Changing Inside Out Now!

Thursday, May 27, 2010

Action Thursday - Formula for Success – Using the Principle of Repetition to Enhance your Financial Growth

Many of us encounter financial difficulties because we've not taken the time to closely look at our finances or learn new ways in which we can better our financial position - whether it's saving or increasing our savings, investing or starting up a business.

We apply many of the strategies passed down to us either from parents or friends or those we've created ourselves and many of these ideas may not have enhanced our financial status. They may have done more harm than good and only after a period of bad decisions and careless spending that we begin to look at how we can change things in our lives.

So how can the formula for success, R=IOT, Repetition = Imprint Over Time, help us to identify where we've erred in our financial decisions and what changes we could make to enhance our financial growth? Follow these actions steps to make a financial difference.


Spending money unwisely leads to the effects of having insufficient funds. If this is a habit, then making small changes in your purchasing habits could make the difference between having that extra money in your pocket and not having any at all. Look at some of the things you're actually spending money on and make necessary adjustments to increase your financial standing. Repeating this will definitely leave its imprint over time.

Instead of paying full price, wait for the sales

If you're used to shopping for clothing at full price, unless it is absolutely necessary, look out for when the sales are on and make your purchase then. The time will come when you will be able to make the purchase at full price without adversely affecting the amount of money you have.

Patience is a virtue - wait for the right price.

When you rush in and pay the full price on a garment, you may later find that the same garment went on sale and you could have purchased it for half the price. Make it a habit to watch out for the sales and know when a sale is going to be on so you can be there early enough to get the best quality at a money-saving price.

Buy better quality

Instead of buying cheap to save money, spend the extra dollar or two. It will save you more money in the long run. For example, you decide to make a purchase for $1.00 thinking that you saved yourself some money by not spend the extra $5.00 to get the better quality product. But a day later, the $1.00 item breaks and you've got to go back and purchase the same product again, not to mention the gas, time and effort wasted. The quality of the product was not great so you find that over time you've spent more money trying to save the extra $5.00.

Budgeting money

If your habit is to spend more money than what's coming in, setting up a budget and keeping tabs on what you spend, as well as getting into the habit of spending that which is within your budget and saying, "No" to certain items will get you on track financially.

Avoid credit card purchase if possible

Don't do - Avoid using your credit card to make purchases you can't afford and know that you cannot pay back within the specified time frame.

Do instead - Purchase items with cash if possible and if you use credit card, pay them off as soon as possible to avoid paying interest.

Avoid the herd mentality

Not because your friends are buying something or it's the latest fad mean you have to have it right now, especially if you're financially strapped. This mentality can set you way back financially. And by the way, your friends or store wouldn't be able to help you bail out. You may not be popular but you wouldn't be stressed out either. Your cool friend might be coming to you looking for a loan later on.


If you make saving a habit, you'll find that you'll have more money to do the things that you desire to do - start a business, make an investment and it opens up opportunity for more options.

Bob Proctor's book, You Were Born Rich, shows a great break down for saving and growing wealth - see the chapter on Me and Money - pg. 29 Read the entire book as it provides great information for you to implement to change your financial situation.

Changing financial habits as with anything else does require some discipline but these small changes can make the difference to create that imprint over time and enhance and transform your financial situation no matter how bleak the situation may look right now.

What financial habits do you struggle to break? What small steps could you commit to doing that will make a difference in your financial situation?


  1. Hi Alicia...Good post. The financial habit that is a struggle to break is recreational shopping. However, I set a specific amount, like $10 or $20 for yard sale shopping on the weekend and when it's gone, it's gone. So at least the spending is kept in check.

    The different in the financial situation that needs work is to save more money. One way of doing this would be to bank all piggy bank proceeds once they are counted.

    Thanks for a great post. Sincerely, Susan

  2. Thanks Susan. Small changes in the recreational shopping could make a big difference. Once you set aside your budget, try to stay within it.

    One good practice to start saving is to take the change from every purchase and put it aside. You'll be amazed at how this simple process could add up to quite a savings if you're consistent with it.

    Thanks for sharing.



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