Struggling to get ahead financially? According to podcast host and author Jay Shetty, some of the most powerful money moves are surprisingly simple — and backed by legendary financial minds.
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In a YouTube short, Shetty shared the three money rules of thumb he lives by — and they’re all things you can start doing today.
Pay Yourself First — Warren Buffett’s Golden Rule
The first money habit Shetty cited comes from Berkshire Hathaway CEO Warren Buffett: “Do not save what is left after spending, but spend what is left after saving.”
Automatically contribute a portion of your paycheck to a savings or investment account every month and spend what is left over, instead of the other way around.
“That simple switch will change how you feel in the next 12 months,” Shetty said.
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Track Your Spending To Manage Your Money Better
Once you’ve prioritized saving, the next step is understanding where your money goes. Shetty shared a quote from Peter Drucker, known as the “Father of Modern Management.”
“Drucker said, ‘You can’t manage what you don’t measure,'” Shetty said. “So many of us are unaware of our spending habits, and until we understand them, we won’t be able to improve them.”
Track your spending on a weekly, monthly and quarterly basis so you see exactly where your money is going and look for ways to cut back on unnecessary spending.
Live Within Your Means To Build Lasting Financial Stability
Finally, Shetty emphasized the importance of living within your means, no matter your income. He quoted a viral tweet from the Canadian politician Norm Kelly: “Don’t go broke trying to look rich. Act your wage.”
Many people overspend to try to appear successful, but this will only prevent you from achieving real financial success. Instead, stick to a budget and avoid taking on debt.
“When we live within our means and create value in the world,” Shetty said, “our value will continue to grow.”
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This article originally appeared on GOBankingRates.com: 3 Simple Money Habits That Can Change Your Life, According to Jay Shetty
