Daily, Weekly, and Monthly Money Tasks for Successful Budget Management

by Kevin on January 22, 2010

In my previous article on how my wife and I manage money I mentioned I would share some money and budgeting tasks. These are tasks that apply to our situation. Your situation will be different, but I hope what I’ve got here will help you manage your money better.

Our Daily, Weekly, and Monthly Money and Budget Tasks

Here is a breakdown of budgeting tasks and when we do them:

Daily Money and Budget Tasks

  • First part of month:
    • Use debit card for smaller transactions for rewards checking account requirements
  • Entire month, including first part of month’s larger purchases (gas, groceries, etc.):
    • Use cash back credit card
  • Deposit any cash or checks as they are received

Weekly Money and Budget Tasks

  • Check balances of checking and savings accounts, update  budget spreadsheet
  • Distribute category money to credit card category
    • Again we put a large majority of our regular purchases on a credit card. We use the credit card like a debit card by moving money from one budget category (example: groceries) to the credit card category
      • I like to look at our budget like a massive virtual envelope system. Instead of putting a couple thousand dollars of cash into envelopes that can be stolen or lost we just do it electronically on a spreadsheet.
    • Doing this essentially treats our credit card like a debit card, but with more purchase protection and cash back!
  • Discuss various “envelope” balances:
    • How much do we have left for groceries, dog food, car gas, etc.

Monthly Money and Budget Tasks

  • Monthly Budget Meeting and Discussion:
    • Make sure nothing major is coming up that we need to start budgeting for
    • Review our performance during the previous month
    • Check investment and retirement account balances
      • Update net worth spreadsheet
  • Once per month tasks:
    • Schedule mortgage payment(s) including additional principal on second mortgage
    • Schedule credit card bill payoff
      • Yes, we could set this up to be automatic, but not having it automatic forces me to review everything for any errors.

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These are just a handful of ways to get better at managing money. This is how I do it. Now let’s get a discussion going. Everyone is different. How do you handle your finances? What tasks would you recommend for other readers? Leave a comment below to start the conversation.

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