7 things to do in your money routine this 2014

Lianne Martha Maiquez Laroya
Money resolutions are so 2013. Take it up a notch. Do money routines instead

NEW YEAR, NEW FUNDS. Money resolutions are so 2013. Take it up a notch. Do money routines instead.

MANILA, Philippines – What are your money resolutions for 2014?

How can you ensure that these resolutions would be made? 

What makes you think that you’d be successful in carrying these resolutions out? 

Answer: Don’t make resolutions anymore. 

Resolutions are frivolous and meaningless statements that don’t have any impact on your life. They are one-time things that may or may not happen again. A money resolution is your ex-lover – someone who used to make you feel good about yourself and then dumped you without any notice. 

A money routine is your life-time partner – someone who will make you a better version of yourself and who will be there for you all throughout your life. 

Have a concrete and SMART plan. Implement action statements that seek to produce results. Make a solid money routine instead: 

1. 1st week of January: Jot down your financial goals in your Life Journal.

You need a pen/a pencil and a notebook or a digital document in Word or Excel. 

The 1st week of the 1st month of the year is the perfect time to write down all your financial aspirations. List everything that you think of. Shut down your brain and rest for a few days. Then, edit and get only the top five: emergency fund, health insurance, life insurance, short-term goal and long-term goal. 

Use a systematic format. For example: 

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Financial Goal 

Target Amount for 2014

Monthly Amount to be set aside 

Step-by-step Process

Monthly Money Routine

Motivation

Emergency fund (1 month worth)

P10,000 

P899 in online savings account 

     

3-day stay in Tokyo, Japan during 2016 

P30,000

P2,499 invested in a bond mutual fund

     


2. 2nd week of January: Formulate your personal money habits that you’re going to commit to.

After determining your goals, determine your level of commitment by documenting the habits that you’re willing to dedicate your resources to. 

 

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Step-by-step Process

Monthly Money Routine

Motivation 

1. Open an online savings account.

 

 

 

 

2. Set up automatic funds transfer every nth of the month

 

 

1. Research different investment companies offering mutual fund investments. 

2. Compare the 5 Cs.

 

3. 3rd week of January: Make your monthly money routine statement. 

It should be simple, sensible and short. 

Save P899 every nth of the month for my emergency fund.

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Step-by-step Process

Monthly Money Routine

Motivation 

1. Open an online savings account.

 

Save P899 every nth of the month for my emergency fund. 

 

 

 

2. Set up automatic funds transfer every nth of the month


4. 4th week of January: Make your Motivation for every financial goal. 

Help yourself and prepare slap-in-the-face questions to give you a boost when tough times go by and you feel like giving up. Talk to yourself! For example: 

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Step-by-step Process

Monthly Money Routine

Motivation 

1. Open an online savings account.

 

Save P899 every nth of the month for my emergency fund. 

 

Do you have enough money to help you when you lose your job, when you lose your loved one or when you lose your breath? Pay yourself first: you’re worth it. 

 

2. Set up automatic funds transfer every nth of the month.

 

5. 1st week of February to 4th week of April: Act. 

See those things you wrote? They’re never going to get done unless you do them yourself. 

Allot three months for implementing your routine. During this time, take note of the things that work and the things that don’t. 

6. 1st week of May: Adjust accordingly, then, implement again. 

After the trial period, take some time off to evaluate if what you’re doing gets you going into the direction that you’re aiming for. 

Is the monthly amount too ambitious, or is it too minimal? 

Are your goals being met or are you just fooling yourself? 

Are you still smiling or are you already crying? (Please don’t.)  

Your money routine is personalized to you. If you think you need to modify it, go ahead. No one’s going to arrest you.  

7. 2nd week of May to 4th week of December: Act again.

As you can notice, the first half of the year is for planning and assessment. After evaluating and revising your money routine, the second half is for doing and adjusting as necessary. 

Do not expect too much while you’re just starting out in implementing your money routine. Like a chef who’s developing a new recipe, you will fail. Repeatedly. And that’s a good thing. Just keep trying.

Keep going. We’re not just talking about blurry dreams and vague bullet points that are nice to know but difficult to follow.  

After reading this, start planning and drafting your financial goals. Don’t just bookmark it and forget it. 

Adjust your habits to fit into your dreams. Don’t adjust your dreams to fit into your habits. 

Make 2014 that special year where you’re actually going to make a significant difference. You know you want to. – Rappler.com

Lianne Martha Laroya is a financial advisor. She’s also the founder of The Wise Living,a website dedicated to educate you on money management and early investing without boring you to tears. Get your FREE copy of her basic personal finance book for 20-somethingsConnect with her on Twitter,@MsLianneLaroya

 

 

 

 

Desk with 2014 calendar and money image from Shutterstock