Why A Money Routine Leads to Budgeting Success

Welcome to the episode. So last week, I talked about what it looked like at the beginning of my coaching container, we create a budget, and we create a money management system, which is what I call a cash flow system. But even with the these steps and helping clients, I was seeing people still not finding success. Now you could probably relate. You've sat down, you've created a budget, you've got your system, and you're like, I don't know. It's not working. I'm not, keeping up with it. There's not consistency. I was seeing very similar results with my clients early on when I was start was coaching. I decided, that there was something else that needed to be taught. There was another skill that was missing that is a skill that is essential to help ensure your success. So this skill will tie your budgeting and your system together and help give it the action that it needs. Before I dive into that a little bit further I had a recent client say to me, I know I should be looking at my money often, but I don't know what I'm supposed to be looking for. What am I looking for? What is it supposed to mean? What action steps, what is my feedback? What should I be looking for? What questions should I be asking? And then I had another client say, Okay, so checking in monthly should be good, right? Now, somebody who's not looking at their money, this might sound like a lot. Prior to this, and even with these still, you know, coming through with current clients, I realize that it's just not natural for individuals that once you create a budget, and once you have a system, that they know how to control their spending and go find savings. Thanks. I just, as a numbers nerd, I just thought, okay, go do, I've given you the plan. But really the skill that was missing was the creation of a money routine. I will define it further, but the money routine is the secret ingredient that is key to your success with money. This is going to help maintain your consistency. So last week's episode we talked about motivation. Key, people are always looking for that. If you missed that, go listen to that. But this week we're talking about consistency. This skill, this ingredient, is what you need. Now, it doesn't mean it's easy, although it's not hard. It's not time consuming. I just want to put that out there. But, knowing this skill will help maintain that consistency because it's going to explain a little bit more of what you should be doing. Just like my client who was like, I know I'm supposed to be looking at this and what are my takeaways? What am, what are they supposed to mean? What is a money routine? Well, it's the days and time commitment, so you have a day and a time that you commit to, and action steps that you will take each and every week. This will support your clarity and improve your relationship with your money. Like I said, it's not time consuming or hard. It just needs to be a regular activity, just like when you foster relationships, you have to have continual regular reach outs. These things keep it going. Just like watering a plant, you have to do it every so often. It's just not going to grow. And that is the same with your money. So how do you create a money routine? Again, a money routine is something, it's a routine. You're going to do it just like your beauty routine, just like your car maintenance routine, like whatever routines you have. This is the same thing, but it's going to be with your money. And the first step is you're going to commit to payday or the soonest day after and choose a time and plan to spend 15 to 20 minutes. commit to a day, payday preferably, or the soonest day after as day one and a time. I have clients who work 12 hour shifts come home and do this. because they have committed to it. It's just what you do. That's your step one. In the event that life happens, because life will happen, you will have other events crop up on that day. You might be sick, might be in the hospital or whatever it is. I want you to choose a backup day and time, not just a backup day, a backup day and time for that commitment. Now you have the first day. If that one for some reason can't happen due to life, you're going to have a backup day in time. Commit to those. It's important that you commit to those. I was working with a client. We'd gone through this exercise. She had committed. She had committed to a Friday mornings. or Saturday mornings, those were going to work. So as we're working, it's, it's just not happening. And I, so I'm like, why, what is the struggle? She was getting, she was finally getting to it either Sunday afternoon or Monday morning. And I'm like, you get paid on Friday. That is just too long, especially her. Her situation was a weekly pay. You can't delay. You get paid every single Friday. What is the delay? She was very faith based, God oriented. And she says, well, I have committed to spend time with God every morning. And this was conflicting with her commitment for this money routine. And I said, does God not want you to steward well over your money. Why can't he be a part of this? Once we got through her mindset, got that shifted, she stuck to it. She stuck to it. And the results after her being able to do it, she says, Oh my gosh, I just love doing it before the weekend. Because then when my family asks or says, can we buy something? Can we go do this? I want to buy this. Do we have the money? And she says, I have an answer. Because I've already spent time with my money, and that is just the importance of getting in there and spending time with it. Commit to a day, commit to a backup day, make sure you even choose that time, and plan on, 15 to 20 minutes. This is very crucial, especially on payday. If you're like my client, wondering what you should get out of it, Okay, now what do I do? I've picked a day, I've picked a time, what should I do? These are moves on payday. You need to make sure your check came