{"id":15831,"date":"2025-03-27T00:44:30","date_gmt":"2025-03-26T22:44:30","guid":{"rendered":"https:\/\/staging.moneyhub.ee\/?p=15831"},"modified":"2025-03-07T12:51:52","modified_gmt":"2025-03-07T10:51:52","slug":"good-financial-habits","status":"publish","type":"post","link":"https:\/\/staging.moneyhub.ee\/en\/useful\/articles\/good-financial-habits\/","title":{"rendered":"How to get into good financial habits"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"15831\" class=\"elementor elementor-15831\" data-elementor-post-type=\"post\">\n\t\t\t\t<div class=\"elementor-element elementor-element-5d7efb58 e-flex e-con-boxed e-con e-parent\" data-id=\"5d7efb58\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-32d40bf6 elementor-widget elementor-widget-shortcode\" data-id=\"32d40bf6\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"shortcode.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-shortcode\"><nav aria-label=\"breadcrumbs\" class=\"rank-math-breadcrumb\"><p><\/p><\/nav><\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-1e4750ba e-flex e-con-boxed e-con e-parent\" data-id=\"1e4750ba\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div class=\"elementor-element elementor-element-a047e75 ddddf e-flex e-con-boxed e-con e-child\" data-id=\"a047e75\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-20c9d99a elementor-widget elementor-widget-heading\" data-id=\"20c9d99a\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Taking control of your money can make a huge difference to your wallet and your future. Here are nine great ideas to get into good financial habits.<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-18b94166 e-flex e-con-boxed e-con e-parent\" data-id=\"18b94166\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-13e8adb2 elementor-widget elementor-widget-image\" data-id=\"13e8adb2\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img fetchpriority=\"high\" decoding=\"async\" width=\"2240\" height=\"1260\" src=\"https:\/\/staging.moneyhub.ee\/wp-content\/uploads\/2025\/03\/Good-financial-habits.png\" class=\"attachment-full size-full wp-image-15835\" alt=\"coffee cup and someone writing down habits on a diary.\" srcset=\"https:\/\/staging.moneyhub.ee\/wp-content\/uploads\/2025\/03\/Good-financial-habits.png 2240w, https:\/\/staging.moneyhub.ee\/wp-content\/uploads\/2025\/03\/Good-financial-habits-300x169.png 300w, https:\/\/staging.moneyhub.ee\/wp-content\/uploads\/2025\/03\/Good-financial-habits-1024x576.png 1024w, https:\/\/staging.moneyhub.ee\/wp-content\/uploads\/2025\/03\/Good-financial-habits-768x432.png 768w, https:\/\/staging.moneyhub.ee\/wp-content\/uploads\/2025\/03\/Good-financial-habits-1536x864.png 1536w, https:\/\/staging.moneyhub.ee\/wp-content\/uploads\/2025\/03\/Good-financial-habits-2048x1152.png 2048w\" sizes=\"(max-width: 2240px) 100vw, 2240px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-19d502c4 e-flex e-con-boxed e-con e-parent\" data-id=\"19d502c4\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-175f64b5 elementor-widget elementor-widget-text-editor\" data-id=\"175f64b5\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h1><b>How to get into good financial habits<\/b><\/h1><p><span style=\"font-weight: 400;\">Taking control of your money can make a huge difference to your wallet and your future. Here are nine great ideas for developing good financial habits.<\/span><\/p><h2><b>1. Assess your financial situation<\/b><\/h2><p><span style=\"font-weight: 400;\">Assessing your financial situation is a crucial step in achieving economic stability. Start by listing all your sources of income and tracking your monthly expenses. This will help you identify areas where you might be overspending and where you can cut back.<\/span><\/p><p><span style=\"font-weight: 400;\">Next, take stock of your debts and savings.<\/span><\/p><p><span style=\"font-weight: 400;\">Understanding how much you owe and how much you have saved will give you a better idea of your financial strengths and weaknesses. For instance, if you find your debts overwhelming, consider<\/span><a href=\"https:\/\/staging.moneyhub.ee\/en\/news\/special-reports\/debt-consolidation\/\"> <span style=\"font-weight: 400;\">debt consolidation options<\/span><\/a><span style=\"font-weight: 400;\"> or seek advice from a financial advisor. On the other hand, if your income is stable and your expenses are low, you might explore investment opportunities that can generate passive income.