Where Do Our Money Habits Come From? 

Whether you’re someone who’s great at creating a budget and saving or someone who always seems to be living paycheck to paycheck, chances are that your money habits have been shaped by more than just your personal desires. At Harvest Wealth Partners, we know that money habits now can impact our financial future long-term, which is why we’re passionate about helping people make good decisions starting today. Here’s what you should know about money habits and where they come from—

What Is a Spending Habit?

Before diving into where spending habits come from, it’s important to acknowledge what a spending habit even is. A habit refers to any acquired pattern or behavior that is followed regularly to the point that it becomes almost involuntarily and is performed unconsciously. Spending habits can range greatly from putting away a big chunk of money as soon as one gets paid to plan for taxes well in advance to spending a large portion of a paycheck on clothes and more. 

Where Do Our Money Habits Come from?

Spending habits are acquired and formed over time. There are many things that can impact a habit, including how we were raised and the spending habits of a parent, the spending habits of a significant other, cultural and societal values around spending, religion and spiritual beliefs, media influence, and individual personalities. 

How to Improve Your Money Habits

The good news is that a spending habit isn’t fixed. If you want to improve your spending habits, you can! Some tips to start shaping your money habits and taking control include: 

• Make a goal. The first place to start is with goal setting. How much do you want to save vs. spend, and why? Knowing what your goals are can help you to shape a plan around that and give you something specific to work towards.  
• Set a budget. In order to reach your goal, you’ll need to set a budget. Your budget should focus on cutting out excess spending so that you can reach your savings goal. Remember, you are in charge of your spending! 
• Work with a financial planning professional. If you’re struggling to meet your financial goals, you should consider working with a financial planning professional. A financial planning professional can help you to set goals and provide you with advice on how to meet them.