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10 Ways You Can Maintain Consistency in Money Management

I broke an egg yolk this morning.

I love frying my egg, sunny side up-style.

In fact, I take pride of my ability to cook it perfectly. The crust will be crunchy while the middle part will still be hot and yummy: best paired with a hot bread and a cup of amazing green tea.

When I was preparing breakfast this morning, I opened the egg – and to my horror, the egg yolk cracked!

Needless to say, I got a tiny bit disappointed with myself. I’ve been cooking this the same way for so many years now, why did it still break? Was I not consistent enough?

This was when I saw my little brother reading Randell Tiongson’s book, “Money Manifesto”, that my mind instantly related this egg yolk with money management.

In managing your money, it’s not always rainbows and butterflies.

You may forget to follow your budget. You may mistakenly withdraw your emergency fund for something trivial. Or you may even consider taking a break from it all and just try to live life without planning for anything.

Before you haphazardly experience a mental breakdown with all the concepts you read, the conferences you’ve attended and all the tips that every financial guru has told you, stop and take a breather for a while.

You can be consistent without being crazy. Here are 10 tips that worked for me.

Do they work for you as well?

On Motivation and Millionaire Meaning

– Attend one conference/seminar/workshop about money management (investing, budgeting, and saving, among others) every month: This way, you get regularly reminded that you’re going the right path. It can be a freemium event or a premium one that you’re willing to invest in.

– Review your Life Dreams every morning: Make it a point to read and internalize the goals that you’re preparing and living for. 🙂 For me, my schedule for this is from 5:30 am to 6:00 am every day.

(Read: The First Thing YOU Should Focus On Starting Your Journey to Financial Freedom)

– Compute for your net worth every three months: Allocate a few minutes of your time to monitor your progress. Do this by getting your net worth every three months.

If you don’t like computing manually, here’s a simple spreadsheet to get your net worth in only a matter of minutes.

On Giving

– Schedule your donations online: As a World Vision donor, I make it a point to give a donation every 12th of the month. It’s easy because World Vision is listed as a merchant and I get to contribute – stress-free.

Plus, helping others makes you feel better, doesn’t it?

On Saving

– Small bi-monthly savings: Take advantage of your bank’s automatic savings system. You can start small, so don’t go overboard. For example, every 14th and 28th of the month, my client tells me that he’s set up an automatic fund transfter that deducts P250 from his payroll and transfers to his emergency savings account automatically. Best of all, it’s free!

(Read: 10 things to know to build your rainy day fund)

– Pay your fixed bills by automatic bills payment: If you always get charged P999 for your internet bill, why go through the effort of manually paying for it when you can just set up an automated bill for it via your online bank? I do this for my cable bill as well.

– Save time and effort by instantly paying your bills every time you receive the notice: Sign up for email reminders, so that when Meralco emails you about your bill, you can just log in at your online bank account and pay them instantly. No frills.

On Investing

– Sign up for your bank’s investment program via UITF: You can open an investment account with a minimum of P1,000 in banks. Inquire about their unit investment trust fund (UITF) and set up automatic investment to your account every month.

– Invest in your mutual fund account conveniently by setting up fund transfers: For example, for my Sun Life mutual fund, I set up automatic fund transfer to Sun Life’s Asset Management bank account. Then, when I receive the fund transfer notice via my email, I just upload its screenshot to my online mutual funds account.

(Read: 10 differences between mutual funds (MF) and unit investment trust funds (UITF)

– Contribute to your VUL (life insurance + investment) account online – automatically: For your initial premium, you can just put in 12 months’ worth of premium in advance. And then, enroll your VUL under bills payment also so you can automatically contribute to it every month!

How about you – how do you maintain a consistent saving and investing habit? 🙂


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Live wisely,

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