How much time per week do you spend on your personal finances and investments?
I’m asking for a reader who recently sent me a most original question. “Many health experts recommend a minimum of 150 minutes of moderate exercise a week for good health. My question is, What is the financial equivalent? What are your recommendations for how much time to spend each week or each day managing and organizing your finances? Do you have any information or statistics on what routines financially savvy people have each week, day or month?”
Weekly routines seem the most important, so let’s focus on that. Send me a note at rcarrick@globeandmail.com to tell me how many minutes per week or month you spend on your personal finances and investments, and what you spend that time doing. Also, do you mostly tend to your finances online or via apps on your phone? Or, I guess, at the bank.
I figure I spend an average of 30 minutes per week in total on the following:
- Monitoring the joint chequing account I have with my wife: We have many weekly automatic transfers to savings and investments. I check mid-week how much is left after these deductions, and our routine weekly expenses to keep spending in line. For anticipated big expenses like property taxes, we put away a little money each payday.
- Paying bills: All our monthly utility bills are sent by e-mail and I pay them as they arrive. For me, delaying increases the chances of forgetting to pay a bill.
- Paying off our credit cards: I pay the balances weekly to keep them easily manageable. This is also a chance to check for unauthorized transactions, and to keep tabs on our various subscriptions. Is the cost of these subs rising? Do we want them any more?
- Monitoring investment accounts: One particular account holds individual stocks, and I check in a couple of times per month to count my dividend loot and check on developments. Our other investment accounts get less frequent attention because they’re managed for us.
I expect to need a block of hours each year for taxes and working with our financial planner. But my take is that weekly financial fitness can be achieved in less than 30 minutes.
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Rob’s personal finance reading list
Weddings vs. home down payments
The average wedding cost is $30,000 – how many places in Canada would that amount get you a minimum home down payment?
25 timeless personal finance books
A list of enduring books about personal finance and investing, as chosen by money experts. The list was commissioned by MoneySense, which is celebrating its 25th anniversary. One of my own books, How Not to Move Back in With Your Parents, is included here. I have been thinking that if I did an update on the book, it has to be retitled How to Move Back In With Your Parents. Such is the legacy of expensive rents and home prices.
Capital gains and cottages
A finance advice company guides you through the process of managing capital gains taxes while passing on the family cottage.
100 great quotes about money
Lots of variety here – insightful, witty and instructive.
Podcast fans
Subscribe to Stress Test on Apple podcasts or Spotify.
Reader comment
“Thank you for publishing the PC Optimum article. I thought I was the only person being affected by this until I read your recent article. The PC Optimum customer support has been absolutely brutal and it’s hard to work with. Like many others, I was not told my account was frozen until I went to redeem points. I’ve called in multiple times for over a month to try and get this resolved. I’ve been told that my account will be unlocked within the next few days, but I find it hard to believe that to be the truth. I just wanted to thank you for publishing that and bringing awareness to the issue.”
Do you have a question for me? Send it my way. Sorry I can’t answer every one personally. Questions and answers are edited for length and clarity.
Today’s financial tool
Bank account options for students at challenger banks, which is a new term for financial players that offer an alternative to the big banks. Unlimited transactions and zero monthly fees are standard.
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Social Media: Blossom is an investing community where you can track where fellow members are putting their money, and ask questions.
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- The worst list of investing advice imaginable
