Why is it so hard to change your unwanted spending habits?
It is not uncommon to have difficulty changing unwanted financial habits like spending habits. Most habits were established when we were younger and a different person with different motivation and objectives. It is important to remember that you have had different life experiences since then yet; you are still working from those old choices you made years ago.
Most financial habits are formed as a result of our upbringing, environment, and influences. These habits become so ingrained that we don't think about them; we just do them. Other factors that contribute to financial habits are corporate marketing, the need for instant gratification, and a lack of financial awareness and education.
It is my experience that being clear on your intention and consistency are the keys to shifting unwanted money habits. Your intention centers on the present and future, where habits were developed in the past.
Setting an intention is clarifying what you want in life. It helps you attract what you want to bring in to your life. It guides you on your journey. It is how you want to show up, how you want to feel, and what you want to experience. Your money should support your intention. For example, if your intention is to spend quality time with your family, you should be able to look at your spending and see dollars going towards activities and other things that lend to time spent with family. If your intention is to have experiences through travel, you should be able to see money spent on traveling to different cities, states, and countries. If your intention is to be financially secure, you should clearly see your net worth growing.
Most financial experts recommend that you set a financial goal. However, if you want to break-up with old habits and create new ones that support the new you, I recommend you first set your intention and then set your goals to support it. Here’s an example of what that looks like:
Decide on your intention, e.g. “I want to have more fun experiences. I want to travel with my family without worrying about money and incurring additional debt."
Set a specific goal, e.g. “I want to save $5,000 this year to pay for a vacation with my family.
That equals $416 a month or $208 every pay day”.
I will open a separate savings account and call it my Family Travel Savings. I will schedule payroll deduction and have the money go directly into my new savings account.
Happy New Year,
Coach Lana
