3 Essential Tips to Overcome unproductive Money Habits

Over time, money becomes a system of repeated behaviors. If you grew up spending money, you are most likely to continue that habit, as an adult. If you grew up with philanthropy as a meaningful way to help causes that are important to you, you are most likely to continue doing so as an adult. If you were accustomed to asking your parents for more money as a kid, to supplement what you earned or what you were given, this behavior will likely continue with credit cards substituting as your parents’ source for more.
It is not easy to change a habit once it has been ingrained, even when you want to. You may have discovered that as you have attempted to change food, exercise or your own money habits. Why is it so hard?
Well, it seems to be all in our head. Researchers have found a small region of the prefrontal cortex responsible for switching on and off our habits. This area, as the command center, also controls planning and thinking.
Using rats as their subjects, researches at M.I.T. (Massachusetts Institute of Technology) found that some habits are flexible rather than ingrained. The IL (infralimbic) cortex can form new habits from the constant moment to moment decisions and actions we make. As we all know, who have ever changed habits, it takes time, patience, support when the “old habit” kicks back in and a method back to the new habit.
One of the toughest things to deal with is changing a habit or behavior once you figured it doesn’t work for you. When it comes to your money, If you know you have a habit that needs to change, such as a chronic pattern of over spending, consider these 3 essential tips to help you form new productive habits.
Begin by asking yourself these three questions:
1 What does the overspending give me (what is the emotional pay off this overspending provides)? We have to examine the emotional payoffs as this is often the contributor to our habits. You may have to really examine this closely. There is some need the overspending is filling. What is it?

2 What habits do I want to have with my money spending?

3 What first step can I take to model the habit(s) I know will be productive for me.
Although this is merely a primer to help you change a habit, if you can begin here, you will have taken powerful steps to changing your money habit. You can thank your IL cortex for the role it had later.
Tell me what you discover about the money habits you commit to changing.

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