Personal Finance

7 Habits to to Help You Make Smarter Money Decisions

Establishing good behaviors, like focusing on the rewards of savings over products, can help you down a positive path.
VIP Contributor
2 min read
Opinions expressed by Entrepreneur contributors are their own.

For many people, financial struggles are often the result of people unsure how to spend the money they make. In this video, Entrepreneur Network partner Phil Town offers seven tips to spend your money wisely. 

To start, make sure to track your finances. This is an important step to determine exactly where your income is going.

Moreover, think about the long-term benefits and drawkbacks of purchases. As Town puts it, many of the purchases we make are driven by impulse, made in an effort to impress other people who may not even notice. When making purchases -- especially big purchases -- think about whether the purchase will invite unwanted debt and if it will build value.

Town also recommends only putting money on credit cards you are sure you can pay it off. To avoid relying on credit cards, Town suggests setting aside the money you will spend each month in individual envelopes. 

Finally, if there's one habit that will not drain your budget it is investing. Putting money into quality companies that will grow over time is a consistently smart way to use your income.

Click the video to hear all of Town's tips. 

Related: Still Considering Investing in Cryptocurrency? Here's What You Need to Know.

Entrepreneur Network is a premium video network providing entertainment, ewitducation and inspiration from successful entrepreneurs and thought leaders. We provide expertise and opportunities to accelerate brand growth and effectively monetize video and audio content distributed across all digital platforms for the business genre.

EN is partnered with hundreds of top YouTube channels in the business vertical. Watch video from our network partners on demand on RokuApple TV and the Entrepreneur App available on iOS and Android devices.

Click here to become a part of this growing video network.

More from Entrepreneur

Dustin's experience and expertise can help you monetize your message, build a marketing strategy and connect with influencers.
Book Your Session

For a limited time only, get this bundle of Entrepreneur Press® titles for less than $30 (60% OFF) on our bookstore when you use "LEAP" at checkout.
Buy Now

Are paying too much for business insurance? Do you have critical gaps in your coverage? Trust Entrepreneur to help you find out.
Get Your Quote Now

Latest on Entrepreneur

My Queue

There are no Videos in your queue.

Click on the Add to next to any video to save to your queue.

There are no Articles in your queue.

Click on the Add to next to any article to save to your queue.

There are no Podcasts in your queue.

Click on the Add to next to any podcast episode to save to your queue.

You're not following any authors.

Click the Follow button on any author page to keep up with the latest content from your favorite authors.