4 questions of money that I ask myself every week, month and year

After college, my finances were an enigma to me. I had spent four years as an undergraduate student working in low-paying jobs and living from one paycheck to the other. I did what I had to lose and I managed to respect some basic rules so that my credit stays in good condition.

But very quickly, I learned the concept of "date of money". The idea was simple: a date of money is a regular financial statement.

A date of money can be with either yourself, or alone, or between you and the people with whom you share your finances.

I decided to try to have appointments with clean money once a week, just to track my expenses. But I soon realized that there were many layers of money strategy. What if I had to make a big purchase? What if I wanted to move to a zero sum budget?

I decided that I had to come up with a different approach to my money dates at different times in my spending cycles, each with its own priorities. Now, I check with my money every week, every month and every year.

To find out exactly what I should ask for each of these audits, I spoke to Maggie Germano, Certified Financial Education Instructor and Women's Financial Advisor, who agrees with me that certain dates of Payment is used to verify expenses, while others are. to ask bigger questions.

Here are the questions I ask myself to better target and guide my strategy, with some feedback and suggestions from Germano.

Annual money issues

Let's start with annual payment dates because they often set the priorities for your monthly and weekly budgets. I like making monthly monthly appointments at a ceremonial moment that makes sense to me. It may be a birthday, but January is a good day because it's a new beginning (and a new calendar).

Annual payment dates are used to ask big questions, such as:

1. What are my main objectives and, subsequently, my most important expenses? Plan the most important quarterly expenses and make sure they are all on your radar.
2. What is the best way to save $ __ from here this year next year? Savings opportunities include automated use of monthly savings, tax returns or one-time savings.
3. What kind of budget is best for me this year? Decide how to budget as a boss.
4. What's bothering me and what can I do better? Identifying your resistance is the key. "It's important to forgive your past financial mistakes," says Germano. "Use your past mistakes to inspire new habits and more positive ways to go forward."

Monthly money issues

Monthly payment dates are for refinement. At the beginning of the month, I enjoy doing a mini-review of the previous month before turning to the next month. I scan my spreadsheet to see if and where I have spent too much, spent less and if I have some bearing savings after my first payment at the beginning of the month.

Monthly payment dates are a good time to ask:

1. Do I pay myself first this month? This is not a free money date without putting initial money into savings.
2. Am I honest? I learned to hide my habits of consumption. Learn to look at your numbers (and your habits).
3. Does this system work for me? Disable the autopilot and ask yourself if your tracking system makes your life easier or more stressful.
4. Am I still on track to reach my goals and what can I think of it? Sometimes a plan that looks great on January 1st is not as important as other life events come up. It's nice to know when plans change.

Questions about weekly money

According to Mr. Germano, a weekly cash date is the only way to ensure that your daily expenses align with your budget. But they can be short and sweet!

Here is what I ask:

1. Have I accounted for all my purchases this week? This includes "Invisible" purchases such as automated withdrawals or subscriptions made without swiping from your card.
2. How much did I spend this week?
3. How much is left for the rest of the month? If you have some room to maneuver, consider putting extra money into your savings or give yourself permission to enjoy a little craziness.
4. Do I have the basics covered in the foreseeable future? The car was refueled? Fridge filled? Check.

Money is made to make us happy. The regular payment dates are meant to remind you!

If you feel resistance at first, keep your goals in mind, says Germano. She recommends creating reminders for yourself Why you do what you do with your money. This can be an image of the house of your dreams or a visual representation of the debt you are paying.

Make sure it's inspiring!