Repeat, Repeat, Repeat: Make Money Matters Routine

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By Alanna McCargo

There are some pretty basic concepts that every person should give conscious thought to when it comes to matters of money. None of it is rocket science, and all of it can help ensure financial success and freedom in life. You have heard it before, repetition and routine are key ingredients for success and discipline. This is a fact for many things in life, and it also applies to money matters. Repeat, repeat, repeat and it becomes a habit. We wont all get rich while we are here on this planet, but we can all live within a zone of comfort where money isn’t a constant stress in day-to-day life and relationships.  This won’t happen without some routine, repetition and practice.  So take a minute to read this, check yourself and get some money habits started. Make it a part of the daily routine: pray, eat, work, money, sleep.

Think about and repeat these money basics:

  1. Did you save a little money today? Put some amount of money into savings. It doesn’t matter how small or large of a deposit you can make. Set a daily or weekly target and repeat that saving habit.
  2. Have you checked your credit score in the last 3 months? Your credit report is a reflection of you and it impacts so many things – jobs/employment, security clearances, cost to purchase. Know your score all the time. Check your credit regularly. Make it a habit.
  3. Be obsessive about your bank accounts and avoid wasting your money on unnecessary fees. Check your balances, keep tabs on your checks and ATM usage to ensure you don’t overdraw your account, don’t use overdraft plans.
  4. Is emergency fund replenished and ready to go?  Stuff happens, and you might not have planned for it. So whatever you do, make it a habit each day to make sure you emergency reserves are funded. Try to put aside at least 3-4 months of your monthly rent/mortgage expenses. You have heard it like a broken record all your life “save for a rainy day”!
  5. Check your paycheck and bank statements. So many of us get direct deposit and online bank statements, making it easier for you to not even look at the details on those documents. Make it a habit to review your statements and stubs. See how much of your hard-earned money is being taken out of your pay for taxes, and make sure you are not paying too little or too much. How much of your check is being set aside for retirement? That counts toward saving. Make sure you are putting in enough. Check your bank statements for erroneous fees and confirm transactions, especially ATM/Check Card usage.

Repetition has rewards. Being on top of your money situation and making good habits for money matters will bring benefits to you. If the only time you are thinking about money is when you are about to spend it, you really need to take action and change your life. Money is essential. It’s necessary. It’s a critical resource. It’s not evil. And it’s OK for you to practice, repeat and make matters of money a habit.

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