New year new you? That’s very 2019. In 2020, it’s new decade new you. We all know that the best way to manage your money is by developing good habits, but this is usually harder than it sounds. So here at deferit, we’ve collected some of our favourite tips to make sure your habits are ready for a decade of financial success!

Having trouble sticking to a budget? Pay with cash!

Sometimes it’s easy to make impulse spending decisions that damage our budget. But by paying with cash, you can help to eliminate a lot of this. Paying with a card, particularly with a credit card, can be very dangerous because it can feel like you aren’t spending real money. Using only cash in your wallet helps remind you of your budget. You can also modernise this approach and instead of taking cash in your wallet only transfer a single amount onto your debit card account and keep to that. Spending $8 on a snack is $8 less in your wallet for the rest of the week. When I tried this tactic I found it really kept my impulse spending in check.

Making small spending indiscretions? Consider the monthly cost of your purchases!

This is such a great tip that conveys to me the true cost of bad habits. When I buy a morning coffee on the way to work, I don’t look at the price as $5 a coffee. Instead, I think of it as $150 a month. This may seem harsh, but it’s the reality of financial habits. I try and think of it this way every time I think of breaking my new year’s resolutions and it usually reminds me to stick to my goals.

Have a fun goal! It will motivate you.

Ok, the tips listed above aren’t super fun but this one is a bit more exciting. Developing these habits can be hard work, but it is a lot easier if you remind yourself of why you are putting in all this effort. I change my phone screensaver to a picture of the next place I want to go on holiday and add that as a financial savings goal along with all my other serious ones too. Whenever I’m tempted to break my habits, one look at my lock screen and I’m reminded of my long term goals!

Get hit with late payment fees? Organise your calendar!

A huge part of good financial habits is not just willpower, but also organisation. The best willpower in the world won’t save you from unnecessary late fees. According to research by the Commonwealth Bank, half of all late fees are due to absent-mindedness. As soon as you get a bill, put the due date in your phone as a reminder. You can also use our app deferit to organise your bills and schedule them so they get paid on-time. We pay the bills and you pay them back when it suits you, interest free!

With just a few handy tips, you’ll be sticking to your new financial habits for decades! What good financial habits are you trying to keep this year? We’d love to hear them.

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