your money goes

It will be more difficult in the future if we somehow don’t keep track of our expenses. It is actually a challenge, especially when we have our bigger bills get changed to smaller bills. We lost track on transportation, snacks, the smallest item you can get on the counter just because it’s cheap, toll gates, and other cheaper things that are not part of our budget.

To Do:

Have a budget — necessities, bills, and other extra expenses. You need to practice on how to track on the things you buy so that you will know how to cut them down in the future. Differentiate your needs and wants.

2. Unconsciously spending too much

Spending is easy but saving is another thing. You will come to the point where you will really lose track to where your money is going. You may currently have money on hand and in your bank, but are you spending wisely? Wisely in a way that you’re spending on what you can maintain and not just losing it.

To Do:

Make it a habit to stick to your budget. Nicely reject salespeople and try to bring packed meals for you to save more. You can also leave your credit and debit cards at home if you need to buy something from the mall or meet up people. It will help you not spend more than what you’re supposed to get.

3. Lifestyle escalation

Have a raise? For example, you gained 10% in your previous salary. It’s normal to at least once or twice, maybe thrice to spend more than 10% of your current salary. But that does mean it’s necessary to also fully change your lifestyle and not be able to save up because you’re consuming more than the 10%?

To Do:

Continue with your previous budgeting and just add a few percentages to your other expenses. Through that, you’ll be able to save up and see if you will have spare for your wants.

4. Not prioritizing yourself

Helping is a good human gesture everyone should characterize, but forgetting yourself will not help you grow. Remember that when you have more, you can always share more of your blessings.

To Do:

Always look out first to your needs and liabilities, save up, and grow it. Then, start helping others since you can already for both parties.

5. Skipping an Emergency Fund

It is right that you’re able to financially cover for your responsibilities, but don’t let it slip your mind that in this cruel world, we are given challenges that we can pass. You may find it comfortable in the beginning, but you will definitely regret it in the end.

To Do:

Don’t forget to set aside for your health, your car, your child, and in general. It’s always good to be prepared than not at all. It’s harder when an emergency came up and you only have an exact amount and it will ruin the budget you’ve been setting for years or months.

6. Just keeping your money

Money is temporary, it comes and goes. Saving is a bright idea, but keeping your money and not knowing where to spend it on is a different situation. Your hard earned money won’t grow if you just keep it. It will someday lose its value if it’s been hidden under a rock for a long time.

To Do:

Invest. If you’re not a fan of having a healthy cash flow, think about the people who are important to you instead — family. You can provide a better life for them. Know what you want to do and have, create something out of it that can make it profitable and valuable at the same time.

7. Give in to peer pressure

You’re out with really good company but what they’re asking everyone to participate on is not something you’re interested in. You think of it as a complete waste of money if you give in to it, but eventually, you will. If you’re someone who values money and how hard for it to earn, you will understand why.

To Do:

Learn how to say no and not do the same to others. If you keep on agreeing to everyone’s choice, you will lose your own. It fades. Know the value of money and being practical. If you really want to do it, then it’s fine. But if you don’t, then it’ not. Good friends will understand if you choose to not have what they’re having.

8. Waiting for money

The money will not come to you unless you work your way out to have it find you. We people have the need to spend to live. We can’t also pray for something and not put a huge amount of effort to achieve it.

To Do:

Don’t be lazy. Do you want a bigger cash flow? You need to work on it, you will have to provide its needs to grow. You can have a rest day, but to actually live it up to the air is nonsense. Unless you’ve settled your form already and you’re just there to manage what you’ve already grown.

Do you want to be financially free and manage your money well? You need to be disciplined to have a first good step to what you want to attain in life.

We recommend a 3-Day Intensive Course in Manila. It is an intensive event that gives you ways on how to manage your money and reprogram your money mindset. They will give you tools and training to achieve your financial goals. Millionaire Mind Intensive Philippines 2019 is a world-class business event that will introduce you to more creative ways of saving. It will happen on June 7-9, 2019 at SMX Convention Center.