Habits are thoughts and actions that are done consistently and repeatedly. More often than not, they govern the choices that people make.

Luckily, habits can be changed with awareness, intent and practice, and this is true even with financial matters. Here are some healthy practices to keep you on the right track financially.

1. Set meaningful goals

Financial goals can be straightforward or complex, immediate or long-term. You might want to save a specific amount within a few months, or open a fixed-deposit account. You might want to clear your debts or build up your investment portfolio.

Choose goals that add value to your life and are important to you. Get into the habit of thinking of them often. Your goals can help you determine how to respond to situations and keep you on track with managing your finances. For example, should you make that purchase now or save the money to reach your goal?

2. Track your expenses

Budgeting helps you know where your money is going. Get into the habit of tracking your expenses, reviewing them, and adjusting your budget as needed. This might feel like a chore but once you get going, you will be able to better manage your money to look after your needs, wants and goals.

3. Keep organised

Get into the habit of tidying up your financial life. Data that you accumulate should be filed away neatly. Reassess your goals to check that they are relevant and you are on track. Toss out unwanted distractions.

4. Don’t stop learning

Cultivate the habit of continuous learning. Read books on financial matters; follow verified personalities on social media; keep up with current events; and talk openly with those who share similar financial interests.

You will learn different techniques and approaches that others have employed, while keeping your motivation up.

5. Rank your priorities

Life constantly changes and opportunities come and go. Your financial goals, investment and debt management strategies, and other plans should be reviewed regularly. Change their order of importance or discard them altogether as you see fit.

6. Seek balance

Get into the habit of seeking balance. In the financial sense, this means ensuring you have your bases covered – insurance, estate planning, personal finances and so on – and that you do not favour one priority while overlooking others.

Do not forget about your personal life as well. Cultivate the habit of self-reflection and introspection. What makes you happy? Has achieving your goals brought fulfilment? At what cost, and was it worthwhile?

7. Learn to say no

To be successful, you need to say “no” if you are being rushed or pressured into something. Take time out to deliberate your answer after weighing your options. Remove temptations that might distract you from your goals; for instance, stop going to auctions if you are the kind who gets carried away in the excitement.

8. Practise gratitude

Life can be fast-paced, and it is only human to lose sight of the present. Get into the habit of taking time out and reflecting on what you are thankful for. If you are content with what you have, you will be able to use your money more efficiently.

This article first appeared in MyPF. Follow MyPF to simplify and grow your personal finances on Facebook and Instagram.