The material presented here is for educational purposes only, and is not intended to be used as financial, investment, or legal advice.
4 Fast Workouts for Your Financial Fitness Regimen
As your financial wellness coach, we’re dedicated to helping you develop strong money habits to get your finances into great shape. Our goal is to help you achieve your financial fitness goals by getting active and putting in the work! We’ve put together the following workout program listing exercises and tips that can get you financially energized and fit, so you feel better about money.
Get with the Widget
The Equipment: The Desert Financial mobile app’s budget tracker (called the Spending & Saving Widget) allows you to create a simple monthly budget for your accounts. This way, you can conveniently manage your online banking and budgeting in one central location.
Strength Training: Start to track your spending and get active with your budget! Every move makes a difference. Your goal is to train yourself to review what you’ve planned and enter your expenses regularly so that you’ll only get stronger with each managed dollar. It may be tough in the beginning, but you’ll start to build the endurance and get that budgeter’s high when you see you’re on track.
If you prefer working out your budget with pen and paper, print out our Budgeting for Beginners Worksheet.
The Practice: It’s beneficial to practice being mindful of your spending habits, and to pause and consider if a purchase is really necessary.
Conscious Spending Pose: You can practice this type of mindfulness anywhere and on the go — at the store, at a restaurant or while window shopping online. Ask yourself these questions before each purchase:
- Do I feel stressed, down or bored?
- Am I trying to impress or look good on social media?
- How will adding this purchase to my budget make me feel?
- Will I still want this in 48 hours, two weeks, 30 days?
- Are expensive coffee drinks, an appetizer and/or dessert worth it?
- Is this a want or need?
What stands between you and a wasteful transaction are honest answers to these questions. Take a few breaths and get centered on the why behind your spending.
Challenges for Change: You know you’re financially healthy when you stick to your budget. But could you push yourself even further? Think of the challenge to be like running or lifting: Can you run a faster mile? Can you add 10 pounds to beat your personal record (PR)? By accomplishing smaller challenges, you’re getting better and know that you have what it takes to achieve those bigger goals.
Isolation Exercise: The recommended day to plan your challenge for the upcoming week is Sunday. Start Monday, and then Friday is the last day for achieving it. The weekend can be rest days! To set up your challenge, isolate areas in your budget to work on. Target the lunches out category by meal prepping for the week or see if you can cut $100 from your grocery budget. Challenging yourself can apply to the weekend too. Plan to eat in, enjoy a free activity or skip specialty drinks like iced coffee or a smoothie.
Money Buddy: A money buddy shares your financial outlook and goals. You’ve both made the commitment that you’re in this together. Now you keep one another accountable and motivated. Following a budget can be challenging! During the struggle is when your partner steps in to support you and help you stick to your financial goals (and vice versa)!
Partner Exercise: If you’re married or in a relationship, your money buddy could be your spouse/partner. You’re doing life as a duo, so it makes sense to be on the same path and have each other’s back. Make communicating with your partner a part of your regimen. It helps to schedule an end-of-week conversation so you can focus on topics like where the budget’s currently at, any slip-ups, where you’re doing great, possible compromises and how you can do better next week. Your buddy can also be a friend or family member who wants to shed some bad habits and get in shape too!
Fighting with your partner over money? Try these five strategies to find financial harmony.
This workout program can work for anyone who’s driven to tone up their finances, from out-of-shape beginners to skilled money managers looking to improve even more. For additional information, inspiration and ideas, check out our blog.