Monday is a clean slate for all parts of your life: your diet, workout regime, sleep cycle, and finances. While it’s relatively simple to add the grocery store and a spin class to your to-do list for the upcoming week, what can you do to make sure your budget stays on track?
Start with the easy stuff: just opening your budget tracking app (like Mint, for example) or bank website and reviewing what you spent the week before can really help you budget! Set a calendar reminder for each Sunday to take a look at your spending for the previous seven days. Still not convinced? Here are a few reasons checking in on your spending habits once a week can change your money game:
Knowledge is Power. Mastering your weekly budget starts with awareness: how much money you have and what your daily habits are the first steps to making clear goals and understanding what you can change to make them happen. Not only will this help you be aware of the total dollar amount you spent the week before, but also what you spent those dollars on.
Dose of Realism. We’ve all had those moments of saying to ourselves, “I don’t even want to know how much I spent last weekend!” However, by being realistic about the toll that certain activities, nights out, or other habits really take on your bank account, you may be able to adjust or avoid these all together.
Goal Setting. By having an exact number to compare your spending with, you are better able to set measurable and attainable goals for your upcoming week. These don’t have to be achieved overnight, but by having a financial goal to work towards, it will be more motivating to cut those extra costs daily! Practice short term goal setting before moving on the bigger ones like saving for a mortgage or paying down your credit cards.
Do you have a time you take stock of your finances? Is it daily? Weekly? Let us know in the Comments!