Use these 5 routines to help you stop worrying about Trump and learn how to love your finances

It’s completely normal to be anxious about the economy and your financial future, particularly amid the chaos emerging from the Trump White House on a daily basis.

Just like skin care routines or the DIY home project prep videos we all devour on YouTube, developing daily financial habits can help ground your mental health and put more cash into your accounts.

These five weekly financial self-help routines can combat worry and put power back into your hands:

Ready. Aim. Action.

Without clear goals, managing your money can feel rudderless.

Every week, you and your partner should check in on your short-, medium- and long-term financial goals.

Short-term goals could include establishing a sinking fund for future big ticket items, or an emergency fund in case Trump’s trade wars result in a worst-case scenario for you.

Both funds can be contributed to on a weekly basis, slowly building your war chests.

A short-term goal straight away could be to make an RRSP contribution before the March 3 deadline. And then make retirement planning a long-term goal by setting up and automating biweekly RRSP savings so you barely notice the money missing on payday.

Medium-term goals could include starting a family, switching to a higher paying career or saving for a down payment.

By revisiting these goals weekly, you can track your progress and adjust your tactics as necessary.

Personally, I write about my money goals each week in a diary.

‘Money journaling’ allows you to explore your feelings, thoughts and attitudes that are helping you — or holding you back — from financial success.

Mindful money management: reflect, but don’t stop there

Take a moment each week to consider with your partner how well — or not so well — your spending habits and savings goals are proceeding.

Reflection sometimes brings on feelings of pride, excitement, a sense of accomplishment or anger, guilt and shame.

The trick is to move through whatever comes your way and reach for the learning.

This is how mindful money management starts.

By reflecting on what’s bringing you joy (or not) and what’s been financially or emotionally draining (or fulfilling), you can add more of the good stuff, and trim the pieces that don’t help.

If something about your money situation has you stressed, it’s likely because some aspect of your finances — or your relationship with your partner — is out of sync with your goals.

If your finances have felt out of control, reflection is where you can reclaim your power.

Budget like a boss

It doesn’t matter what template or app you use.

You’ll know it’s working if your debt is falling and savings are growing every month. So pick a system you like and go with it.

If you’ve never budgeted before, some good ratios to keep in mind are: 50 to 60 per cent of take home pay for necessities, 20 to 30 per cent for savings and debt repayment, and the rest for discretionary spending.

While you’re at it, set up automatic transfers to your savings and investment accounts like your TFSA and RRSP, and schedule automatic payments for recurring bills (including paying off your credit card balance every month to avoid ridiculously high interest rates).

This routine ensures you prioritize savings and avoid late fees for missed payments.

Track actual spending and compare it to your budget

Some people track their spending daily.

If that works for you, go for it. Weekly tracking also works, and it’s a nice self-care ritual that can be done over coffee or a glass of wine.

You can use an app for this, downloading your online banking and credit card transactions. You can also manually add your transactions to a spreadsheet so that it matches your budget template.

Tracking your spending in categories that make sense to you can offer valuable insights about your money habits that can shape your budgeting and help you course-correct to stay on target.

Prioritize your well-being

Rewarding yourself once a week will keep you motivated and feeling strong — just budget for it.

A therapy session, a new book on money (I’m a big fan of Jessica Moorhouse’s new title, “Everything But Money”), or even something a simple as a fancy Starbucks coffee.

The goal is to keep the weekly rewards consistent — and low-cost.

These simple, healthy routines can lead to big paydays for your finances and getting the most out of what you’ve got.

This article was originally published in The Star. Lesley-Anne Scorgie is a Toronto-based personal finance columnist and a freelance contributing columnist for the Star.