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Money and the Family: How to Create Good Financial Habits

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Establishing positive patterns of behavior that support growth and success can make a big difference as we navigate our journey in life. Good habits are the key to keeping us on track. They create a script and a foundation that influences our actions. When we take the time to put positive habits in place, we invest in ourselves. 

We see this in people who consistently model good health behavior. Their commitment to eating right, exercising, reducing stress, and spending time in nature helps them stay healthy and vibrant. Did you know that it’s also possible to develop and nurture good habits regarding how we approach money and our financial well-being too? Let’s look at some of the things you could start to implement to create good financial habits. 

Selling Your Term Life Insurance Policy

Developing good financial habits can positively impact all parts of your life. One of the key habits you’ll need to put into place is to learn to look realistically at money issues and take action early on when things need to be addressed. If you need cash to take care of current or upcoming concerns and have term life coverage, you should look into selling your policy via a life settlement. With this option, the seller can receive a market value offer and cash payment, and the new owner takes on the obligation of paying the premium going forward.

Create a Family Side Hustle to Bring in More Cash

If you are struggling to keep up will bills, trying to trim monthly expenses may not help you salvage things. You need to have a reliable, tried, and tested way of creating a smart financial plan and bringing in additional money each month. The extra income can be used to pay down high-interest rate credit cards, build up your bank account and even pay for a nice family vacation. Best of all, with the right side hustle, you can get the whole family involved. One specific type of venture is the fast-growing cottage industry food products niche. Most states allow individuals or families to create food products at home and then sell them locally. Profits can be substantial because of the low cost of overheads.

Save Thousands a Year on Groceries and Take Out Meals

Another thing that will make a huge difference is lowering your grocery bills and taking out meal expenses. You can get the whole family involved in moving away from unhealthy, prepared meals from the store or takeout from fast food places. Instead of buying very expensive and not nutritious food, only purchase raw ingredients and learn how to prepare delicious meals at home. You can buy in-season, organic produce and local delights that will let you create restaurant-quality meals. By involving your whole family in buying ingredients and cooking, you’ll be nurturing a lifetime of great financial and health habits at the same time.

Featured Photo by Trust “Tru” Katsande on Unsplash