It’s no surprise that everyone wants to make more money. Boosting your salary, starting a side hustle or winning the lottery can all help reduce your financial stress, but there’s no guarantee it will last forever. To secure your financial future, you need a solid money routine that will help no matter what your income is.
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One personal finance expert with excellent advice for developing a money routine is Genesis Hinckley. Hinckley is the mastermind behind the Instagram page genuinelygenesis. In a recent post, she laid out three simple steps to put yourself in a better financial position.
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Pick a Time
Improving your finances takes more than good intentions. You’ll have to sit down, hash out a plan and stick to it. Hinckley recognizes committing to a regular time to work on your money routine as an important first step. She explained that if you don’t have a dedicated time to plan and review your finances each week, you’ll likely keep putting it off and never make progress. For some, finding time every week might be a challenge. Other personal finance experts, such as Suze Orman, suggest making an in-depth seasonal review of your finances, at the very least.
Keeping a consistent schedule each week creates financial discipline, which leads to long-term success. This weekly money routine will help you preemptively plan for upcoming known and unknown challenges. It will also help you deal with any oversights that you might have missed during the week, such as overspending in a certain area or failing to pay a bill or balance.
Any block of time that you consistently use will work. Hinckley prefers to sit down every Friday from 3 p.m. to 5 p.m. because that’s when her paycheck arrives. Her husband also joins her during this period so they’re on the same page.
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Stay Up to Date
Cash will always come in and go out in waves. One week, you might have a big payday, and the next week, you might have to pay off a car maintenance bill. Not being aware of your finances at all times can easily derail your progress.
Hinckley’s second step to a successful money routine is keeping up to date with your finances. When you sit down to review your finances, track what you spent your money on by reviewing bank statements and credit card bills. Create a budget for the next week that will allow you to pay off your bills, put some money into savings and have extra for spending.
Dave Ramsey, founder of Ramsey Solutions, explained it best when he said that making a budget gives your money purpose. Keeping your spending on track to add value to your life is the best way to reach your financial goals.
Adapt and Adjust
With your new routine in place, it might feel uncomfortable to make changes. However, things don’t stay the same, especially when it comes to money. Over time, you may develop new financial goals, your personal situation can change or you may find new opportunities for savings. Staying flexible allows you to meet any challenges that pop up and make the most out of the money you have coming in.
According to Hinckley, the best way to do this is by looking at your expenses from the last week or month and identifying areas where you can be more efficient. Holding yourself accountable is the best way to actually do this. She agreed that it’s convenient to find someone or something to blame for your debts or overspending, but if you don’t accept responsibility for it, you won’t get ahead.
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This article originally appeared on GOBankingRates.com: 3 Crucial Steps for Your Money Routine, According to Financial Influencer Genesis Hinckley
