Key Habits to Build for Financial Success

Join our #CreditChat on Periscope, YouTube Live, Twitter, and Snapchat every Wednesday at 3 p.m ET. In this chat, we discussed the best habits for building your financial success.

The panel will include: David Auten and John Schneider: Founders of The Debt Free Guys; Shannon McNay: Writer for Student Loan Hero; Rod Griffin: Director of Public Education at Experian; and Christina Roman: Social Media Specialist at Experian.

We also featured financial tips all week on Snapchat.

Questions We Discussed:

Q1: What are some common habits of financially successful people?
Q2: How do we identify habits that are holding our finances back?
Q3: What are some important habits to build when it comes to spending?
Q4: What habits will help you achieve success when saving for the future?
Q5: How can we build good credit habits?
Q6: What habits will help us stay focused on the bigger picture?
Q7: How long does it take for habits to start becoming second nature?
Q8: What should we do if we discover that some of our old habits are hard to break?
Q9: What are some lifestyle habits that can help you achieve financial success?
Q10: Any final tips for someone looking to build solid financial habits in the New Year?

5 Tips to Help You Stick to Your New Year Habits

1. Identify why you feel the need to implement these habits.
Many people decide to make changes, because something they are already doing is not working for them. Identifying the “why” will help you stay motivated to stick with your new habit.

2. Link your everyday habits to a bigger goal.
When you link your habits to a goal, you give them a purpose. The less you perform the habit, the further away you will get from your goal, but the more you do it, the closer you will be to achieving your goal.

3. Set reminders.
It takes time for your habit to become a part of your everyday routine- some research shows 21 days, while other research shows that it takes at least two months for a habit to become second nature. Setting alarms on your phone or creating calendar reminders will help to keep you accountable in the meantime.

4. Commit to your new habit for a specific period.
Taking on a new habit can be challenging. Give yourself a goal to stick to (30, 60, 90 days). At the end of that time period you can review what worked and what didn’t work, and make the changes that would better serve you.

5. Go public with your decision to form these new habits.
Don’t underestimate the power of a good support system. Confide in your friends and loved ones about your goals and new habits and ask them to help to hold you accountable.