Looking to improve your finances? I have good and bad news for you.
The good news: it’s totally possible, if you’re willing to put in the work.
The bad news: getting started can be overwhelming.
Figuring out where to begin is not always easy, especially if you’re drowning in debt.
But as is often the case, there are things you can do to make the task less daunting — and start seeing results quickly.
10 easy ways to improve your finances today
There is one referral code included in this post — if you use my code, I’ll receive a bonus at no cost to you. The code is clearly marked. Thanks for your support!
This is not an exhaustive list.
Clean out your wallet / purse
There are many quotes that talk about the link between physical and mental/emotional/spiritual clutter. Whether the link is real or exaggerated, starting with a clean slate feels good.
So empty out your wallet and/or your purse. Throw out the garbage — the old receipts you don’t need, the expired coupons, the loyalty cards you don’t use. This lightens your physical load and makes it easier to find the things you actually need.
Hit unsubscribe
From the magazine you keep paying for even though you don’t read it.
From the mailing lists that tempt you with “special offers” for things you don’t need.
From anyone on a social media platform that makes you feel bad about yourself.
Consider hitting the unsubscribe button to be part of the decluttering process.
Create a realistic budget
If you want to get your financial life in order, you absolutely need a realistic budget. The realistic part is important — an aspirational budget won’t do much to help you reach your goals.
The format of your budget can be as complicated or simple as you want it to be. The important thing is to build a budget that is an honest reflection of your actual financial situation.
Start an emergency fund
An emergency fund is how you protect yourself against the unexpected. Regardless of where you are on the journey, you should absolutely have an emergency fund.
The size of your emergency fund is up to you. Some suggest that you should only keep a $1K emergency fund while paying off debt. Some, including myself, think that’s not enough (more here). Personal finance is personal. Regardless of where you land on the amount, it is a good idea to have some money put aside for emergencies.
Open a high-interest savings account
Because you may as well be earning interest on your savings, right?
I recently opened an account with EQ Bank to save for a new computer. I picked EQ Bank because its savings plus accounts earn 2.30% every day interest — a huge improvement on my RBC savings account. It’s also FREE.
If you’re Canadian and looking for a way to earn more interest on your savings, I highly recommend checking them out.
(Added bonus: want to earn $25 right off the bat? Sign up by July 8, 2019 and reply to the welcome email with my code — R28157786024GJ — by July 15, 2019. You’ll receive $25 and so will I. Win win!)
Shop with a grocery list
When I go to the grocery store without a list, I always end up buying things I don’t need. Before you hit the grocery store, spend some time thinking about what you want to eat — and plan a list based on the ingredients you’ll need to bring the plan to life.
Want to save even more money on your grocery bill? Check out this post, where I share about two great apps that give you cash-back on your purchases!
Monitor your accounts
Not only is this a great way to make sure you don’t miss any payments — it also helps guard against fraud by ensuring errors are caught early.
Know your debt details
How much debt do you have? What are your minimum payments? What is the interest rate? What’s the term? If you have debt, this is information you should know.
Practice delayed gratification
Looking to make a big purchase? Don’t rush into it — especially if you’re on the fence about it. Before dropping the big bucks, sleep on it.
If you’re still not sure, consider a long term. For example, I have a 30-day buy board on Pinterest. When I’m on the fence about a purchase, I find an image to pin on the board. If I still want it in 30 days, I give myself the OK to buy it (or start saving for it). If I don’t want it anymore, I unpin it and move on.
Know what matters
If you’re on the debt-free journey, one of the best things you can do for yourself is determine those things that are more important than paying back debt. Getting debt-free is a great goal to have…but it’s not the only thing that’s important in life.
Final Thoughts
Setting out to improve your finances can feel overwhelming but it doesn’t need to. Every step, no matter how small, brings you closer to reaching your goals. The important thing is to keep moving forward.
What’s small step would you recommend for someone looking to get their finances in order?
