10 Financial Habits You Need to Adopt TODAY

10 Financial Habits You Need to Adopt TODAY

Financial Habits

Having good financial habits is important to the success of your saving money journey.

One of the main parts of living frugally is to gain control of your finances and pay off any debt. While creating a budget and paying off debt using a debt repayment system you should learn how to live frugally.

Most people associate being frugal with pinching pennies and not having any nice things when in fact the opposite is true. Being frugal means getting control of your finances and only buying things that bring you joy in a reasonable manner. It is all about making mindful choices so you can enjoy your hard earned cash.

More Resources On Saving Money

The number one rule of living Frugally:


To achieve this, you just have to create good financial habits by rationalize your spending and cut some expenses in your life.

*This post may contain affiliate links. full disclosure here.

Why Is It So Important To Take Control Of Your Money?

Financial responsibility should seriously have been a class in high school.

After graduation, most of us immediately go get college debt and some sort of a credit card.

Being irresponsible with money at those ages causes financial stress that follows us for a really long time. That kind of stress can actually be avoided if the proper lessons are taught in school.

But alas, many are struggling to get out of debt and are having trouble saving money these days.

Saving money is not that easy. It takes self-control and some sacrifices to hit your goals.

But if you want it bad enough, you’ll get there.

Just remember to take it one step at a time.

Financial Habits You Need To Start Today

1. Get Your Finances In Order

Before you can commit to living the frugal life, I suggest you know what money comes in, and what money goes out every month, so you can adjust your spending accordingly.

I started this particular blog so that I could make money without having to pay for insane childcare costs.

Seriously, we spent $14, 000 on childcare from the months of April to September one year and I finally realized that’s why we were always so tight for cash, even though my husband and I were making a generous amount of money.

If you want to learn how to start a blog like mine and make money from home, here is a free course that can help you get started.

If you want other options on how you could possibly make money from home, I have an entire post about this and there are many different ways. And I mean actual money, not pennies and dimes. Read about that here.

2. Create A Budgeting System

Once you know what your money is up to every month, focus on creating a budget you can stick to! We use the envelope system in our home, but we adjusted it so it works with our digital payment systems with our banking applications. You have to figure out what works best for your family.

Other Budgeting Systems:

YouNeedABudget Software 
The Paper Budgeting System

If you need additional help with creating a budget you can check out this post by the money crashers. 

3. Downsize To One Car

This is just not feasible for all households, especially if public transportation is far and few between, but having one car for the household can help lower your living expenses.

If it is possible to survive with one car, you can lower your expenses by 80% by taking a bus. If you can sell one car and buy 2 cars that won’t require payments or even lesser payments than you currently have, that would help as well.

4. Downsize Your Home

If you can afford a bigger home but can live in a smaller home comfortably, consider downsizing. You can save thousands of dollars every year just by living in a small space. Imagine how much less cleaning you have to do in a smaller space too! BONUS!

5. Lower Electricity And Hydro Payments

If you can get used to living with temperatures around 20°C (68°F) during the winter months and keep warm with cozy socks and fuzzy sweaters, you can sure save some big money on your monthly hydro bill. Make sure to turn off lights you aren’t using and try to avoid having the TV on as background noise if you are home but not watching the screen.

You can also cut out cable altogether and save even more money. We cut cable years ago and we aren’t missing it at all. With Youtube and Netflix, we are plenty entertained during screentime.

6. Stop Buying Books

I’m not saying stop reading, that would be silly of me. I am saying to take full advantage of your public library. Most library cards are free to get and books are free to borrow. You can find almost any title at the library.

7. Cook Meals At Home

I know this is an obvious financial habit, yet it gets missed a lot. I personally found that if I’m cooking a meal at home, I have to have planned it in advance. We keep our meat in the freezer because we buy our food in bulk every month. I also meal plan in my Life Planner every week.

The reason I plan weekly instead of monthly is that my children seem to eat out the pantry and the fridge quicker than expected and If I can do an inventory count once a week, I can adjust the meal planning to fit our current food situation. Sometimes I have to pop into the shop to top up, but it’s a few bucks, and not a whole grocery shop so I don’t mind.

8. Shop In Bulk

We buy a lot of food in bulk, but we also realize that it costs a lot of money to buy in bulk. Our average Costco bill used to be $600 every time we left the store. Ouch.

