Key Takeaways
- Not being aware of what’s going on with our finances happens often and can be very upsetting.
- Taking time once a week to check on your finances and make yourself aware of any overspending can help set you up for success the following week.
- A great day to check your finances every week is on a Friday, called Financial Fridays, as the bulk of spending tends to happen on weekends, so checking on a Friday can make you aware of where you are in your spending cycle.
You’ve probably seen a movie where you are three quarters of the way through, and all of a sudden, the director makes you aware that the character you thought was the good guy, has really been the bad guy all along. You hear a collective gasp amongst the audience, because for the first time, they are aware of this awful situation, and there’s this rise in anxiety because you didn’t realize what was going on.
I find awareness tends to be that way. When you become aware of something that you didn’t previously know about, and it sometimes upsets us. This happens all the time with money. It’s that thought of, “I really shouldn’t have bought that,” or “I shouldn’t have committed to that financial deal,” and other regrets that we have when we aren’t aware of all the facts or facets of a financial situation.
The way to avoid being caught short in these situations is to put something in place prior to making these sometimes devastating decisions, that will help make you aware on an on-going basis of what’s going on with your money. Technology is a phenomenal way to do this with many different online sites to choose from. You can look at your finances at least once a week and see exactly what happened that week, particularly when it comes to spending. If you are checking once a week, you can help improve upon your spending for the next week, and ensure you don’t make the same mistakes going forward.
The best time to do this weekly check is on a Friday, and that’s because you are about to go in to the weekend, where we tend to spend a lot more money. This is because we typically overspend when we have free time as there are more challenges and instant gratification that takes place. Checking your finances on a Friday makes you aware of how the last week and weekend went, so you can ensure you don’t go crazy with your spending and buying things you don’t need going in to the next weekend. We call it Financial Fridays, and it’s just a time to spend a few minutes looking at your finances using whatever online platform you want, and you can see right away what’s going on and keep yourself aware. That way, you don’t become a victim like in those movies that always take us off guard!
Until next time, enjoy!
Gary