15 minute fixes for your finances – easy!
I love quick fixes. My finances suffer from this predilection- I’m all for the quick fix and find long-term things, like budgets, savings and goals, quite difficult. These long-term things are the bedrock for good finances, but here are some 15 minute things you can do, should there be a bit of spare time between programs on the telly.
Start an emergency fund
Get yourself online, and apply for a new high interest account to start up your emergency fund. Have a look around your house, and if there’s some spare cash lying around, put it into a piggy bank and view it as the start of a new you.
Use your 15 minutes to write out a budget, and work out what money you can set aside each month to build up your emergency fund. You’re aiming to save the equivalent of three to six months of your income, in case anything should happen.
Check out your credit history
It only takes 15 minutes to have a look through your last credit card statement and assess how you are going. Keeping an eye on your credit card is the most important first step to getting on top of them, and getting a handle on the interest you’re paying.
Make sure there are no discrepancies, and if there are errors, ensure that you follow them up. You can also ask to see your credit report, to check on your history and your credit rating.
We wrote an article on checking your credit history here.
Simplify
When left unattended, your finances can tend to multiply, complicate and spiral out of any feasible form of control. Get all your accounts onto one page, so you can see your credits and debits and get a full picture of your finances. Get rid of duplicate accounts or multiple credit cards.
Structure your bills so they are directly debited from one account. Set up a savings plan that directly debits as soon as your pay goes in each week. The earlier you understand your finances, the quicker you will start to improve them.
Understand fixed expenses
Reconsider what bills you have to pay each month. If you are unthinkingly paying lots of bills, then you need to reevaluate your expenses. Spend 15 minutes researching the best deals for cable (if you feel it totally necessary to keep up your subscription), your phone contract and insurance. Get yourself a better deal for your bills- understand where your money is going on your phone charges, and negotiate a deal where you get the part costing you as an included expense.
Just because the expenses are fixed doesn’t mean you can’t get yourself a better deal.
Research
Use your 15 minutes to research the latest thing you are about to buy, and see if you can get yourself a better deal. A lot of the unnecessary money you spend is because too little time has been invested in researching a better deal for yourself.
A bit of Google time, or calling around to see if someone can give you a better deal, could end up saving you a lot of money in the long run. It’s a good habit to get into, researching every thing you purchase will end up standing you in good stead.
What 15 minute fixes do you implement in your every day life to save yourself money?
Related Posts
