Reviewing your finances weekly will set you on the path to financial wellness. It’s an excellent way to keep track of your expenditure and stay on top of your financial goals.
Since you’re planning your expenses for the coming week, you’ll know what to expect. Stress and anxiety about money will be in check, and the priority will be setting a reasonable financial goal for the coming week.
Rest assured, a weekend financial routine is easy to create, and you can do it by following these steps:
Make it fun
To avoid seeing financial planning as a tedious chore, we recommend making it fun. It won’t become another dreaded item on your to-do list if you introduce factors like your favorite song, drinks, and whatever suits your fancy.
Put yourself in a good headspace to enjoy your financial planning experience.
Examine last week’s finances
Consider your expenditure for the previous week – did you follow your budget? Did you overspend? Are you well within your financial plans?
This is the time to calculate how much you spent and your budget situation; are you above or below?
You also need to be honest with yourself. If you spent more than you should have on unnecessary things, you could correct it the following week by being more cautious.
Create a new budget
The new budget can correct the overspending of the previous week, but it’s a conscious decision to cut back on purchases. For instance, if you spent more than allocated on an outing with friends, your next budget can eliminate paid leisure activities.
If you’ve eaten out too many times, you can also consider packing a lunch.
Pay your bills
You can automate your finances to make paying your bills more manageable. Sign up for automatic debits, set up bill pay at the bank, or consider a direct deposit with your employer.
This is a sure-fire way to ensure you never pay your bills late, and you can avoid those little late payment fees.
But again, the bills on autopilot may not be all you’re paying for. Some sudden bills may also arise, such as your car tag renewal, money for a loved one’s birthday presents, or even a medical bill.
Use the weekend to calculate everything and determine how you plan to pay up.
Plan your meals and purchase what you need
Since your finances are now more comprehensive, it’s time to analyze the groceries you need. If your budget requires packing a lunch, you’ll need enough meal options. Plan them out, check your pantry, and determine what’s missing.
Then, allocate money for these items and grab them after your financial routine.
Create a list of financial goals for the week
A list of your financial goals for the week can also help you keep track of your spending. They may include finishing a book on managing your finance, creating a savings fund, considering investment opportunities, or even discussing the concept of money and savings with your children.
Stick to the routine
Consistency is vital when you desire long-term success. So, sticking to the routine is critical, even if it won’t always be easy.