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Building financial confidence | Three essential money habits to start today

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By Capital Partners Wealth Planning

Being in control of your finances is a great feeling. Regardless of bank balance, there is always value in knowing and implementing good money habits. From feeling less guilt around spending to the certainty that you can achieve your goals, finding financial confidence can be life-changing. With the experience of our advice team, we have outlined three good money habits you can implement today to help cement the confidence that you and your loved ones will always have enough.

Be clear on your goals for the future

You might want to buy a house for your children, go on a family holiday or retire when you’re 60. Even a goal as simple as building your emergency fund is worthwhile. Thanks to countless New Year Resolutions, you know that you’re more likely to achieve a goal if it’s meaningful and realistic, with a support team to help you get there. As you read this, you might be well on the way to achieving your goals or have already ticked a few off. Regardless of what stage you’re at, continuing to have and set goals, with awareness of their value and how much you need to get there, is a good money habit to ensure you continue to make informed decisions with your wealth. If you don’t have a path in front of you, it can be very easy to lose sight and lose track of your goals. We encourage you to sit down and be clear on what you want to achieve and what these milestones will look like.

Understand how much you spend

Many people find being on top of their spending satisfying. From Excel spreadsheets to categorised bank transactions, understanding where your money goes is one of the most basic yet impactful habits you can implement to ensure you will always have enough. Decades of experience have shown us that even the most financially comfortable families benefit from having a grasp on their spending habits. Lifting the veil on expenses can be eye-opening. Our team has witnessed families let go of guilt around spending, resulting in them accepting and better enjoying their wealth. A clear lens on spending habits and subtle changes do result in confidence that you can continue to enjoy the lifestyle you have worked hard to achieve.

Be open to trade-offs

Sometimes, discussing trade-offs becomes necessary when we have more than one goal. Prevalent for many families our team support, trade-off scenarios are different for everyone. A trade-off example our team recently shared was a couple who delayed starting a small business to ensure they could support their daughter buy her first home. In the end, their daughter’s security took reign, leaving them with enough to explore their other goals. We support families making these decisions every day. Through your unique strategy perfectly curated for your goals and needs, working with a suite of industry professionals, you can feel assured that you will always have enough – there may just be some trade-offs along the way.

When you’re clear on your goals, understand how much you spend and where to be flexible, you pave the way to being free of doubt about your future. Feeling confident and in control is an empowering feeling. It is even more satisfying when we remember what it was like not to feel that way! With trust in your strategy and support team, you will never have to worry about not having enough. You can free yourself to enjoy the journey towards living the life you deserve to enjoy.

The information provided on this site is of a general nature only and may not be relevant to your particular circumstances. The circumstances of each investor are different and you should seek advice from a financial planner who can consider if these strategies and products are right for you.

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