I shop with a purpose. If I’m buying in bulk, I make sure that the price is ACTUALLY saving me money. I noticed at Costco I tend to buy things that cost me the same amount if I went to Sobeys.

My favourite things to buy in bulk:

 – Meat at Costco
– Toilet Paper at Walmart (When it’s on sale, I’ll grab 2 or 3 packs even if we have the TP at home)
– Canned Food at No Frills (We have Dollar Days at No Frills once in a while and I seriously stock up during that time)
– Laundry Detergent (We have to buy the sensitive skin stuff, and it’s more expensive than regular ones, however at Walmart, the no-name brand is so cheap I normally grab a few if I have room in my cart)
– I also make my own cleaning supplies so I buy Baking Soda and Vinegar in bulk as much as possible.

9. Buy Second Hand

Starting your financial habits can be as simple as buying clothes that are not new.

I don’t know about you but we have Facebook groups after Facebook groups with mom’s selling good quality clothing for pennies just so they can get rid of it. Heck, I have done it myself, just gave great baby stuff away to strangers.

We can find ANYTHING for free or super cheap and haul it back home. I definitely don’t pick up anything that is garbage, but you would be surprised the stuff that people just give away. By the way, if you have items that you need to declutter, sell it for extra cash. Such a simple financial habit to help you save money.

Let me give you an example. When my first son was turning 1, we had Christmas around the corner. I had JUST finished maternity leave and we were catching up on our debt from my year off work, so needless to say, money was TIGHT.

I found a lady giving away a garbage bag of toys for $20. I drove to pick it up and she gave me 2 bags of toys when I arrived. When I got home, I discovered the toys were all in almost brand new condition.

Only 1 child had played with them and they were still so perfect. I gave them a nice wash and put them under the tree. $20 for a tree full of gifts for a baby? YES PLEASE!

I’ve also had the same experiences with clothes for the boys and even clothing for myself. We have a website called Kijiji which is more popular than Craigslist where I live, and you can find anything under the sun on Kijiji.

PS. If you want to earn extra cash, you can SELL your stuff on Kijiji too. I’ve had friends flip furniture on Kijiji and make full-time incomes this way. I mean, I don’t have time for that myself, but if you do, it’s a good “Side Hustle” as they say.

If you need more side hustle idea’s, read my post on the best ways to make money from home.

By the way, you don’t HAVE to buy things second hand to live the frugal lifestyle. Buying high-quality things is also a part of being frugal. Buying less provides less clutter in your home, but buying good quality means not having to buy that item again for a long time.

10. Save Money When Shopping Online

I’m sure you’ve heard of a program called Ebates... it is THE ultimate online shopping money saver. How it works is, every time when you log in to your Ebates account and use a store’s link from their website to make purchases, you get paid cash back.

If you haven’t heard of Ebates, or just haven’t signed up yet, follow this link and get a $10 bonus when you spend $25. It’s also free to join!

PS. If you grab the Ebates browser extension, you can get through to the shopping channel without having to go through Ebates website. (Once you have an account)

If you’re American, you can also get cash back from in-store shopping by simply linking your card to the Ebates website. So simple, but only available for US residents. Darn Canada, get on the train!

If you’re like me and skip to the bottom of the blog post for the quick version, let me break it down for you. Spending Less can lead to a less cluttered home and a simplified lifestyle.

Before you can begin to save money and have good financial habits, you have to have your finances in order (know what’s going in and out every month) and create a budget based on your financial situation.

15 thoughts on “10 Financial Habits You Need to Adopt TODAY

    1. Our costco is super crowded, really a pain in the butt to shop at. I’ll usually send my husband with a list, or i’ll go to the out of town one just for the quiet! Superstore is also pretty good for bulk foods, i’m not sure what that compares to in the states though, maybe sams club!

  1. Frugal living seems so exhausting lol. I am a very smart spender but I wouldn’t consider myself frugal. I agree with buying in bulk, it saves us so much money on meat. One car is a no-go, I need my freedom to go where I want when I want. My car is my “my space” lol

    1. I agree with the one car, for us it is also not ideal. But it is good if you CAN do that option. For example, my husband works strange hours, and I have to get the kids to school across the city, one car just won’t do!

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