Don’t Make Big Financial Decisions on These Days of the Week

Angela Mae

Sun, Mar 3, 2024, 7:00 PM 5 min read

When it comes to making major financial decisions, it’s important to keep a level head. For some, the best time of the week is going to be on the weekend when there aren’t other pressing obligations to deal with. For others, it’ll be during the middle of the week when there’s a lull in the market.

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Since there’s no one clear answer, GOBankingRates reached out to several financial experts to see what they suggested. Here’s what they said.

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Avoid Major Financial Decisions on Fridays and Mondays

According to Jeff Rose, CFP® and founder of GoodFinancialCents.com, Fridays and Mondays are often the worst days to make big financial decisions.

“Fridays are when people are winding down for the weekend, potentially leading to rushed decisions or overlooked details,” he said. “Mondays, on the other hand, are usually more volatile as the market reacts to weekend news and analysts’ updates.”

Adam Koprucki, founder and CEO of Real World Investor, added, “Most people have a 9-to-5, and the stress of their job may cause them to make unwise decisions at the beginning or end of the work week.”

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Don’t Make Major Financial Decisions in Just One Day

“Ideally, your major financial decisions should not be a one-day decision. You want to set a goal and create a plan before making any major decisions,” said Jay Zigmont, PhD, CFP®, founder of Childfree Wealth®.

Instead, take some time before making anything final.

“When working with clients, I often recommend literally sleeping on any major financial decision,” Zigmont said. “Set a goal, create a plan and sleep on it before making any moves. The next morning in the shower you will have that clarity moment that tells you if it is a good idea or not.”

Never Make Major Decisions When Stressed or Rushed

Regardless of the day, hold off on those big financial decisions until you’re not stressed. Otherwise, you could end up regretting it.

“You don’t want to make major financial decisions on any days of the week where you feel rushed and stressed,” said Erika Kullberg, an attorney, personal finance expert and founder of Erika.com. “For example, if you work late every Tuesday, you shouldn’t come home exhausted and try to decide how to invest your money. Wait until you are rested and can take your time making smart financial decisions.”

Midweek Might Be Better

Although it heavily depends on your schedule and clarity of mind, the middle of the week might be best when it comes to making major financial decisions. This is especially the case if you’ve spent the weekend thinking about things and have had some time to make sure it’s the right decision for you.

“The best days to make big financial decisions are typically Tuesday or Wednesday. By then, you’ve moved past the Monday rush, where you’re catching up from the weekend and might not be in the best headspace for big decisions,” said True Tamplin, a certified educator in personal finance and founder of Finance Strategists.

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“Midweek gives you enough time to gather all the necessary information, consult if needed and still have a couple of days ahead to iron out details or rethink if something doesn’t sit right,” she added.

Eric Weschke, founder of AdvancedFolio Capital Management, agreed that the best days are those when you’re well-rested and keenly aware of why you’re making these major money moves.

“I always like midweek since Monday is a wild card based on the weekend, and at the end of the week you may be trying to rush and do too many things before the weekend,” he said.

Weekends Might Be OK, Too

If you have time on the weekend and your life isn’t too hectic, the weekend might be the best time to make any big decisions about your finances. Just make sure you can truly relax and have time to think.

“The best day of the week to make big financial decisions depends entirely on what day of the week you’re relaxed and clear-headed,” said Kullberg. “Many people like to carve out some time on Saturday or Sunday to tackle their financial chores when they don’t have the distractions of the busy workday to contend with.”

Strategies To Implement Before Making Big Financial Decisions

In addition to the above, here are some ways to ensure you’re making the best decisions about your finances possible:

Consult with someone you trust first. “It’s always best to consult a spouse, partner or friend before making a major financial decision,” said Koprucki. “They may be able to provide an unbiased opinion, offer alternatives or provide inside into their own experiences.”
Really think things through. “Before making major financial decisions, consider your emotional state and ensure you’re not acting on impulse or under stress,” said Tamplin. “Do your homework: research, compare options and if possible, consult with a financial advisor.”
Stick to what works. “When you are following a financial plan, and it is working, people tend to freak out because it is too easy,” said Zigmont. “If it is working, stick to it. If it is not working, take the time to diagnose the problem before making any big decision.”
Think about the long-term repercussions. “Look at the long-term implications of your decision, not just immediate benefits or costs,” said Tamplin.
Assess everything, even if working with a professional. “When working with a financial advisor, make sure you 100% understand the benefits of the recommendations before you ask them implement those decisions for you,” said Weschke.