As we move towards 2017 it is important to start establishing or updating your routines now.  Routines help to keep us on track and balanced.  We probably all have some of the more standard routines–morning and night routine, a meal time routine and perhaps even an exercise routine.  But do you have a routine for your finances?  If you don’t, how will you reach your financial goals? Like anything else it is important to be consistent and routine with your finances.

In preparing for financial success, establishing a routine for your finances is an important part of your financial plan.  It gives you the opportunity to check in, make adjustments as needed and stay on track.  The most effective financial routine is one where you check in on various parts of your finances at regularly scheduled intervals.

Below is a general sketch of my financial routine.  It may be different depending on where you are in life and as your needs change.

Daily – A quick check of account balances.  It generally takes me no longer than 10 minutes to make sure my checking and savings balances are where they should be.   Some may think daily is a little too often but in the past there was fraudulent activity on my account so I have maintained this routine for quite some time now.

Weekly– A quick check of my flexible checking account to see what is available to spend the following week.  In the past I have been guilty of spending way too much on eating out. 🙂

Monthly– A review of the month’s transactions so that I can make sure everything got paid as it was supposed to.  This is very helpful since I have automated all of my financial transactions.

Quarterly– I complete a thorough review of my budget, financial goals and 401k account to see if any adjustments are needed.  It doesn’t usually take me that long since all of my transactions are captured in an app which I download to an excel workbook I created that quickly gives me the details and big picture.

Bi-Annually and Annually– I do a review of my financial documents to make sure I have them stored properly or shredded should I no longer need them.  I also pull my credit report to make sure the information is accurate.

This routine helps to keep my finances in the best shape possible and eliminates surprises and uh-oh moments.  If you don’t currently have a financial routine, commit to establishing one for 2017.

Let me know in the comments below what your financial routine does/will include.