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Creating Long-Term Money Habits

It’s time for a New Year which comes with new opportunities, that can disguise themselves as challenges.

Do not let the challenges keep you from opportunities.

The challenges life throws our way take a toll on us, especially after a time of holiday joy. But, with challenges come an opportunity. In some instances, financial drawbacks can lead to making decisions with long-term effects. By creating positive money habits, we can turn challenges into opportunities that help us become financially fit.

Identifying financial challenges

A financial challenge can be any circumstances in which a person’s income is insufficient for their financial commitments. There are many reasons why someone might experience these setbacks.

Some setbacks include:

1. Change in employment: A change in employment can result in individuals losing their job if a company closes.

2. Inflation: Inflation impacts more than store prices but also housing, food, and insurance costs. 

3. Family Changes: A person who recently experienced a divorce or loss in their family will need to adjust their monthly budget and re-prioritize their financial obligations.  

4. Illness: Being diagnosed with a chronic illness and unable to work as much as before definitely present emotional and financial challenges.

5. Unexpected events:  Mother nature often creates unexpected financial hardships for many throughout the year. 

Financial drawbacks impact more than our wallets, they also affect our mental and physical health. 

There are various impacts that financial stress has on the body. When faced with the challenge of financial stress, not only do your wallets feel the impact, but also your health can feel the pain. Financial stress can lead to health problems like:

Insomnia: A common sleep disorder that makes it hard to sleep.

Weight gain/loss: A disruption in your appetite that alters your cravings for food.

Depression: A mental illness that causes multiple mood changes.

Anxiety: A feeling of tension, worrisome, or fear. 

Relationship conflict: A disagreement between people that be short or long-term.

Social withdrawal: Avoiding people and activities one usually enjoys. 

Physical Ailments: A body disorder or chronic disease 

Unhealthy Coping: An unhealthy behavior that can cause more harm.

The importance of implementing money strategies is to maintain financial freedom. 

Building strong money habits are a practice you will maintain throughout a lifetime. Many have the impression that an abundance of riches will save them from their financial condition; however, a mountain of wealth cannot rescue a person with unhealthy spending behaviors. 

This New Year, don’t let financial challenges deter you from reaching your financial goals. Instead, use them as opportunities that will create long-term healthy money habits. 

Additional reading resources:

Coping with Financial Stress

Do I need a financial planner?