Everyone wants to be financially successful. But do you ever wonder about what it takes, day in and day out, to build a money routine that works? It might be easier than you think! In this article, we'll go over the how and why of making a great financial routine.
We'll also go over some good daily routines examples that you can leverage to create your own daily routine schedule. But first, let's get into why daily routines for your finances are important and the key benefits as well!
Why daily routines are important for success
Habits can make our lives much easier. Having a daily routine can even help you feel more relaxed and alert. The things that we do every day, seemingly on auto-pilot, are what make us successful. It is especially true with finances. You can build wealth and good money habits over time, and this, in turn, saves you hours and energy. Having a routine can be helpful in achieving your financial goals. A great place to start is with a morning routine checklist.
Benefits of having a morning routine checklist
There are so many reasons to keep a morning routine in your life. A lot of financially successful people find that morning routines are life-changing. They state exercise, meditation, and thorough organization as some of their most helpful practices.
If a whole morning routine sounds like too much, start with one or two small changes. These can be as simple as drinking a glass of water, journaling, or checking your bank account. If you start small and follow-through, you're likely to see benefits from it and continue with even better routines.
Checklists can be especially helpful when beginning a habit. They remind you of what to do each day and can be altered depending on what is needed. A morning checklist might look something like this:
- Wake up at 6 am
- Drink hot water with lemon
- Exercise for 20 minutes
- Make breakfast
- Check your bank account
- Make a list of what you would like to accomplish that day
A checklist is not a routine, but it can help you create one, and it will keep you on track when beginning new daily routines. It's certainly a great idea to incorporate your financial wellness into your morning routine checklist.
Financial automation as part of your routine
Since saving is difficult for most of us, it makes sense to make it as easy as possible. Leveraging automation can help. There are four core components to automating your finances.
Emergency or rainy day savings
You can easily automate a percentage of your paycheck to take out and add to your savings every month, week, or bimonthly. This can be leveraged as emergency savings in the case of job loss, illness, etc.
Retirement savings and/or investments
The great thing about these accounts is they will grow exponentially over time with compound interest. The sooner you start, the better, but don't worry if you're starting to save later in life. There's almost always time to grow your investments. Good places to invest include a 401(k) and index funds.
Bills and expenses
Automating your bills ensures you pay your bills on time. Write out how much your expenses are per month, and then go through them one by one. Figure out what you can automate for instance your rent, utilities, and phones. This way, these get paid without you having to think much about them or falling behind.
It may take some practice, but a good way to get started with budgeting is to write it out each month or week. Or you can use a budgeting app. Do this consistently a few times, and you'll notice that most of your budget is recurring. There might be a few differences based on the month, but it should look very much the same otherwise. After you get into a budgeting habit, you'll find that it only takes a few minutes to do. It essentially becomes a (mostly) automated activity.
Daily routine examples for your morning
But how do you keep good financial habits day in and day out? Here are some examples of morning routines that can help.
Be consistent about your wake-up time
Wait - Is getting up at the same time every day a financial habit? Yes, it can be. If you get your day started at the same hour, not only do you save time falling asleep quicker, but you also create a routine for your body that is healthy and lends itself to other good habits. It starts your day off right.
Pack your lunch the night before work and bring coffee or drinks from home
Consistently eating out is one of the quickest budget-busters out there. A coffee here and a sandwich there is no big deal, but if you eat out every day, it may be time to consider the amounts spent on food. Not only does bringing food from home save money, but it can also be healthier since you get to decide precisely what you're eating.
Practice gratitude for what you already have
Although you're probably looking forward to your future retirement or are excited about a vacation you're saving for, being thankful for the little things can change much about the present reality. Be grateful for where you are on the way to where you're going. If you skip this, you run the risk of feeling like you never have enough, even when you do. This in turn can cause you to fall for temptation and lead to overspending.
A good way to start is by naming five things each morning that you are thankful for and happy to have in your life. It might be family, a sunrise, or a good conversation with a friend; the non-monetary things are usually the most valuable. Gratitude is a great daily routine example that should be non-negotiable.
Remind yourself of your goals
Money can help you achieve many objectives in life. If you don't know what you're saving for or are unclear about your vision for the future, it will make it hard to save money. Visualizing your goals and dreams each day will help you to be successful and make them a reality. Having a vision board can help!
Check-in on your budget
Whether you use an app or a spreadsheet checking in on your budget is key. It is important because it reminds you if any bills are due and what you should prepare for during the day. It's easy to forget an expense here and there, but the last thing you want is an overdue bill.
Check your bank account balance
As much as we try to plan for financial success, sometimes life happens, and we wind up using our checking accounts more than anticipated. It takes 30 seconds to check your account balance, and you can save yourself a lot of hassle. You'll know how much money you have, which can bring a lot of peace of mind.
Read or skim a financial article
Consistently learning is a key to being successful financially. Find a few good sources, and quickly scan one article a day. It may not feel like much, but what you're doing is training your brain to think through money situations and become familiar with financial terms. It will make a huge difference. Our completely free personal finance courses are a great place to start.
Daily routine examples for the rest of your day
All of that being said, what are some other essential things to add to your daily routine schedule? Well, here are some additional daily routine examples that can contribute positively to your financial success both now and in the future.
Work on your side hustle or passive income sources
It's usually a good idea to pick something that you enjoy doing, as it can take a while to get started, and you'll need to keep up the enthusiasm. You might try blogging, furniture flipping, e-book creation, or something else you enjoy. Do some research, and give yourself time to learn and become good at your side income sources.
Try not to spend too much upfront, check-in regularly to see if the side hustle is worth it, and turn a profit. You can then take the extra money and save or invest. There is significant evidence that side hustles can make you much more than a regular 9-5 job.
Aim to save a specific amount per day
Start simply. Decide what amount you want to save per month, and then divide that by the number of days in the month. You might begin with a small amount, say, $5.00 a day. From there, you can increase over time if you want to save more. Find creative ways to save money and use it to reach your daily goals.
Ask yourself if the purchase will genuinely add value to your life. If so, buy it, but if not, reconsider. It's important to ask yourself questions before spending. It can save you a lot of wasted money. Remember to plan for large expenses, like a down payment on a home or a vacation, over time. It's good to let your savings grow for a while before purchasing something important.
Stay healthy to save more
Drinking water, eating vegetables, and exercising is never a bad idea. But it may also save you money later in life. Fewer doctor bills and hospital visits resulting from a healthy lifestyle could help you tremendously as you work towards financial success.
Morning routine checklists and daily routine schedules for the win!
The best two things to have when seeking financial success are goals and routines. Your goals help you know what you're reaching for. Your routines are what get you there. Leverage the daily routine examples mentioned here to create your plan. Remember to stay focused, automate what you can, and stay organized. These things will make a massive impact on your financial future, and sticking with daily routines can help you achieve high savings, wealth, and true financial freedom.
As you create habits and stick to them, don't forget to remain grateful for where you're at. Since routines take time, it can be hard not to get bored or impatient. Stay excited about where you're headed while also enjoying the present. Remember, you're already doing one of the most important things you can do, taking an interest in your money and learning. Doing this will help you all through your life, especially with your finances.