Money is a complex topic, with thousands of books, websites, and podcasts dedicated to covering some aspect of the subject. It can also evoke a strong emotional response. Feelings of embarrassment, shame, frustration, anger, and more can keep people from addressing their financial situation.<\/p>\n
One solution is to carve up financial strategies into small, simple tasks. The following 25 tasks can all be implemented and completed within an hour, which means they\u2019re non-threatening and easy to do. Crossing a few off your list will help you feel more confident and save some money<\/a>.<\/p>\n A simple budget can help you identify not only how you currently spend your money but also ways in which you can change those spending habits and practices for better financial results. Budgeting your money and allocating funds to existing expenses helps you keep more of your money in your pocket or account. Adhering to that budget helps ensure you don\u2019t run out of money by the end of the week.<\/p>\n Given the practicalities of modern daily life, it\u2019s usually more convenient to use an app to create, maintain, check, and adhere to your budget, as opposed to pencil and paper. Some of the top-rated budgeting apps for Android and iOS devices include Mint, YNAB (You Need a Budget), EveryDollar, and PocketGuard. Still, you should definitely take a look at independent reviews with app screenshots to find the one that best meets your needs and preferences.<\/p>\n Budgets should be flexible, living documents that change as your life and work evolve. Take some time to review your budget and update it to make sure it still aligns with your goals and to ensure you\u2019re living within your means.<\/p>\n How long has it been since you got a raise at work? Resolve to negotiate for higher pay within the next 30 days. Start by creating a short script you can use to begin negotiations with your current employer. List out your accomplishments and supporting data, and practice delivering that request in a confident, straightforward manner.<\/p>\n Nobody wants to think about death and dying, but it\u2019s a part of life. Don\u2019t leave your family and loved ones in a precarious financial position. Ensure your wishes are carried out by making sure you\u2019ve got an updated will and estate plan. If you need some help, make an appointment with a local trusts and estates lawyer who can talk you through your options and make sure your documents comply with applicable laws in your state.<\/p>\n Invest in yourself by taking a class or reading a book on a personal finance topic. What don\u2019t you know? What are you curious about? If you\u2019re not sure what the stock market is, or if you want to learn more about cryptocurrency and blockchain, find a great resource to teach you.<\/p>\n Ideally, we should all have anywhere from three to six months\u2019 worth of living expenses, but you can start more simply. Open a new account and put a few dollars in, then make a plan to add to it over time to cover unexpected costs. Resolve not to touch it outside a true emergency, such as an unanticipated medical expense or car repair bill that would take more money than you currently have on hand.<\/p>\n You may have already enrolled in direct deposit. If not, contact your employer\u2019s finance or HR department to make that change. Then talk to your bank about ways you can automate a contribution to your savings account from each paycheck. You can also look for bills that will let you sign up for automatic monthly payments. That way, you\u2019ll know your financial situation well and won\u2019t have to wonder if you\u2019re late with a bill.<\/p>\n Making credit card adjustments can be an easy way to improve your financial situation. Credit cards are notorious for high-interest rates, but even if you think you\u2019re getting a good deal, it pays to double-check. Call your card issuer and ask for a lower interest rate on your account, or shop around for better deals. That way, you\u2019ll be paying less each month for your purchases.<\/p>\n If you\u2019re not already regularly putting some money aside on a regular basis, give some thought to doing this now. Look at your budget and figure out how much you can afford to put aside. Then open up a savings account at your bank and pledge to put aside a certain percentage of every paycheck (or client payment, if you\u2019re a freelancer<\/a>) into that account.<\/p>\n It\u2019s easy over the years to get talked into buying too much insurance, but it\u2019s also equally simple to not carry enough insurance. For home, auto, health, and other policies check your coverage and usage and make sure they\u2019re appropriate for your circumstances. Read the fine print<\/a>. You might also want to look for less expensive alternatives.<\/p>\n A quick and easy way to improve your financial situation is to eliminate subscriptions. Netflix, Hulu, subscription boxes, personal care membership programs, and more can easily put a sizable dent in your disposable income. The individual payments seem so inconsequential and small, but together they can really add up. Look through your subscriptions and memberships, then cancel any that you no longer use or that you can live without.<\/p>\n Whether it\u2019s a mortgage<\/a>, car loan, personal loan, or another type of loan, maybe you can do better. Take some time to research your options and shop around for lower rates. If you have a solid credit rating and payment history, you might be able to qualify for a much better deal<\/a>.<\/p>\n Cell phone plans can quickly become bloated with unanticipated fees and extras. Call your mobile carrier and attempt to negotiate a better deal on your cell phone plan. If that doesn\u2019t work, shop for a better deal from a different carrier, then port your existing number over to the new account.<\/p>\n Almost everyone has unused clothing, toys, books, and more, taking up space. Why not list these items for sale on an auction site? Alternatively, set them aside and pick a date for a garage sale.