Oftentimes, all we do is wish we could get the fanciful things we so long for, but we never bother to ask why we can’t get them and take proactive steps concerning that.


It doesn’t matter the number of figures your income has, it will never be enough to cater for your expenses if you don’t learn to develop the right money habits and curb the wrong ones.
We have put together a list of seven (7) money habits to work on this new year to help make you more money smart:

1. Have a budget

As simple as this might be, this is often trivialized by many. Having a budget will help you to be accountable for how you spend your money and to avoid spending money you truly cannot afford to spend!

It also helps you to avoid impulsive spending and bring to light your bad spending habits especially when you find yourself getting things you didn’t include in the budget.
Your budget should include a fixed percentage of your income for needs, wants and savings.
Your budget could either be on a weekly, monthly or even daily basis.

2. Develop a saving habit

Just like with every habit, to develop a saving habit, you have to do it consistently and regularly. You don’t save today and spend recklessly tomorrow. Developing a saving habit helps you to be frugal with your money and to avoid spending more than you earn!


Having a saving plan means you are money smart enough to know that there will be days when you wouldn’t have as much as you have now (even though it might look like very little now) and that you’re preparing for it.

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In developing a saving habit, you can make it on a daily, weekly or monthly basis as well. The key is just to be consistent at it.
Several apps could help you in developing a saving habit this year. Some of them include but are not restricted to, Piggyvest, Binance, Cowrywise, Kuda Bank, Carbon, amongst others.

3. Live within your means

Many people quickly run out of money or worse yet into debts, because of their inability to be content with what they have.
It’s okay if you cannot get all the fine things you want. You must learn to live within your means. Rather than obsess with a certain celebrity’s show of affluence, which would only leave you with insatiable desires, how about you work on increasing your income?


Many people want to spend more, get more things, but they won’t get them until they have more money and they won’t have more money until their income increases.
But while your income is still where it is at right now, ensure you’re living within your means.

4. Avoid impulsive spending

After making a budget, you must be strict with it. Avoid impulsive spending. Avoid spending your money on the spur of the moment particularly on things you didn’t include in your budget in the first place!

Granted, the item you’re about to purchase might be truly essential for you at the time, but if it is unplanned, then chances are you won’t have enough left to cater for the planned items you already listed in your budget. And then you would have to include them in your next budget again.
You will find that you’re just left with a long list of things you’ve left uncatered for because of impulsive spending. Avoid impulsive spending.

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If it’s not in the budget, don’t get it. Wait till you’re planning the next budget and then include it.

5. Learn to say no to yourself

Source: Masterfile

Many people are brilliant at saying no to people when they make money requests from them, especially because of the they didn’t help me work for my money rationale. But when it comes to saying no to themselves, many people tend to fail woefully, one of the reasons being that they easily excuse themselves to having certain pleasures saying, “I worked for the money, I might as well enjoy it too”.

But if you don’t want to depressingly alternate between days of plenty and broke-ness, you are going to have to learn to say no to yourself even when you think you deserve it.

Believe me, you are right.

There are a lot of comforts you deserve to appease you for the daily hustle. It’s not easy.

But you’ve still got to learn to say no to yourself if you’re going to stick with the budget and continue your saving streak as well.

6. Buy value

Another important money habit to develop this year is buying value. This doesn’t just mean buying things that are perceived to be very valuable just because they are expensive.
In some cases, these products are unnecessarily expensive and you can truly do without them.
But in some other cases, the valuable and durable products cost more than the ones that are fake and wouldn’t last for long.

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It is more advisable to save up to get quality products that would last you many months, rather than getting the cheap ones that would require you to change them now and then.
Consider it an investment, as you wouldn’t have to spend money to get that particular product anytime soon again if you bought one of good value.

7. Reduce the frequency of eating out


Ignorantly and unwittingly, many people tend to eat out a lot more these days and in case you have wondered how your money runs out so quickly, here is one reason: EATING OUT!
The cost of eating out will always be a lot more than the cost of a meal prepared in the comfort of one’s home. And so eating out often is a habit that should be curbed this year as it is a fast way of sucking your money as opposed to a homemade meal.

Which money habits are you dropping this year? And which ones are you developing too? Let me know in the comments section! 😁

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Oluwadamilola is a student of English at the University of Ibadan, Ibadan, Nigeria. She is a creative writer and author. When she's not writing, she loves to read books and articles from which she gets inspiration that spur her own writings. She also loves to cook, and it's a good thing because she loves good food!

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