When it comes to managing our finances, consistency is the golden key that sometimes seems just out of reach. 

It’s a familiar story for many of us – the month starts with a pledge to adhere strictly to our budget, and for the first fortnight, everything goes as planned. 

Then, as if on cue, things start to happen…

Time distorts, and for so many reasons, we don’t have enough time to check our numbers. 

It might be someone’s birthday, so that “being special” throws caution to the wind, and after a few drinks, the card has been overworked. 

Then the tyre on the car has a puncture, which upsets the whole budget anyway as it was an unplanned event. 

And then, of course, the temptation of emotional spending enters the scene, throwing all our good intentions out the window. After all, we have had a rubbish day/week/month, so we deserve a bit of a blowout. 

The outcome? 

Overdrawn and more on the credit card than you wanted – in fact, you had planned to pay it off this month. Hey ho – let’s start again!

Commitment is easy when we’re enjoying the process, but it’s those unexpected sabotaging events, and our seemingly demanding desires and impulses that really test our resolve.

…and now consistency is hijacked. 

The road to financial stability is paved with good habits, and one of the most vital of those habits is consistency.

To help you build a fortress of consistent and healthy money habits, I’ve compiled a list of 8 top tips that can keep you on track throughout the month, including leveraging the power of modern technology with apps like Moneyhub or Emma and innovative banking solutions such as Starling or Monzo. Let’s get into it:

1. Embrace a Budgeting App

Moneyhub (https://www.moneyhub.com/) is a fantastic tool that offers a crystal-clear view of your finances. 

Through the app, you can categorise your spending, set budgets, and even forecast your finances to help you stick to your financial goals consistently. 

It works best with a spreadsheet which I call a money map rather than a budget (yucky word IMO). Moneyhub works brilliantly like a compass – helping you keep on course after you have mapped your money out giving every pound a purpose. Check it daily while you are having a coffee.

2. Divvy Up Your Savings

Consider opening an account with a bank like Starling, which allows you to create separate spaces for different savings goals. 

Be it Christmas shopping, an exciting holiday, or your car’s upcoming service – compartmentalising your savings can be a game-changer. 

Plan to do the divvying at the same time each month.

3. Start Small

You don’t have to overhaul your entire financial system in a day. Start with small, manageable changes that you can maintain over time. The gradual approach makes the process less daunting and the habit easier to establish.

 If you don’t know where to start, pick one category from Moneyhub – e.g., Bills – check all the direct debits and standing orders for the last year for each of your bills – rent/mortgage, utilities, etc. Know how much each is. Tidy them up. Just work on bills and ignore the rest until you have finished this bit. Then move onto groceries, for example. I am sure you get the idea.

4. Peace of Mind (POM) Fund

Life is full of surprises, and having an POM Fund – often called an emergency fund (I like to focus on what I want, not what I don’t) can be your financial cushion. 

Dedicate a space in your Starling account for emergency savings and contribute to it consistently. When a bit has accrued, shift it to an account paying higher interest. How much? Aim for about 5 months of your essential living expenses. The amount needed to keep the roof over your head, keep you warm, washed, etc. NOT the money that pays for Dominoes!

5. Schedule Regular Check-Ins

Rather than an ambitious once-a-month check-in, try reviewing your budget weekly to keep a close eye on your spending. Regular check-ins will help in adjusting your budget as needed, ensuring that you remain on track.

6. Avoid Impulse Buying

Impulse buying is often the culprit behind budget derailment. Before making a purchase, give yourself a cooling-off period to evaluate whether you truly need the item. Do whatever it takes to avoid this – like freezing your credit card by putting it in an old tin can filled with water, or putting it in your shoe when you go shopping. Ideally, you want to sit with yourself and work out WHY you feel the need to impulse spend. Money therapy will help with this. Alternatively, let your mind wander while your thoughts are jotted down. What comes up? How do you heal from this? What do you need?… to do, or feel, etc.

7. Reward Yourself

Setting aside a small portion of your budget for a personal treat can be a great motivator. It not only prevents burnout but also allows you to enjoy the fruits of your consistency.

8. Seek Financial Coaching or Advice

Don’t be afraid to seek advice from financial experts – advisers or coaches depending on your needs. Sometimes, an external perspective can provide insights and solutions that we might overlook.

Remember, consistency in managing money isn’t about perfection; it’s about progression. It’s about building habits brick by brick until your financial house is solid and secure. Employing tools like Money Hub and the facilities offered by banks like Starling can be pivotal in maintaining financial consistency.

I encourage you to embrace the habit of consistency in your financial journey. As with all habits, it may take time to cultivate, but once entrenched, it will serve as the bedrock of your financial stability.

Until next time, here’s to building consistent and healthy money habits, one step at a time!

Remember, the journey to financial stability is a gradual one, marked by consistent efforts and informed decisions. So take it one day at a time, leveraging the right tools and advice to foster a healthy relationship with money.

Good luck!

Visit my website for more financial insights

If you would like to talk about Money therapy or coaching please book in a chat here – https://fannysnaith.as.me/30MINClarity