Monthly Money Routine: 10 Budgeting Steps

28 January 2023
Monthly Money Routine 10 Budgeting Steps

Have you come to realize why you can’t still save money despite high income? So, what does your monthly money routine look like? 


Most working individuals don’t have a savings account for an emergency fund and other unforeseen expenses. In fact, the most common practice of many Filipinos is increasing their cost of living once their income also increases. Others tend to borrow money to sustain their lifestyle because they know they have steady fund sources. As a result, they don't have money left from their next income because it was eaten away from their previous expenses.


So, avoid these financial woes for a brighter future and create your own monthly money routine to manage your personal finances well. 



How to Create a Monthly Money Routine to Help Your Finances

Everyone has dreams or goals to achieve self-fulfillment and gratification. But, one of these will come true if you don’t know how to control yourself from spending on unnecessary things. With these good budgeting steps in your money routine, you can save, invest and build financial habits.



Evaluate your bank accounts.

Your primary goal is to determine how much money you actually have. So, review your savings and checking account. Then, evaluate its transaction history to know where your money goes. It can be convenient if you make use of technology to check your balance regularly.



Pay your monthly bills on time.

Most bills have specific billing cycles and due dates, from utility bills, debt payments, or amortization of your house and lot in the Philippines. For a hassle-free translation, choose a specific date to settle all your payments to avoid penalties and late charges. Utilize online banking to pay your bills on time and save the receipts on your computer or phone.



List all your expected monthly income.

Jot down all your sources of monthly income, including your side hustles. Then, add them all up to determine how much really is your gross monthly income.



Make a list of your variable and fixed expenses for the next month.

You must also need to list all your fixed expenses for the next month, including variable expenses. Common monthly expenses include light, water, food, internet, amortization or rent, car registration and renewal, and debt repayment.



Plan for your future.

Pay yourself despite the urgent needs. Set aside for your future, such as retirement plans, life or health insurance, and other investment goals. Identify how much you are going to save and make it realistic. Opt for an amount you can consistently save every month; thus, consider your plans as bills.



Monitor your financial goals.

Make sure you always track your financial goals. There are several mobile apps you can use to monitor them. This will enable you to work harder to reach your desired goals. Plan and make one if you don’t have specific goals yet.



Create a budget for weekly or monthly expenses.

Now that you already know your actual income, create a realistic budget - weekly or monthly. But make sure it also includes a buffer, which you can use for unexpected expenses. Even though you created a monthly budget, it would be ideal if you could save more from that budget. Perhaps, take advantage of discounts, coupons, or reward points to reduce your grocery budget.



Check your actual expenses.

Keep track of all your actual expenses by writing them down in a separate journal every at the end of the day. Then, all them up at the end of the month and compare them from the previous month. 



Challenge yourself to improve your finances.

Set money challenges or tasks to improve your finances. Determine what expenses you are willing to sacrifice, like ordering food online or buying things. Make sure it is fun to identify your will and determination to save up.



Seek help from a financial expert.

At the end of the month, evaluate if your monthly money routine works. Compare them to the previous months and check if you have succeeded. If you want to improve your money routine more, you can always seek assistance from a financial advisor for guidance and tips.



Money Challenge Ideas to Change Your Spending Habits

Are you in need of shoring up your monthly personal budget? Try these three (3) money challenge ideas that could help change your spending habits for good.



  • Challenge No. 1: 21-day Financial Fast

The concept of a 21-day financial fast is to temporarily stop spending on everything except necessities. Instead of ordering food online or going to fast food chains and restaurants, you need to shop for food. Buy all the ingredients you need based on the food you usually eat. Choose a menu you know how to make or cook to avoid food waste.



  • Challenge No. 2: The Vice Challenge

Everyone has their own vice, like buying cosmetics, although they still have one to use. Others regularly smoke or drink sodas. The challenge is to impose a fine or penalty every time you fund your vice. Use a separate savings bank account to save these penalties. 



  • Challenge No. 3: Spare Change Challenge

The spare change challenge is an easy concept. All you need is to collect the spare change and save them each time you spend. Avoid disregarding them but rather put them up into your savings.



If you are ready to make big changes to your money routine, try starting small. Once you get used to it, level up and create bigger financial goals, like acquiring an affordable house and lot property. 


Of course, it can be scary at first because you know it requires dedication and hard work to achieve those goals. But Lumina Homes can help you reach your dream home without breaking your budget. We have a selection of housing packages based on your financial capability. Rest assured that it will be an investment you don’t want to regret because you can earn passive income or profitable returns in a few years. 


Is buying a house part of your financial goals? Check out our available affordable house and lot for sale units on our property listings page. We have over 50 residential community locations throughout the country. 

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