You’re probably used to thinking of money in terms of monthly income and spending, but refocusing on a weekly basis could be the catalyst for real progress toward your financial goals.
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Financial expert Michela Allocca, author and mentor who helps young professionals plan for the future, shared four reasons for you to give a weekly money routine a try.
Knowing your financial situation like the back of your hand allows you to make day-to-day spending decisions without hesitation. Weekly check-ins keep you on track, and your choices are much less stressful when they’re based on data.
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Life can be full of fun and adventure, and those exciting moments are best enjoyed without the heavy weight of financial stress. A weekly money routine can help you plan for spontaneity and live in the moment.
Facing your financial situation means clearing up any mystery around how much money in your budget you have to spend, invest and save. Once you know where you stand, you have more time and mental space to plan to support your future.
On top of living every day with confidence in knowing your numbers, weekly check-ins on all your financial accounts will help you prevent criminals from using stolen information to make fraudulent purchases in your name.
If you’re looking at where your money goes every week, you’ll more quickly spot and be able to resolve any red flags.
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Take stock of your regular income and expenses, listing what you’re generally spending on necessities and how much is going towards unnecessary spending. Take a couple of weeks to capture your average spending habits by recording and categorizing money coming in and out of your financial accounts.
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List some of your financial goals, both large and small. A small goal might be keeping your weekly coffee spend under $20, while a larger goal may be saving 15% of your annual income in a retirement account or paying off your student loan balance.
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Use the data from step one and your goals from step two to create a check-in note template on your phone, or document on your computer to track your progress and create a quick snapshot of your financial outlook for the current week.
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Block 20 to 30 minutes to complete your check-in once each week. Note any important upcoming expenses that you’ll need to budget for and any unexpected costs or purchases made in the previous week.
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Keep your check-ins and use them to record your progress over time. Plan a more thorough check-in at the end of six months or a year for you to set new smaller goals and record your progress towards the larger ones.
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