5 Things to Do Everyday for Better Finances

To get better at anything, you have to work on it often. That includes your finances. You can’t take a peek at your budget and balances once a month or so and expect to excel financially. Here are five things you should do everyday for better finances.

Review your financial goals. Goals aren’t like an alarm clock that you can set and forget, not if you want to ever reach your goals. You have to review and work on your goals often. Reviewing your financial goals often ensure that all your decisions line up with what you want to accomplish. Make it easy to refer to your goals by writing them down and keeping them in a place that you can see them often.

Review your balances. Monitor your bank accounts to keep a close eye on what you’ve spent and to confirm the amount you have available for spending. Reviewing your accounts also helps you catch any instances of fraud before significant damage can be done. You don’t have to review all your accounts daily, but do check those that you use daily. This includes your checking account and credit cards. You can check your other, less used, accounts weekly or bi-weekly.

Practice delayed gratification. The addiction to instant gratification is one of the biggest enemies to financial success. Avoid impulse purchases and instead create a habit of waiting to make a purchase until you’re sure it’s the best move. Delaying your purchases gives you time to evaluate whether it’s something you really want and decide if it lines up with your overall goals. 

Read something finance-related. You don’t have to figure out your finances on your own. There’s an abundance of financial information available online in websites and blogs and offline in magazines and books. Aim to read at least one financial thing per day, whether it’s one blog post, one magazine article, or one chapter from a book.

Be honest about your finances. Reviewing your finances daily keeps you honest about where you stand financially, which in turn helps you make better spending decisions. When you can’t afford a purchase, financial honesty will teach you to delay the purchase rather hurting your pockets by trying to buy it anyway.

You don’t have to make a lot of money to start making better decisions about your finances. No matter what your income, there’s always room for improvement. Give your finances a little attention everyday and you’ll notice little by little that you start getting better at managing your money.