<\/p>\n Whether you\u2019re renting or purchasing your home, housing expenses likely take up a large percentage of your monthly income.<\/p>\n So it stands to reason that anything that can reduce your mortgage or rent payment each month would save you a substantial amount of money each year. With rents rising across the nation, lots of folks are looking for more affordable accommodations.<\/p>\n If you have an extra bedroom or another room that can be turned into a habitable living space, why not look for someone who needs a place to live and who can pay a reasonable amount of rent?<\/p>\n Utility payments can easily impact your financial situation. And with inflation driving up costs across almost all financial sectors, including electricity, it\u2019s smart to think of ways to reduce your monthly bill. You can always turn off lights in rooms you\u2019re not occupying and unplug appliances and products when not in use.<\/p>\n Additionally, if you\u2019re using standard light bulbs, replace them with LED bulbs to save on your electricity bill. LED light bulbs are about 75% more efficient, and they last up to 25 times longer than standard bulbs.<\/p>\n What specific skills have you accumulated over your life? Chances are, at least one of them could earn you some extra money and boost your financial situation. Freelance content writing, social media management, graphics, podcast editing, affiliate marketing<\/a>, and more can all be the basis for your side hustle. Check other websites and digital opportunities<\/a> to create additional revenue streams if you\u2019re not interested in formally launching a full-time business.<\/p>\n Inflation is making almost everything we buy more expensive. Look at your usual weekly shopping list and then try to identify places where you can choose more economical options. Consider using these tactics:<\/p>\n If overspending is a problem for you, the first step in conquering it is to admit the problem exists. The next step is to look for resources that can help you get your compulsive shopping under control. There are books available, as well as mental health counseling services through sites like Better Help.<\/p>\n Arrange with your employer\u2019s benefits manager to increase your retirement savings contributions by 1%. If you don\u2019t already have a retirement savings<\/a> vehicle, begin the process of starting one by researching your options. If you\u2019re self-employed, look into options like the SEP IRA and the solo 401(k).<\/p>\n If you have children, consider opening a 529 plan to help fund college or other educational expenses. It\u2019s a great savings vehicle for families as it offers tax-free growth and withdrawals, as long as the withdrawals are for qualifying educational expenses.<\/p>\n Every US citizen gets one free copy of their credit reports from each of the three major reporting agencies\u200a\u2014\u200aTransUnion, Experian, and Equifax. Don\u2019t be swayed by commercial services and online ads; make sure you use the official US website, AnnualCreditReport.com<\/a>.<\/p>\n Creditors make mistakes sometimes, and when those mistakes find their way onto your credit report, the negative impacts can be serious and substantial. That\u2019s why it\u2019s so important to carefully check your reports on a regular basis. If you find an error, dispute it<\/a> with the credit reporting agency.<\/p>\n Old tax refunds, pension accounts, life insurance proceeds, and more can all mean free money for you. Whether due to a move, a name change, or some other life change (or just a simple mistake on the part of the issuer), you may have unclaimed funds out there waiting for you.<\/p>\n Improving your finances doesn\u2019t need to be a huge, scary monster lurking in your closet. Choosing simple, straightforward tasks that you can complete in an hour or so will help you achieve a sense of accomplishment and control over your finances. That can, in turn, help fuel other financial improvement strategies in the future.<\/p>\n <\/p>\n Thanks for reading! Do you want to create thought leadership articles like the one above? If you struggle to translate your ideas into content that will help build credibility and influence others, sign up to get John\u2019s latest online course \u201c<\/em><\/strong>Writing From Your Voice<\/em><\/strong><\/a>\u201d here.<\/em><\/strong><\/p>\n Check out my recent appearance on Shayna Weldon’s podcast episode<\/a>.<\/p>\n We go over questions like:1. Create a simple\u00a0budget<\/h2>\n
2. Download a budget\u00a0app<\/h2>\n
3. Review your\u00a0budget<\/h2>\n
4. A higher salary can improve your financial situation<\/h2>\n
5. Create or update your estate\u00a0plan<\/h2>\n
6. Learn something new<\/h2>\n
7. Start an emergency fund<\/h2>\n
8. Automate your\u00a0finances<\/h2>\n
9. Save on your credit card\u00a0payments<\/h2>\n
10. Create a savings\u00a0plan<\/h2>\n
11. Review your insurance policies<\/h2>\n
12. Cancel subscriptions<\/h2>\n
13. Look for better\u00a0loans<\/h2>\n
14. Renegotiate your cell\u00a0plan<\/h2>\n
15. Sell your\u00a0stuff<\/h2>\n
16. Place an ad for a\u00a0roommate<\/h2>\n
17. Swap out your light\u00a0bulbs<\/h2>\n
18. Start a side\u00a0gig<\/h2>\n
19. Trim your grocery\u00a0bill<\/h2>\n
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20. Look for help with overspending<\/h2>\n
21. Bump up your retirement savings to improve your long-term financial situation<\/h2>\n
22. Open a 529 plan for your\u00a0child<\/h2>\n
23. Check your credit\u00a0reports<\/h2>\n
24. Dispute credit report\u00a0errors<\/h2>\n
25. Look for unclaimed money<\/h2>\n
Small Steps Can Yield Big Improvements<\/h2>\n
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\n“What does success look like for you?”
\n“Do you feel you reached success?”
\n“How did you make a stand for yourself and your career at an early age?”<\/p>\n