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5-Minute Money Moves That Will Improve Your Finances Today

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Carrie SmithGuest Blogger
June 28, 2016 · 2.4k Views

Got five minutes to spare? Why not do something your future financial self will thank you for? These money moves can help improve your finances today so you can get back on track, in just five, short minutes.

 

1. Use a money management app.

Source: BGR

Spend a couple minutes browsing the best personal finance apps then pick one to start managing your money. You can choose from the most popular ones like Mint or Personal Capital, both of which are completely free. Once your preferred app is downloaded onto your mobile phone, sync your bank accounts and start categorizing your expenses.

>> SEE ALSO: 6 Best Personal Finance Apps

2. Audit your monthly bills.

When was the last time you actually spent a couple minutes looking over your monthly bill or credit card statement to verify all the purchases? We’re all guilty of being in a hurry and not double-checking the transactions, but you could be wasting money in the form of added fees, extra taxes or double charges. Take time right now to audit your monthly bills and review each line-item.

3. Check your credit report.

Source: Go Banking Rates

Did you know you can check your credit report for fee? It’s true. Once every quarter take a few minutes to check your credit report, for free, using a site like Credit Karma, or do a thorough review annually via AnnualCreditReport.com. Keep an eye out for any changes or suspicious activity.

4. Use reminders to pay bills on time.

No matter how hard we try we can’t be expected to remember everything and sometimes important dates can fall through the cracks. Set up bill reminders via email, your mobile phone, or in a Google calendar so you don’t have to rely on memory to pay your bills on time. Paying a bill late one time can have a big impact on your credit history.

5. Create an automatic savings plan.

Source: Legacy Hills Golf

You already know the advantages to automating your bills, but have you thought about automating your savings plan as well? Spend a few minutes setting up automatic transfers from your checking account to a new savings account earmarked for a specific goal. Start with just $5 or $10 per week and then increase the amounts once you get into a good habit.

>> SEE ALSO: Save an Extra $1,300 a Year With One Easy Trick

6. Track one expense category every month.

Budgeting doesn’t have to be boring or time consuming. Start off by tracking at least one expense category every month until you get used to it and then add in several more categories next month. The result of tracking your expenses it that it will help you reduce excess spending over the long-term.

7. Set 3 financial goals for the year.

Source: Millennail Magazine

Having clear goals when it comes to your money is the secret to financial success. It helps you focus on your priorities, and make progress quickly. Take a minute to choose three critical financial goals you need to accomplish this year and write them down. Commit to taking that first step and get started today.

8. Calculate your net worth.

It’s important to know your net worth so you can understand where you’re at financially. How else will you reach financial goals if you don’t have a target to shoot for? Simply add up all your debts minus any assets you own, and what’s left will either be a positive or negative number that you can attach to your net worth.

9. Make a phone call.

Source: Beyond Career Success

Did you accidently pay a bill late? Did you overdraw your checking account? Are you paying a high interest rate on your debt? Most of these issues can be resolved with a quick phone call. Pick up the phone and call customer service to resolve your problem. Sometimes just asking for a fee reversal, or explaining the situation, will get the financial institution on your side. What have you got to lose?

10. Eliminate credit card interest.

Credit cards often come with extremely high interest rates and make it difficult to pay down the balance quickly. Take a couple minutes to transfer any credit card balances to a new card with a 0% promotional interest rate. Or do a quick Google search to compare rates from other cards to see if you qualify for a lower rate.


 

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Hi, I'm Carrie Smith! I'm a financial writer and small business expert who helps freelancers build client-based businesses through meaningful relationships. I have a background in small business accounting and taxes and recently won an award for Best Entrepreneurship Blog for my site, carefulcents.com.

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