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Not Sure How to Set Up a Weekly Money Routine? Read This Now!

Not Sure How to Set Up a Weekly Money Routine? Read This Now!

Tired of all the chatter from friends, family and media about the importance of good financial habits? Ready to get your financial house in order, but wish you knew more about how to develop a plan of your own?

You’re in luck! Developing a weekly money routine is easier than it may sound. Get started with these easy tips. (Bonus! You can implement them all today.)

1. Think “routine,” not “resolution.”

Healthy financial habits are not about drafting more resolutions as likely to fail as anything else you promise each New Year. Instead they’re about building just that — habits. Start by shifting your thinking from an immediate push for a quick fix to debt or other financial woes, and focus instead on creating routines that allow you to strengthen your financial position every time you take out your wallet. Slow change can be lasting change.

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2. Learn The Secret.

Millions of people around the world are strong adherents to the Law of Attraction, which generally states that what you think about most is what you will attract. Instead of focusing on debt and the negative emotions that come with it — such as despair, hopelessness, frustration, impatience, or envy — focus with a positive attitude on your efforts to obtain, earn, or attract more money. Be proud of your efforts, and allow the process to keep you calm and centered as you work your way out of debt and into a better financial future.

3. Get real — with yourself.

How and why is money important to you? Is money, or lack thereof, keeping you in a job or living situation that you do not like or is not safe? Do you wish you had a romantic partner who earned more? While your first thought may be that you would party like a rockstar given the funding, for most folks, that simply is not part of the fantasy. Really think about what you want, and how much it costs. Do you want a private school education for your children? A safer neighborhood? The funds for a dog or other pets? Leisure to take two trips a year? Do you know how much each of these things costs? Do the research and write down your goal; make that goal as specific as possible.

4. Sketch it out.

Part of your candid assessment is how you spend. Do you buy coffee every morning at five bucks a pop? Do you get your nails done once a month? Do you tend to spend a lot of money when one of your friends has a birthday? Do you blow your budget in November and December on holiday temptations? Do you even have a budget?

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There is no wrong answer here, but you can’t change where you’re going until you know clearly where you are. Break out a pocket calendar, and sketch out how you spend. This does not have to be specific, but you want to think in enough detail to be able to identify trends. Is there a particular sport that when in season finds you buying drinks in bars more often to watch it? Do you avoid the summer heat or winter cold, and end up splurging on movies and other indoor entertainment? Is happy hour regularly expected by your boss or co-workers?

5. Trim your own fat.

Your money is yours, your priorities are yours, and your lifestyle choices are yours. Take a look at your spending sketch and question yourself about why you spend the way that you do. Do you really enjoy those happy hours, or do you need to stand up to your cubicle mates and only go once a month? Does your family expect, need, or want piles of gifts each holiday season, or do you buy them to alleviate the guilt of not visiting enough during the rest of the year?

Sometimes, the answer is as simple as, “I like that activity, that is part of my lifestyle, and it makes me happy/relaxes me/I enjoy it.” Great! Mark those items as important. You will likely find that you can trim the fat from things that you feel obligated to do, without having to sacrifice what you truly enjoy and want to spend your hard-earned funds pursuing.

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6. Measure your success.

Set a monetary goal for every week of the next three months, based on your calendar. Maybe it’s spending $10 less every time you go out; maybe it’s going out less; it could be finding the strength to avoid holiday sales; maybe it’s putting money aside from your paycheck immediately. Perhaps it’s all of those things, one for each week of the month. Be specific. Write each goal down. At the conclusion of each week, note your successes and areas that were more difficult. Be sure to note partial successes, too — if you saved $5 when your goal was $10, that’s still progress. At the conclusion of three months, evaluate your goals — are they consistently realistic? Can you be more ambitious?

7. Ask around, and share ideas.

Think you’re alone in your pursuit of wealth? Everyone is trying to accumulate more of the green stuff. Talk to your friends about your goals, and ask if they have any ideas for ways to save money. Pay particular attention to those who live in your area and have similar lifestyle patterns, because their tips and tricks are already proven.

Over time you will become more comfortable with your new weekly routine. Remember to revisit and update your goals frequently, and enjoy the abundance that comes your way.

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Ready to learn more about financial goal setting? Check out these 13 Basic Rules to Grow your Wealth Effectively.

Featured photo credit: www.seniorliving.org via flickr.com

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Last Updated on April 3, 2019

How to Nix Your Credit Card Debt in Less Than 3 Years

How to Nix Your Credit Card Debt in Less Than 3 Years

Debt is never a fun thing to be in. But, there are many actions that you can take that will help you rid yourself of the burden of debt once and for all.

By coming up with a set plan, eliminating your debt can feel much easier than constantly thinking about it.

This post will provide some tips on how you can do this to help you nix your credit card debt in less than 3 years.

Hint: there are ways that are easier than you think.

