How many times have you made financial goals but ended up disappointed at yourself either because of poor self-discipline or lack of a way forward on how to successfully pull the mission?
Here are a handful simple habits simple habits you can form, in both in the short- and long-term, to improve your financial situation on a daily, weekly and monthly basis:
DAILY
Check your balance; Checking your bank balance achieves several goals: You can check for fishy transactions, make sure your transactions are accurate, and glean insights on your spending patterns and habits.
More importantly, keeping tabs on your bank account balance can help you see if you’re in financial hot water or if you’re in danger of incurring overdraft fees.
Auto-save; While you technically only need to set up recurring transfers once, setting your savings to auto-pilot is something that will help you with both short- and long-term goals.
WEEKLY
Behavioural Economics have shown that you’ll gain greater control over your finances if you review your budget weekly. Because you’re dealing with fewer transactions, it’s more manageable to see what is coming in and out of your accounts.
And even though a lot of bills are paid monthly, breaking up your budget into weekly increments will help you anticipate and predict your expenses. What’s more, if you get paid bi-weekly, you may have less money the second week than the first.
Here’s another idea: Set aside a certain amount for your recurring, predictable bills. Then divvy up the remainder for your discretionary spending. Over time, you’ll be able to gauge how much you roughly spend each month for groceries, gas, eating out, entertainment, personal items, and so forth.
Commit to changing one small thing; What’s one minor adjustment you can make to improve your finances? It might be brown-bagging it to work a few days out of the week, or perhaps taking public transit. Spend a tad too much time on Instagram following your favourite influencers and brands? Try unfollowing for a month and see if you can rein in your purchases.
MONTHLY
Monthly budget check-ins help you plan for one-off expenses, like insurance premiums and spending over the holidays.
Go on a money date; Carve out some dedicated time each month to go on a money date—either with yourself or with a partner or friend. It’s a great time to check on the progress of your goals and envision what you ultimately want. You can even populate a vision board with what you want to achieve with your money
Auto-pay your bills; If you can swing it, set up autopay on as many bills as possible. Of course, that’s far easier if you have a steady paycheck. If you’re a freelancer or gig economy worker, and get different income at varying times, consider syncing up your bills to retainer clients.