How to practice effectively… for just about anything, including good personal finance habits. Mastering any skill–physical, mental or personal finance ones–takes practice. Practice is the repetition of an action with the goal of improvement, and it helps us perform with more ease, speed, and confidence. But what does practice actually do to make us better at personal finance?
Personal finance is more than just money as it also relates to your behavior and your brain. Annie Bosler and Don Greene explain how practice affects the inner workings of our brains. This outside-the-box talk helps you practice effectively your good personal finance habits.
Your brain can be wired to practice good personal finance habits in your daily life. Here are some good habits to try:
- Keep a good budget
- Track your spending in details
- Resist the urge to buy lottery
- Pay attention to when you buy thing on impulse
- Negotiating for better deal whenever the opportunity presents itself