in, that it didn't have any issues coming through payroll, that it is the correct amount, because yes, payroll, Processors, there's issues, there's problems, you need to be on top of that and make sure that works. The second thing you're going to do is pay your bills. Your bills that need to be paid prior to your next payday. Get them paid. That's, action step number two. Then you're going to acknowledge your spending amount for the time period from payday to payday. This might be one week. two weeks or a month. That was what empowered my client to be able to have the conversations with family about how much money, they had and if they could spend it. She was ready with answers. Those are the steps that you're going to do on payday. You commit to a day, commit to a time, you have your backup day, your time. Those are the steps you're going to do on that day. That is just the first step. You will then need to, create some other check in times. At least two more. If not three, preferably every day. It's going to take less time the more often you do. But what are you going to do on these other check ins? Well, you're going to stay on top of spending. You're going to be jumping in, seeing what's happening, what's going on. Are there any erroneous charges? Are Right? Sometimes that happens. We have identity theft. Somebody gets a hold of a number. So if we're not in there, we won't see that. Again, stay on top of your spending. Are you on track for, your spending amount till the next payday? Are you, are you staying in line? And then number three is, are you looking for ways to save money? Are you looking for ways to direct? Again, last week we talked about values. Use your value for one of these focus check ins. Is it supporting you? Is it guiding you? Is it sending you to your financial goals. If you choose a focus for each check in, you will know what to do. And those can be quick five minutes, five to 10 minutes. And you're going to check in for X, Y, or Z. And you get to decide what What are your top priorities? What are you trying to better be more aware of, create change? I did this on my journey. I got, I got focused on one expense area and I learned how I could do better at it. And so these check ins will kind of support that and help you see if you're making any change, if you're making any progress, if you want to make any change or progress. If you're not, if you don't know how much is being spent on a certain area. Then that's what you're going to want to do in these check ins, and then if you feel alright about it, you don't want to change. Making this routine a priority, but also fun. You're thinking, how can I make it fun? Well, okay, first off, if you're choosing a time that your spouse or partner wants to be there and can be there with you make it a date, what are we going to have for a treat while we do this? Or what are we going to have to sip on while we do this? And make sure your planning sessions are in a very comfortable, enjoyable spot without distractions and interruptions. If you're somebody with still kids at home, teenagers, whatever it may be, you might have to say, this is my time to spend with my money and it doesn't hurt. Show them that you're spending time with your money. That you're, being able to create the space in this time and, but make it comfortable. Make it comfortable. This is a habit that is built over time, just like be trying to get 10, 000 steps in a day. I've been working on it since August. Still it's a habit that is built over time. But this habit with a money routine is one that is built to see success. You don't just want to check in and make sure you have enough money. There's more to get out of it than that. Think about your goals. How spending time with money can help you see a quicker way to reach your financial goals. Why do you want to spend time with your money, that's important for you to ask yourself and that will guide these check ins. Just like with, identifying your financial goals. and helping you think about this, but it will bring about clarity and awareness and understanding of where your money is going. My client, who thought once a month would be okay, had transitioned to once a week and his situation is not common. It's a very unique situation, so weekly is fine with me. Fine with me for what he's got going on, but even just that and going from a month to a week. He's like, Oh my gosh, I know where my money is going. I know how to save, I know how to cut my spending. There is power in just spending a little bit of time, but it has to come through that initial commitment. The day, the time, start spending time. You'll get better at it. I promise. You'll find ways to improve your money. Get creative. Think outside of the box. What do you want to do? Again, go back to the last episode. What are your values? How are these directing? It's like sitting in traffic and you've got a traffic light. Be your traffic light and direct your money. Where does it need to go and how? And that is what you're going to do on payday, is get that money there where it needs to be, and then you're going to watch it and make sure it's doing what you want it. Making sure that those moves are supporting your literal goal, your financial goal. If you want to know more about budgeting, money management, and creating your money routine, jump on a free call with me. I would love to chat about your money management style and help you identify what's missing and also share with you how I can support you in the future, what that would look like. Be sure to create a money routine with backup days so that you don't miss That you can support clarity, planning, and measuring success. Remember that this is the skill that ties it all together. This is your secret ingredient to money success. This is a skill that turns your money into dreams and goals. I can't wait to help you reach retirement using this as part of your process. And we'll see you next week.