AARP Hearing Center
Now that you’ve found ways to cut costs, and save money with apps and rewards programs, it’s time to start building healthy financial habits that can consistently guide your spending. The best way to build a habit is by taking small steps and doing them repetitively.
We're sharing six easy actions that you can take to get started...you can start with just one or two, and build from there.
1. Try out a free hobby
Find an activity that you enjoy that doesn’t cost money, such as hiking, jogging or volunteering.
2. Seek out free local entertainment
Visit a state park or public museum. You can also take advantage of free movies and online classes at AARP’s Virtual Community Center.
3. Make online payment information less accessible
Remove payment information from your digital wallet, smartphone or the online shopping site you frequent the most. Doing so will require you to enter your credit card or bank account manually if you want to buy something, allowing you to spend time evaluating whether this is an item you truly need or want before you make a purchase.
4. Hit the ATM
Research shows people spend less when they pay in cash1.
5. Choose one day to spend no money
Challenge yourself to a no-spend day this week. Doing so can help you find free things to do with your time and break bad spending habits.
6. Pause before you buy
One popular rule of thumb suggests waiting 72 hours before making a purchase. Another suggests waiting 30 days. Whichever you choose – or if you decide on a different period altogether – the idea is to give yourself time to make sure the item you want isn’t an impulse buy.
Are there any financial habits that you would you like to develop? Take a moment to decide on and commit to at least one new financial habit you will tackle over the next week. After you've done that, it's time to move to the last step of the challenge!
