Building good financial habits in the workplace

Here are some achievable money management tips for professionals you can build into your workday routine.

Track your spending every day

It might sound tedious, but knowing where your money goes each day gives you clarity and control.

• Use a budgeting tool or spreadsheet to record every purchase you make throughout your workday;

• Review receipts at the end of the day to make sure entries are correct; and

• Challenge yourself each week to minimize discretionary spending.

This simple habit prevents month-end surprises and helps you stay in control of your spending.

Do financial tasks early in your day

Tackle your financial tasks in the morning when your energy and motivation is strongest.

• Check your personal budget app during your first break or before your workday starts;

• Schedule or pay bills early in the morning so they’re not left to overwhelm you later; and

• Review upcoming financial obligations before checking your social apps and email.

When you deal with money matters first, you free up mental space and avoid distractions later in the day.

Create a daily spending plan

Budgeting can seem overwhelming, but it doesn’t need to be. A simple way to start is by setting daily limits and habits that will be easy to stick with.

• Set a small daily cap for meals, transit and incidental purchases;

• Prepare some meals at home so you don’t overspend on lunches; and

• Keep essentials like a water bottle and snacks at your desk.

Keeping daily costs predictable can reduce financial stress and improve your focus at work.

Set small savings goals

Save consistently by doing the following, and you’ll see even small amounts begin to add up:

• Every time you don’t make a needless purchase, move a small sum (for example, $5) into your savings account;

• Schedule savings transfers for paydays so they happen automatically; and

• Plan savings goals based on career milestones, not just emergencies.

These small routines create simple money habits to improve workplace financial wellness and grow your savings over time.

Keep learning about money

Financial literacy isn’t a static thing, so keep your knowledge fresh by:

• Reading a short finance article during your lunch break;

• Attending employee financial wellness workshops your workplace offers; and

• Listening to finance podcasts on your commute.

Improving workplace productivity through financial habits

Good financial habits can also have a positive effect on your performance in the workplace. A recent survey of 2,000 UK employees revealed that 83 per cent of workers took at least one day off from work because of stress, anxiety or illness related to personal finances.

The research also estimated that a significant amount of work time is being wasted as employees spend over two hours a month on average dealing with their personal finances during work hours. And the cost of those lost hours to employers can be huge, with research estimating a $53.9 billion loss from the time that employees spend worrying about finances while at work.

These findings highlight that beyond the personal benefits, there’s a large organisational payoff of cultivating financial productivity habits as part of your daily routine.