<\/span><\/p><h2><b>2. Set a budget<\/b><\/h2><p><span style=\"font-weight: 400;\">Spending a little time upfront working out your current situation and choosing specific areas to save money could save you hundreds of pounds in the long run.<\/span><\/p><p><span style=\"font-weight: 400;\">Consider keeping a household budget, which can give you peace of mind about your spending and enable you to spot areas where you could save money. At the same time, examining financial stability and its relation to price stability is crucial.\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">List your incomings and expenses into a handy budget planner to help you identify what you have coming in and going out each month. It gives you a detailed spending breakdown, showing you where your money goes and suggesting next steps tailored to your results.<\/span><\/p><h2><b>3. Spend less money<\/b><\/h2><p><span style=\"font-weight: 400;\">Little expenses can quickly add up \u2013 that daily \u20ac4 coffee with milk, for example, could cost you over \u20ac1,460 a year. But there is a flip side: by slightly changing behaviour, you&#8217;ll be able to save that money. And little amounts, saved frequently, quickly add up.<\/span><\/p><p><span style=\"font-weight: 400;\">Even with essential purchases there are ways to get a better deal, so be sure to follow our tips and get into good financial habits:<\/span><\/p><ul><li style=\"font-weight: 400;\" aria-level=\"1\"><b>Shop around<\/b><span style=\"font-weight: 400;\"> \u2013 if you have something specific in mind to buy, use a comparison website or free app to check you&#8217;re getting the best deal.<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><b>Don&#8217;t impulse buy<\/b><span style=\"font-weight: 400;\"> \u2013 think carefully before making a purchase, especially if it&#8217;s big. If you sleep on it, it may seem less appealing in the morning or you may be able to find it cheaper elsewhere.<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><b>Beware of special offers<\/b><span style=\"font-weight: 400;\"> \u2013 never buy something you don&#8217;t need just because it&#8217;s discounted \u2013 you&#8217;ll be spending extra money, rather than saving it.<\/span><\/li><\/ul><p><b>Top tip:<\/b><span style=\"font-weight: 400;\"> Gas,<\/span><a href=\"https:\/\/staging.moneyhub.ee\/en\/price-updates\/electricity-rates\/\"> <span style=\"font-weight: 400;\">electricity<\/span><\/a><span style=\"font-weight: 400;\">,<\/span><a href=\"https:\/\/staging.moneyhub.ee\/en\/tv-broadband\/\"> <span style=\"font-weight: 400;\">broadband<\/span><\/a><span style=\"font-weight: 400;\">,<\/span><a href=\"https:\/\/staging.moneyhub.ee\/en\/household\/mobile\/\"> <span style=\"font-weight: 400;\">mobile phone<\/span><\/a><span style=\"font-weight: 400;\"> and water take up a large chunk of most household budgets. But there are plenty of opportunities to<\/span><a href=\"https:\/\/staging.moneyhub.ee\/en\/news\/household-utility-bills\/\"><span style=\"font-weight: 400;\"> save money on utility and other household<\/span><\/a><span style=\"font-weight: 400;\"> costs easily. The money you save could be put towards something more exciting, like a family holiday.<\/span><\/p><h2><b>4. Manage debts<\/b><\/h2><p><span style=\"font-weight: 400;\">If you&#8217;re concerned about paying back money you owe, don&#8217;t bury your head in the sand \u2013 instead, take<\/span><a href=\"https:\/\/staging.moneyhub.ee\/en\/news\/special-reports\/manage-personal-debt\/\"> <span style=\"font-weight: 400;\">control of your debts<\/span><\/a><span style=\"font-weight: 400;\"> and put a<\/span><a href=\"https:\/\/staging.moneyhub.ee\/en\/news\/special-reports\/alternatives-borrowing-money-friends-family\/\"> <span style=\"font-weight: 400;\">plan in place<\/span><\/a><span style=\"font-weight: 400;\"> or it can really begin to<\/span><a href=\"https:\/\/staging.moneyhub.ee\/en\/news\/special-reports\/how-debt-impacts-relationships\/\"><span style=\"font-weight: 400;\">impact your life<\/span><\/a><span style=\"font-weight: 400;\"> and those around you.