How to Create a Daily Money Routine

You may have heard the advice to be intentional with your money. If you’re not sure exactly what that means, read on!

Being intentional with your money is a mindful and purposeful way of using your money to move further along in your financial journey. Ultimately, it’s being aware of your spending and saving habits, and making choices that align not only with your personal means right now, but with your values and financial goals for the future as well.

Adding a new routine to your life can take some time. It can be challenging to figure out what works for you. This is true no matter what the situation. Whether you’re trying to exercise more, improve your health, be more efficient at work or get a better handle on your finances—expect to be in it for a while before you hit your stride.

So, how do you get started? First, begin with minor adjustments—small changes, practiced consistently, can add up to a whole new direction!

Here are five daily money habits to help get your finances on the right track:

1. Track your spending. Doing this every day will help you stay within the budget you’ve set for yourself. Living within your means is one of the most important daily financial habits you can practice in life. Track your transactions for at least a month and, once you have a system in place, it will be easy to spot areas where you can make adjustments.

2. Save. Save. Save. Saving can be a daily habit too. Whether it’s making a deposit directly to your savings account, cutting down on your coffee shop visits or packing your own lunch, it all contributes to more money to spend on your financial goals. For example, if saving for retirement is on the top of your list, make a goal to skip your daily latte and put that money away in a 401(k), IRA or other tax-favored account. That small adjustment turns into tens of thousands of dollars after 10 years.

3. Check for fraud. Take a minute or two each morning to check your account balances and confirm purchases and expenses. Not only does this give you an opportunity to understand exactly how much money you have on a daily basis, it also provides a chance to quickly identify any unauthorized charges.

4. Review your short- and long-term goals. Remind yourself why you are making these sacrifices. Think of these goals every time you make a financial decision—you’ll be reminded of what you need to do to stay on course so your spending doesn’t steal from your savings. Staying connected to what your money is doing, and how that affects your goals, will help you be more intentional with your daily financial decisions.

5. Continue learning. Spend five minutes a day learning something about money management. Want to be more knowledgeable about investing? Need clarification on Medicare and Social Security? Or maybe you just want to find out how to stick to a budget. There are many ways to get this information for free—look for information online, check out financial books from the library or explore the quick reads on Banzai.

If you find you’re having a hard time taking the ten minutes a day to complete these tasks, there are a few things you can do that may make it easier:

• Set your alarm 10 minutes earlier so you can do it first thing in the morning.

• Attach this new habit to an old habit that’s already been established in your routine. Have a cup of coffee at the kitchen table every morning? That’s a great time to quickly review these items. Like to walk every evening after dinner? Put on a finance podcast about something you’re interested in learning about.

• Set small goals. If you can’t do all of these things every day, start with just one. Once that has become a habit, add in another one, and so on.

You may wonder how 5–10 minutes a day can make that much of a difference in your finances—but if you focus on small, consistent steps, you’re sure to see forward movement. And remember, you can always tweak your plan along the way. Find what works for you and your lifestyle and lean into it for success.