Does anyone else ever add something that you’ve already done to your to-do list, just so you can enjoy the satisfaction of crossing it off?
Sometimes, you need a quick win to give you a little boost in motivation to do bigger things, whether that’s getting through the work day or achieving your financial goals.
So, let me help you out with some quick and easy money moves you can make today.
Today, I’m going to give you 7 financial wins that should take you 15 minutes or less to finish, but will give you benefits for years to come.
7 Quick Financial Wins in 15 Minutes or Less
1) Redeem gifts and rewards
One of the upsides of credit cards is that you get different perks. But if you’re not using those benefits, then what’s the point?
Once you've accumulated enough rewards, think about how you want to redeem them. Common redemption options include:
- Statement credits: Apply cash back rewards directly to your credit card statement to lower your balance.
- Travel rewards: Use points to book flights, hotels, rental cars, or other travel expenses through the credit card's travel portal or transfer points to partner airlines and hotels.
- Gift cards: Redeem points for gift cards to retailers, restaurants, or other merchants.
- Merchandise: Some rewards programs allow you to redeem points for products such as electronics, clothing, or home goods.
- Charitable donations: Some credit card issuers allow you to donate your rewards to charitable organizations.
2) Check your credit card statements
Checking your credit card statement for errors is important to detect any unauthorized or fraudulent charges, ensuring you're not paying for items you didn't purchase. It also helps identify any billing mistakes, such as duplicate transactions or incorrect amounts, which could impact your finances negatively if left unresolved.
Regularly reviewing your statement helps maintain the accuracy of your financial records and protects you from potential financial losses or identity theft.
To check your credit card statement for errors, review each transaction carefully, ensuring they match your purchases. Look for any unfamiliar charges, duplicate transactions, or incorrect amounts. You can cross-reference receipts or transaction records for verification.
Additionally, compare your statement against your budget or financial records to spot any discrepancies.
If you find any errors or discrepancies, promptly report them to your credit card issuer for resolution.
3) Negotiate your credit card debt
If you have credit card debt, negotiating the terms of your payment can help you save money every month and pay off your debt faster.
Here are a few requests you can make to make repaying the debt easier for you:
- Reduced monthly payments
- Lower interest rates
- A workout agreement: this typically involves lowering or temporarily waiving interest rates. The bank may also be willing to take other steps to make it easier for you to keep up with your debt, including reducing your minimum payment and potentially waiving past late fees on your account.
Granted, this may take longer than 15 minutes – especially since you may get put on hold for a while. But it shouldn’t take too long, so check out our article on how to successfully negotiate debt, make a plan, and then call up your credit card issuer!
4) Look into I Bonds
If you’re not familiar with this investment, an I bond is a government-backed bond designed for inflation protection. The interest rate on I bonds changes every 6 months, depending on the state of U.S. inflation.
Basically, the higher inflation is, the higher the interest rate on I bonds. And since inflation has been high, at the time of recording this, the return on I bonds have been high.
Plus, I bonds are low-risk and virtually guarantee that you at least will not lose money – and will likely make a nice return.
5) Max out retirement savings
Maxing out your retirement savings can provide several benefits.
Firstly, it allows you to take advantage of tax benefits, such as tax-deferred growth or tax deductions, depending on the retirement account type.
Secondly, it helps secure your financial future by building a substantial nest egg, providing financial stability during retirement.
Finally, maximizing contributions early on can harness the power of compounding, potentially leading to significant long-term wealth accumulation. The earlier you start saving for retirement, the more time your money has to grow.
Take advantage of employer-sponsored retirement plans like 401(k)s or open an Individual Retirement Account (IRA) or even a Health Savings Account (HSA) and contribute regularly. This can lead to a more comfortable and secure retirement lifestyle.
6) Do some research into a financial topic that interests you
Have you been meaning to look into developing an investment strategy? Do you need tips for paying off debt or making a vacation more affordable?
Set a timer for 15 minutes and commit to doing research into a financial topic that’s piqued your interest. You can watch a video (or videos) on our YouTube channel – we have playlists of a wide variety of financial topics. Or you can try Google, or – even better – spend 15 minutes on a financial education program, like Million Dollar Year.
If you regularly set aside time to educate yourself on personal finance, then you’ll become financially literate before you know it.
7) Add to your emergency fund
Building up your emergency fund is crucial for financial security. It provides a safety net for unexpected expenses like medical emergencies, car repairs, or job loss, helping you avoid going into debt or relying on high-interest credit cards.
An emergency fund offers peace of mind, enabling you to navigate unforeseen circumstances without derailing your financial goals.
Additionally, having readily accessible funds in times of crisis can alleviate stress and allow you to focus on finding solutions instead of worrying about financial stability.
At minimum, you should have $1,000 in your emergency fund. If you have high-interest debt, then you’ll probably want to focus on paying that off before you build up your emergency fund. But if you’re debt-free or only have low-interest debt, then a good goal is to have 3 to 6 months’ worth of expenses in your emergency fund.
Taking a few minutes to transfer money into your emergency fund now can help you out financially and give you peace of mind further down the road.
Want to uplevel your finances?
If you want to uplevel your financial wellness, be sure to check out our free masterclass! We’ll give you the simple system that thousands of women have used to transform their finances and actually enjoy managing their money.
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