<\/span><\/p><h2><b>5. Set a savings goal<\/b><\/h2><p><span style=\"font-weight: 400;\">You don&#8217;t need to \u2018save big&#8217; or give up the things you love to make saving worthwhile. Getting into the savings habit is much easier than you think, and a savings goal is a great way to focus on longer-term financial ambitions \u2013 people who set one typically save \u00a3500 a year more than those who don&#8217;t.<\/span><\/p><p><span style=\"font-weight: 400;\">Here are our top tips on getting started with saving:<\/span><\/p><ul><li style=\"font-weight: 400;\" aria-level=\"1\"><b>Open a savings account<\/b><span style=\"font-weight: 400;\"> \u2013 open a suitable<\/span><a href=\"https:\/\/staging.moneyhub.ee\/en\/bank-accounts\/\"> <span style=\"font-weight: 400;\">savings account<\/span><\/a><span style=\"font-weight: 400;\"> with your chosen bank or finance provider.<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><b>Choose your account nickname<\/b><span style=\"font-weight: 400;\">\u2014most accounts now allow you to label your account with a nickname, such as \u2018Summer holiday&#8217;, which will help you stay focused.<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><b>Set a goal<\/b><span style=\"font-weight: 400;\">\u2014think carefully about how much you&#8217;d like to save, weighing up what you can afford to put away each month against how long you want to save.<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><b>Start saving<\/b><span style=\"font-weight: 400;\">\u2014get started adding to your savings account whenever you can, following your savings goal where possible.<\/span><\/li><\/ul><p><b>Top tip:<\/b><span style=\"font-weight: 400;\"> You could even set up a standing order each month, with the money being withdrawn just after pay day so you&#8217;re not tempted to spend it later in the month. Alternatively LHV has a growth account that sends a percentage of your monthly spend to it,<\/span><a href=\"https:\/\/www.lhv.ee\/en\/growthaccount\" target=\"_blank\" rel=\"noopener\"> <span style=\"font-weight: 400;\">called microinvestment.<\/span><\/a><\/p><h2><b>6. Encourage children to save<\/b><\/h2><p><span style=\"font-weight: 400;\">It&#8217;s never too early to start saving\u2014research shows that financial habits can be learned as young as seven years old.<\/span><\/p><p><span style=\"font-weight: 400;\">Teaching your kids about money is one of the most important lessons you can give them, and there are lots of ways to get them involved in learning about and being money-confident.<\/span><\/p><h2><b>7. Think about retirement<\/b><\/h2><p><span style=\"font-weight: 400;\">With the maximum basic Pillar 1 being far less than the amount most people say they hope to retire on, it&#8217;s easy to see why experts recommend you save into a<\/span><a href=\"https:\/\/www.pensionikeskus.ee\/en\/\" target=\"_blank\" rel=\"noopener\"> <span style=\"font-weight: 400;\">pension<\/span><\/a><span style=\"font-weight: 400;\"> from a young age. And many people get into the habit of making monthly contributions to their retirement, seeing their pension pot steadily increasing in value over time.<\/span><\/p><p><span style=\"font-weight: 400;\">Pensions are a tax-efficient way to save because the Government tops up your contributions with tax relief \u2013 and with a workplace pension your employer will pay into the scheme too. Effectively this means your savings are likely to grow more rapidly in the Pillar 2 scheme. Consider paying up to<\/span><a href=\"https:\/\/www.pensionikeskus.ee\/en\/iii-pillar\/supplementary-funded-pension\/\" target=\"_blank\" rel=\"noopener\"> <span style=\"font-weight: 400;\">\u20ac6,000 in a Pillar 3 pension<\/span><\/a><span style=\"font-weight: 400;\"> (supplementary funded pension).<\/span><\/p><h2><b>8. Invest for the future<\/b><\/h2><p><span style=\"font-weight: 400;\">Once you&#8217;ve got any debts under control and begun to save regularly, you could consider whether<\/span><a href=\"https:\/\/staging.moneyhub.ee\/en\/news\/special-reports\/financial-freedom-crowding-investments\/\"> <span style=\"font-weight: 400;\">investing<\/span><\/a><span style=\"font-weight: 400;\"> is right for you. Investing is when you buy an asset, such as a bond, a share in a company or units in a fund, such as a unit trust, with the expectation that it will increase in value in the future and generate income through dividends.<\/span><\/p><p><span style=\"font-weight: 400;\">Historically, investments have outperformed cash savings, which can have their value eroded over time by inflation \u2013 although of course the past is not a guide to the future and with investments you may get back less than you invest.