26 Better Money Habits for Saving, Budgeting, and Increasing Your Income

We have been told since we were children that “money can’t buy you happiness.”

The fact of the matter is that this old cliche is only "mostly" true. A recent Cambridge University study shows that money can indeed buy happiness. At least up until a certain point.

The break point is when money is no longer a major issue causing problems in peoples lives. Below this financial level increased money does increase happiness. Generally this number is set at around $50,000 dollars a year, but with improved money management the number can be lower.

When it comes to money and happiness all we need to do is ensure that money is not the everyday problem it can sometimes be for those with lower income levels.

This better money habits guide will show you how to treat money the right way: so that it lasts and works for you. We can't help you make more money, but if you learn how to be a better saver, your money can go a lot further than it does.

As your everyday spending habits change, so will your overall financial situation. With discipline and deliberate action, you can build a few good money habits into your day that will lead to a positive impact on your financial life.

1. Minimize Credit Card Debt

Debt is not always a bad thing. Debt allows us to purchase a home while we are young enough to have years of enjoyment. Debt allows us to buy a vehicle when the up front costs might keep us from affording one for many years.

Certain debt can be a friend, but most debt can also cause a lot of problems. Surveys show that 38.1% of American households are in credit card debt, with the median debt being 5,700 per person.

Credit card debt is specifically bad because it is not for those "big" investments like a car and home, but for stuff that could often be lived without.

Being able to eliminate debt and build savings will certainly remove some major stressors and unhappiness from your life. Therefore, the most important money habit is to simply reduce credit card debt. By keeping this "optional" debt as low as possible, you reduce expenses, can increase savings and live without the constant fear of not being able to meet lingering debt commitments

Original article and pictures take www.developgoodhabits.com site