What is a money minute? A money minute is you taking one simple minute of your day to take a look at your finances. Yip! That’s it. You log into your mobile banking apps or whatever budgeting software you use and review your transactions over the last 24 hours.
Why is this beneficial? This is beneficial because it forces you to be aware of all of your incoming and outgoing transactions, account balances and gives you the opportunity to pick up on any errors.
It helps prevent things such as overspending and overdrawing on your account and helps detect patterns in spending.
If you’d like to get started with a daily money minute, here’s what you can do:
Step 1: Set aside a time every day to check on your money. If you can, make sure it’s the same time every day, as this helps it become a habit that will stick.
Step 2: Download all the personal finance apps you think you’ll need and add them to your homescreen. This would include your mobile banking , credit card, and budgeting apps.
Step 3: For the first week or two, set an alarm on your phone to do your daily money minute, so that you do not forget.
Step 4: Check in on your finances every day and see whether you need to adjust your budget or cut back your spending in certain places. It’s not all about cutting back, though. You might realize you can move some money around to save or splurge a little.
Use your Money minute to:
- review your mobile banking app including credit card and related transactions on these accounts
- check your account balance
- schedule an upcoming payment
- cancel an unused subscription
- make a savings transfer
What money habits do you have in place to make managing your finances easier? Let me know in the comments.