<\/span><\/p><h2><b>9. Maintain Momentum<\/b><\/h2><p><span style=\"font-weight: 400;\">Maintaining momentum is essential for achieving long-term financial growth. Stay focused and continue making progress to keep your financial goals on track.<\/span><\/p><p><span style=\"font-weight: 400;\">Review your budget regularly and adjust your spending habits as needed. This will help you stay on top of your finances and ensure you make the most of your money. Additionally, explore new investment opportunities that align with your financial goals. For example, if you\u2019re saving for a down payment on a house, consider opening a high-yield savings account or looking into other investment options to help you reach your goal faster.<\/span><\/p><p><span style=\"font-weight: 400;\">You can maintain momentum and achieve long-term financial stability with the right mindset and strategies. Remember, the key is staying committed to your goals and pushing forward, even when challenges arise.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Taking control of your money can make a huge difference to your wallet and your future. Here are nine great ideas to get into good financial habits<\/p>\n","protected":false},"author":3,"featured_media":15835,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-15831","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-articles"],"acf":[],"blog_post_layout_featured_media_urls":{"thumbnail":["https:\/\/staging.moneyhub.ee\/wp-content\/uploads\/2025\/03\/Good-financial-habits-150x150.png",150,150,true],"full":["https:\/\/staging.moneyhub.ee\/wp-content\/uploads\/2025\/03\/Good-financial-habits.png",2240,1260,false]},"categories_names":{"21":{"name":"Articles","link":"https:\/\/staging.moneyhub.ee\/en\/category\/useful\/articles\/"}},"tags_names":[],"comments_number":"0","rttpg_featured_image_url":{"full":["https:\/\/staging.moneyhub.ee\/wp-content\/uploads\/2025\/03\/Good-financial-habits.png",2240,1260,false],"landscape":["https:\/\/staging.moneyhub.ee\/wp-content\/uploads\/2025\/03\/Good-financial-habits.png",2240,1260,false],"portraits":["https:\/\/staging.moneyhub.ee\/wp-content\/uploads\/2025\/03\/Good-financial-habits.png",2240,1260,false],"thumbnail":["https:\/\/staging.moneyhub.ee\/wp-content\/uploads\/2025\/03\/Good-financial-habits-150x150.png",150,150,true],"medium":["https:\/\/staging.moneyhub.ee\/wp-content\/uploads\/2025\/03\/Good-financial-habits-300x169.png",300,169,true],"large":["https:\/\/staging.moneyhub.ee\/wp-content\/uploads\/2025\/03\/Good-financial-habits-1024x576.png",800,450,true],"1536x1536":["https:\/\/staging.moneyhub.ee\/wp-content\/uploads\/2025\/03\/Good-financial-habits-1536x864.png",1536,864,true],"2048x2048":["https:\/\/staging.moneyhub.ee\/wp-content\/uploads\/2025\/03\/Good-financial-habits-2048x1152.png",2048,1152,true]},"rttpg_author":{"display_name":"David Bailey","author_link":"https:\/\/staging.moneyhub.ee\/en\/author\/davidbailey\/"},"rttpg_comment":0,"rttpg_category":"<a href=\"https:\/\/staging.moneyhub.ee\/en\/category\/useful\/articles\/\" rel=\"category tag\">Articles<\/a>","rttpg_excerpt":"Taking control of your money can make a huge difference to your wallet and your future. Here are nine great ideas to get into good financial habits","_links":{"self":[{"href":"https:\/\/staging.moneyhub.ee\/en\/wp-json\/wp\/v2\/posts\/15831","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/staging.moneyhub.ee\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/staging.moneyhub.ee\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/staging.moneyhub.ee\/en\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/staging.moneyhub.ee\/en\/wp-json\/wp\/v2\/comments?post=15831"}],"version-history":[{"count":0,"href":"https:\/\/staging.moneyhub.ee\/en\/wp-json\/wp\/v2\/posts\/15831\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/staging.moneyhub.ee\/en\/wp-json\/wp\/v2\/media\/15835"}],"wp:attachment":[{"href":"https:\/\/staging.moneyhub.ee\/en\/wp-json\/wp\/v2\/media?parent=15831"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/staging.moneyhub.ee\/en\/wp-json\/wp\/v2\/categories?post=15831"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/staging.moneyhub.ee\/en\/wp-json\/wp\/v2\/tags?post=15831"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}