As I mentioned in my last post, I’m anything but an expert on financial matters. If I were, I’d still recommend you do your own research and make your own decisions about your own money. Never take anyone else’s advice as pure truth.
Today’s post is about habits that can help you build wealth. There are two things I think need to be said before getting into this:
First, any recommendations on how to improve your lifestyle are simply suggestions. Every person has their own unique situation and different things to manage. I think part of the fun is reading about all the options there are out there, then making your own custom version of what works for you, based on your personality, lifestyle, and goals.
Second, when you’re just getting started, you’re usually impatient. You just want to see that wealth already. Now, I’m not saying you’re not going to get rich quickly. You might. But the little habits, the ones that build slowly over time, are really worth it. It doesn’t feel like it when you’re 20. But suddenly you look up, you realize you’re 40, and that time has passed, whether you made those habits a part of your life or not. So you may as well just do it.
Building wealth isn’t about winning the lottery or stumbling into a lucky break—it’s about cultivating consistent habits that compound over time. Think of it like planting seeds: with patience, care, and discipline, those seeds grow into a flourishing financial garden. Anyone can adopt these habits, no matter where they’re starting from. Here are ten practical money habits that can help you create lasting financial security.
1. Live Below Your Means
People say this all the time, but when you try it, it can be really difficult. However, spending less than your income gives you something to save and invest. To become a financially successful person, you need to prioritize needs over wants. A smaller house, fewer luxury purchases, or resisting the temptation to buy a newer, better car every few years all make a difference.
2. Pay Yourself First
Have a set amount you are going to put away every month, as soon as you get paid. Before bills, shopping, or anything else, make sure that money is set aside for savings and investments. You can set up automatic transfers into savings accounts or retirement funds to make sure you’re sticking to your plan without relying on willpower. This is one of the most effective ways to grow your financial future.
3. Create and Stick to a Budget
I get it, budgeting feels a little restrictive. But really, a budget is more about clarity. Knowing what comes in and what goes out allows you to spot leaks and find ways to direct money to your goals. Apps like Mint, YNAB (You Need a Budget), or even a simple spreadsheet can make budgeting easy and empowering.
4. Build an Emergency Fund
I wish I could tell you how many times I have found myself without a safety net when I really needed it. Unexpected bills, car trouble, or temporary slumps in income can turn your whole life upside down if you’re not prepared. Your target should be at least 3-6 months of living expenses in a separate account that is easy to access. This fund stops you from taking away from your investments or even going into debt when you run into a bump in the road.
5. Invest Consistently
You’d be surprised how even small amounts of money build up. Regularly contributing to retirement funds, index funds, or other investments will compound over time thanks to interest. The key here is to stay consistent: a little every month will eventually far outweigh sporadic larger amounts.
6. Avoid High-Interest Debt
We live in a world that is designed to get you into debt, but then doesn’t like you anymore once you are there. You will constantly be tempted to pay things off in instalments. Credit card debt and large personal loans can kill your dreams of wealth. The high interest rates make it very difficult to get ahead. Make sure you pay off these debts as quickly as possible, and try and avoid taking on new debts of this kind. If you use credit cards, pay the full balance every month to avoid interest charges.
7. Keep Learning About Money
Like all knowledge, financial literacy is a lifelong journey. Stay curious. Read books, listen to podcasts, follow reputable blogs. The more you understand about investing, taxes, and money management, the more you will be capable of making the best decisions in all situations. Knowledge is a powerful wealth-building tool.
8. Set Clear Financial Goals
Vague ideas like “I want to save more” just don’t work. Rather aim for more specific goals like “I will save $10,000 as an emergency fund over the next 18 months”. This gives you motivation and a direction to follow, so it’s easier to maintain discipline.
9. Diversify Your Income
When you rely on a single source of income, as soon as there is a setback you get stuck. Aim to build a few different streams of income. This can be through side hustles, freelance work, or other things like rental properties and investments.
Diversification gives you more earning potential and also offers you safety if one source dries up.
10. Practice Gratitude and Patience
It’s easy to get caught up in the “struggle” and not realize how much you actually have to be grateful for. When you are grateful for what you already have, you can resist the temptation to overspend. Patience helps you stick to your plan even when it feels like things are moving along slowly. Eventually, these habits build financial freedom.
Final Thoughts
The idea here is that these habits don’t depend on particular talent or luck. It’s all about discipline and consistency. Start small: automate a savings transfer, track your monthly spending, or pay off a debt. Each step builds momentum and confidence. Over time, these small actions build to big results.
Remember, wealth isn’t just about money—it’s about freedom, security, and the ability to live life on your terms. By adopting these ten habits, you’re not just building a bank account—you’re building the life you want.
Further Reading
If you’d like to explore these ideas in more depth, check out these resources:
Grow Up With Dominic 
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