A recent article shows money diets are on the rise. This is similar to regular diets where you make an effort to possibly save more or spend less for a certain period time.
If you are seeking a great way to create a money diet or money challenge, check out my 40 day challenge here!
So what should you do? Are money diets a good thing?
Anything that can help you reach your financial goals – I believe is a great thing!! But instead of quick money diets, it may be a good idea to establish money lifestyle habits.
Here are 4 money lifestyle habits that that can help build wealth!
1. Put a cap on dining.
Americans spend about $3,000 in dining out yearly.
* Determine how much you can spend monthly on these items
* Find a way to track your spending
* Seek out places where you can save before heading out
2. Save away from your regular bank account
Recent survey show many Americans cannot weather a $1k emergency.
* Create an account outside of your traditional account
* Setup an automatic draft
* Pay yourself before paying others
3. Consider buying a home
Homeownership financially outperforms stocks and bonds over time according to Urban Institute.
* Consider ownership over renting
* Seek out homes at a discount
* Find programs that can help
4. Invest your money
There is power in investing because of compounding. This is the process that allows your earnings to earn additional earnings overtime.
* Consider employee retirement plans
* Seek out IRAs if you are small business owner
There are investment apps that can help you learn more about investing. Check out apps, such as Robinhood to not only learn but to invest as well.