1. Consider Consolidating Multiple Credit Cards If Possible

This may not be applicable to you, but if you have multiple cards – it is something to consider. Keeping up with multiple bills is time consuming.

It will depend on the balance you have on each. Consolidate ones you can but do not do it to the point that you get too close to the maximum limit. Also, it is ideal to pick the card with the lower interest rate.

Consider if there are any fees or alternatively, rewards, with transferring a balance to another card. Watch out for fees. Note that some cards offer rewards for transferring a balance to them. This is extra cash that can help go towards paying off your debt.

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Having one or two cards can make nixing your debt much simpler than keeping up with the balance of a bunch of cards. Keeping track of paying the minimum towards a bunch of cards is time consuming. Spend the time to consolidate instead to make the overall process simpler going forward.

My tip: Have one main credit card. Have a second one that you use for necessities – such as groceries or gas – that offers rewards for those purchases (a lot of cards do) and set the second one on auto-pay. You should be able to pay off a smaller amount on auto-pay if it is a necessity. If you think you cannot, then you may need to cut down a lot on expenses.

Why do I suggest doing this? Having one thing set to auto-pay is one less thing to think about. One less thing to waste time on. Same idea with consolidating to one main card. Tracking down too many is a hassle.

2. Try to Pay the Full Balance You Spent Each Month at the Very Least

You need to pay off the amount you are spending each month when that bill comes in. This is the amount you spent THAT month.

Do not let the debt keep accruing while you work on paying any unpaid debt that has accrued. It will become a never-ending battle. Try as best as you can to be current on paying for each month’s expenses when that month’s bill comes out.

If this is a strain, consider why. You may need to cut expenses. Or you may need to consider other cards. Or look at where this money is going.

3. Pay Extra When You Can – Every Small Amount Counts

This cannot be emphasized enough. If you are looking at a lot of credit card debt, it can look daunting, but each extra amount that you can put towards the debt will really add up – no matter how small it is.

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It does not just reduce the principal amount that you have left to pay off, but it reduces the amount that is collecting interest. You will always save money with that reduced interest.

4. Create a Plan on How to Pay Extra

Back to the main point, having this plan is giving you one less thing to think about.

This plan should be a plan that works for you. If it does not work for you, your spending habits, and your views on debt, then it will not be an effective plan.

For instance, if a set plan of an extra $50 (or another amount that you know you can afford) works for you, then do that. Set that aside every month and pay that extra amount. Treat it like a bill. Choose an amount that works for you and pay it like clockwork as though it was a bill you had to pay each month.

Little amounts will not nix it entirely, but they will help tackle it and having a set plan can make it less of a chore. Creating a new plan of how much to put towards it each month is an unnecessary added stress.

5. Cut out Costs for Services You Do Not Use

If you are signed up for subscriptions that you do not use because of some free trial or for some other reason, cut it out. Your overall financial position will look better.

In turn, that will make cutting your credit card debt easier. Look at your statements to find these expenses. If you do not use them, you may forget you are paying some unnecessary amount each month. Cutting it out can really add up in savings that you can put towards other needed expenses.

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6. Get Aggressive About It

Consider these points:

Depending on the interest and the level of debt, you may need to give up a few indulgences. For example, instead of ordering delivery or going out to eat, cook at home. Everything adds up.

Other things may be more of a sacrifice. It may be a trip you wanted to go on, or a daily latte habit you’ve picked up. In these instances, consider how important it is to you and if it’s worth the sacrifice. And if it is a costly expense, think whether you can wait to indulge.

Cutting an extravagant expense can really help make a dent in your overall debt. Try not to add to debt when you are trying to pay it off. It will be a never-ending battle. Make it less of a battle with these tips and it will feel easier.

Bottom line: Do what you can to make this process easier for you. Implement steps that do this. It takes time now, but will help overall. Also, keep track of your spending and paying down of your debts. Which is the next point.

7. Reevaluate Your Progress at Set Intervals

Doing a regular check-in can help you see your efforts pay off or maybe indicate that you need to give this a bit more effort. If you check every 3-6 months, it will not feel so much like a chore or feel so daunting.

By doing this, you will be able to better understand your progress and perhaps readjust your plan. Bonus: if you see it pay off, it will feel great to do this check-in. You will get there.

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Finally (and most importantly)…

8. Keep Trying

Do not get discouraged. Pushing it off will make it worse. Just keep trying.

Once your debt becomes lower, each monthly payment will reduce the balance more. Why? You are paying less towards interest. It will be a snowball effect eventually and it will become much easier to manage. Just get to that point. And know once you do, it will feel easier and motivating.

Start Knocking out Your Debt Today

The best way to eliminate debt is to get started right away. Begin by implementing the above steps and watch your debt just melt away. Try out some of the above strategies and see what works best for you. Soon you’ll be on your way to a debt free life.

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Featured photo credit: Pexels via pexels.com

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