If your family is working toward financial freedom, eliminating debt, or simply getting your finances in order, developing smart habits is important for success. Not only do healthy money habits help you achieve your financial goals, they are great lessons to teach our children about managing money.
I recently stumbled across an infographic by Monty Campbell outlining Warren Buffett’s five best habits for managing money and achieving financial freedom.
These five habits struck a chord with how we are aiming to manage our money and lessons we want to teach our kids about money.
Here they are.
5 Healthy Money Habits
- Avoid toys. Say no to luxurious items that reduce wealth.
- Be frugal. Always look for bargains and wait for a good price.
- Slow down. Don’t let emotions rule your decisions about money.
- No debt. Save. Begin the practice of saving today. Every dollar counts.
- Buy Modestly. Buy less home than you can afford and become rich.
Infographic – Manage Your Money Like Warren Buffett
Infographic Source – The Financial Freedom Blog (www.MontyCampbell.com)