If you find yourself avoiding long budgeting sessions because you simply don’t have the time, this daily financial habit might be for you.
The “Daily Money Minute” is a strategy that comes from Alexa von Tobel, who swears by setting aside one minute each day to check on her financial transactions.
It’s easily one of the quickest ways to stay on top of your finances and get into the habit of being aware of what you’re spending.
You can do this on your morning commute, your lunch break or while your dinner cooks. Or generally, whenever you have a spare minute during the day.
The specifics are up to you, but the main idea is to check on your finances every day to see where you stand. On top of reviewing your recent transactions, you could:
- Calculate your outstanding debt.
- Note upcoming bill deadlines.
- Pay down a debt.
- Move money to your savings.
- Check on your investments.
This 60-second act helps identify problems immediately, keep track of goal progress, and helps set your spending tone for the rest of the day.
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Bautis Financial Advisor Commentary: July 7, 2022