February is the season of love – the perfect time to reflect on all our relationships, including the one we have with money. Like any healthy relationship, financial well-being is built on small, consistent habits. No matter where you are on your financial journey, a few simple practices can help you feel more confident, prepared and in control. Here are five habits you can start today to strengthen your relationship with your finances.
- Live Below Your Means - Earning more doesn’t automatically lead to financial security. True progress begins when you consistently spend less than you earn. If saving feels difficult right now, that’s ok – building awareness and healthier habits is still a meaningful step forward. Try Cape Cod 5's Savings & Budget Calculators to help you get started.
Healthy Habit: When you get a raise or pay off a loan, add some of that extra money into savings before you get used to spending it.
- Track Your Income and Spending – Knowing where your money goes is one of the most powerful tools you have. Tracking helps you plan realistically and stay mindful with your choices. Try Cape Cod 5's My Budget Tool to help you get started.
Healthy Habit: Spend five minutes a day recording income and expenses. Use whatever works best, a notebook, spreadsheet or app, but make it a daily routine.
- Pay Yourself First - You already prioritize important bills like rent and utilities. Your savings deserve the same consistency. Treat saving as a non-negotiable part of your budget, just like one of your monthly bills.
Healthy Habit: Pick an amount you’re not going to miss and set up an automatic transfer from checking to savings. Remember, it’s the habit that counts, not the amount.
- Understand Credit Scores – 65% of your credit score is determined by two things: paying your bills on time and keeping credit card balances low. Small, consistent actions can make a big difference over time. On-time payments and low usage will set you up for a healthy credit score within a couple of years. Learn more about credit scores.
Healthy Habit: Set up automatic payments for bills and only use your credit card for one or two small things you are already paying for.
- Make Financial Wellness a Lifestyle – Personal finance isn’t about perfection, it’s about consistency. Like exercise or healthy eating, small efforts over time lead to lasting results. The greatest return on your money is peace of mind!
Healthy Habit: Seek trusted financial advice. Reach out to us or stop into one of our convenient Banking Centers, we're here to help.
