8 Financial Wins That You Can Do Today

For many of us, life can seem like a never ending to-do list. Between work, grocery shopping, doctor visits, walking the dog and getting to the gym, when is there time to look at your finances? 

That’s why I’m going to give you 8 fast-wins that you can do today. 

These tasks may only take 15 minutes, but they can make a huge difference in your finances. 

1. Open up a high-yield savings account  

One of the easiest things you can do for your savings is open up a high-yield savings account. While most savings accounts offer around 0.2% interest, high-yield savings accounts typically offer around 3-5%, helping your savings grow much faster with no extra effort from you. 

2. Set up automatic savings 

There’s a reason why financial experts always recommend automatic savings. If you manually transfer money to your savings, chances are you’ll 1) forget or 2) rationalize why you should spend that money instead. 

Take the guesswork out and set up automatic savings. It’s easy to do with most online banking. Just decide how much you want to send to your savings account, on which day, and boom, you’re saving every month.

3. Increase your retirement savings by 1%

If you already have a 401k, increase your contributions by 1%. Odds are you won’t even notice the difference in your paycheck, but the increased contributions can make a big difference in your long term retirement growth. 

4. Cancel an unused subscription or unsubscribe to a consumer email list.

You know you have one. There’s an online magazine, food delivery service, or streaming service that you never use. Cancel the subscription and save the $15/month. 

Similarly, unsubscribe to retail emails that send you flashy emails every day to get you to spend money. Why tempt yourself more than you need to? 

5. Ask for a credit limit increase 

Did you know that you can call your bank and ask them to raise your credit limit? I had had a credit card for ten years before I knew that I could simply ask the bank to increase my credit limit. When I finally called the credit card company they said, “Sure! How much do you want?” I couldn’t believe it. I asked for an extra $4,000, but probably could have gotten more since I had great credit history. 

Additionally, increasing your credit limit (and then, not using it!) is a great way to raise your credit score. 

6. Set up credit alerts on your credit card

I’ve had my credit card information stolen twice, and both times I still had my physical card. I knew immediately my card was stolen, because I get purchase alerts on my phone and I was quickly able to call my credit card company and cancel the card. 

Setting up alerts for your credit card is an easy way to monitor it for any malicious activity. 

7. Start an emergency fund.

Usually, I recommend an emergency fund to cover at least 6 months of bare necessity expenses. Is your emergency fund full? Start an emergency fund, or add $100 to your current fund today. 

For bonus points, keep your emergency fund in a high-yield savings account to help you earn more interest. 

8. Check your credit score. 

Checking your credit score is incredibly easy with most major credit cards. Most offer free credit monitoring through their home page, where you can easily see your score and the contributing factors that make up your score. 

If you see a sudden drop in your credit score, and you don’t know why, check your credit report.

Remember, 800+ is incredible (but takes some time to build), 740-799 is very good, 670-739 is fine, and if your score is below 670 I recommend you start taking action to improve it. Check out my post: How to Increase your Credit Score. 

Your life may not be perfect, but it is imperfectly yours. The only way to live it is your way.