5 Habits of the Financially Stable

There’s no doubt that personality has a lot to do with how you spend (or don’t spend) money. If you are an impulsive person by nature, it may be easy for you to drop $600 on a pair of Christian Louboutin pumps. On the contrary, if you are genuinely frugal, you may pass on great memories because of the cost.

Regardless of your personality, habits can be formed to get yourself in a good financial place. The CGS Team has done some research to determine the common habits of financially stable people. We’re sharing five of those habits so you can see what you may have in common with financially stable people and what you may need to do to get there.

They Follow a Budget

One of the most important habits of financially successful people is that they follow a budget. A budget is not something that is used on occasion. To financially successful people, a budget is followed often, reviewed and revamped consistently, and adjusts when their situation adjusts. They follow their spending and ensure that enough money is saved. The best way to see the ins and outs of your finances is through a budget.

The CGS Team has continued to push the importance of a budget, and if financially successful people use one consistently, you should too! If you need help, we have some great articles on budgeting. We are also specialized in providing budgets to our members. Check out the CGS Personalized Budget Plans for more information. If a budget can set you up for financial success, why wouldn’t you use one?!

They Set Goals

Financially successful people did not wake up one day and become financially successful. They started by setting goals and creating action plans for achieving those goals. When the goals they set were accomplished, they set more goals. To become financially successful in life, we have to set goals for ourselves. Give yourself 6 months to pay off 2 credit cards in full. Make it a point to save $50 a paycheck for one year.

Whatever your income will allow, make goals around it. More importantly than setting goals, you have to work towards those goals. It’s one thing to set a goal, but if you aren’t working towards it then your goal is just a wish. If you are saving for multiple goals, certain strategies can help! Read How to Save for Multiple Goals for detailed insight!

They Learn from Previous Mistakes

The power of positivity is an amazing thing. Everyone makes mistakes, but dwelling on the negative outcomes of those mistakes will not get you anywhere. Financially successful people tend to use failure or previous mistakes as motivation moving forward. They learn from what happened and don’t make the same mistake twice.

No one is perfect and mistakes are inevitable, but how you deal with those mistakes and move forward is what truly matters. Start practicing a positive mindset and make it mandatory for yourself to assess the mistake and find key takeaways for the future.

They Track and Eliminate Debt

Debt can literally be viewed as a heavy weight on your shoulders. It’s extremely easy to save money and work towards financial success when you don’t have debt. If you do have debt, then it’s easy to feel that all your money is going towards that debt. Maybe it’s not the debt that’s bad, but the interest. Interest is money you are throwing away. It’s the cost of using a credit card or buying a home.

Financially successful people keep track of their debt and eliminate it as soon as possible. The ability to allocate your money to savings instead of to credit cards will put you ahead of the game. Check out the article 5 Steps for Paying Down Debt to get your debt under control and eventually eliminated!

They Pursue Financial Knowledge

Whether it’s through a degree, working with a financial adviser, or following current economic trends, financially successful people never stop pursuing financial knowledge. Learning how the economy is doing allows them to make appropriate moves with their money.

Understanding the stock market allows them to invest their money wisely. Working with a financial coach allows them to get a professional opinion and make the right decision. Wherever you stand with your financial education, there is always more to learn. Follow and subscribe to the weekly City Girl Savings Podcast to constantly improve your financial knowledge!

Related: 5 Money Tasks to Do at the Start of a New Month


These five habits can be done by anyone! The fact that they are the habits of financially successful people indicates their importance. Do you have any of the habits listed above? Are you consistent with your habits? Consistency is key to ensuring the best results! Share your thoughts about these habits or what works for you by leaving a comment below!

-The CGS Team



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