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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 January 21, 2020

How to Develop a Millionaire Mindset in 6 Simple Steps

How to Develop a Millionaire Mindset in 6 Simple Steps

We all like to dream about being financially wealthy. For most people though, it remains a dream and nothing more. Why is that?

It’s because most people don’t set their mind to achieving that goal. They might not be happy in their current situation but they’re comfortable – and comfort is one of the biggest enemies of growth.

How do you go about developing that millionaire mindset? By following these simple steps:

1. Focus On What You Want – And Take It!

So many people are too timid to admit they want something and go for it. When there is something that you want to accomplish don’t think “I could never actually do that”, think “I could do that and I WILL do that”.

Millionaires play to win, not to avoid defeat.

This doesn’t mean to have to become a selfish jerk. What it means is becoming more assertive and honest with yourself. You don’t have to grab off other people. There is a big pot of unclaimed gold in the middle of the table — why shouldn’t you be the one to claim it? You deserve it!

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2. Become Goal-Orientated

It’s almost impossible to achieve anything if you don’t set firm goals. Only lottery winners become millionaires overnight. By setting yourself attainable goals, you will get there eventually. Don’t try to get rich quickly — get rich slowly.

Let’s take the idea of making your first million dollars and expand on what kind of goals you might set to get there. Let’s also say you’re starting at a break-even position – you’re making enough to get by with a few luxuries, but nothing more.

Your goal for the first year can be having $10,000 in the bank within a year. It won’t be easy but it is doable. Next, you need to figure out the steps you need to take to achieve that goal.

Always look at ways to make growth before cutbacks. With that in mind, you might want to see if you can negotiate a pay rise with your boss, or if there’s another job out there that will pay better. You might be comfortable in your old job but remember, comfort stunts growth.

You may also have other skills outside of your workplace that you can monetize to boost your bank balance. Maybe you can design websites for people, at a fee of course, or make alterations to clothes.

If this is still not enough to make the money you need to save $10,000 in a year, then it’s time to look at cutbacks. Do you have a bunch of old junk that someone else might love? Sell it! Do you really need to spend $10 on your lunch everyday when you could make your own for a fraction of the cost?

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If you are to become a millionaire, you need to start accumulating money.

Here’re some tips to help you: How to Become Goal Oriented and Achieve More in Life

3. Don’t Spend Your Money – Invest It

The reason you need to accumulate money is for step three. Millionaires tend to be frugal people, and that’s because they know the true value of money is in investing. Being your own boss goes hand-in-hand with becoming a millionaire. You’ll want to quit your regular job at some point.

Stop working for your money and make your money work for you.

Rather than buying yourself a new iPad, that $500 could be used to invest in the stock market. Find the right shares (more on that later), and that money could easily double within a year.

There’s not just the stock market — there’s also property, and your own education.

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4. Never Stop Learning

The best thing you can invest in is yourself.

Once most people leave the education system, they think their learning days are over. Well theirs might be, but yours shouldn’t be. Successful people continually learn and adapt.

Billionaire Warren Buffet estimates that he read at least 100 books on investing before he turned twenty. Most people never read another book after they’ve left school. Who would you rather be?

Learn everything you can about how economics works, how the stocks markets work, how they trend.

Learn new skills. If you have an interest in it, learn everything you can about it. You’d be surprised at how often, seemingly useless skills, can become extremely useful in the right situation.

Start developing the habit of learning continuously: How to Create a Habit of Continuous Learning for a Better You

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5. Think Big

While I advise to start off with small goals, you absolutely should have a big goal in mind. If you have a business idea, then that is your ultimate goal – to start that business and make a success of it. If you want to invest your way to millions of dollars and do little work other than research, then that is your big goal.

There is no shame in not achieving a big goal. If you run a business and aim to make $1 million profit in a year and “only” make $200,000, then you’re still significantly ahead of most people.

Aim for the stars, if you fail you’ll still be over the moon.

6. Enjoy the Attention

To be successful, you have to be willing to promote yourself and enjoy the attention to a certain extent. Now the attention doesn’t need to be on yourself, it could be on your brand, but attention definitely attracts money.

Never be embarrassed to get your name out there. That means finding a spotlight and being brave enough to step right up underneath it.

If you run a business, try contacting the local papers. You’d be surprised at how amenable they often are to running a story about you and your business, and it’s all free publicity.

Above all, remember: You control your own destiny. Push hard enough for anything and you’ll get it.

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Featured photo credit: Austin Distel via unsplash.com

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