They say that it takes 40 days or repetitions to create a new habit. But what if we told you it would take only 28 days — just 4 weeks — to get your finances into shape?
We’re not doing our best late night TV infomercial pitch to you; we’re serious. All it takes is doing one small thing every day for less than a month to put your finances and your life on track.
These tips impact all parts of your finances and can be used by anyone at any age in any financial situation. Give them a quick read, print them out and start crossing things off your financial to-do list today.
Daily Financial Tasks
Day 1- Find a financial advisor.
Day 2- Start a change jar and label it with a purpose like vacation, retirement or the name of your favorite charity.
Day 3- Call your credit card provider and try to negotiate a lower rate.
Day 4- Start tracking your spending, either manually or using an online program.
Day 5- Start the process of refinancing your home or auto loan.
Day 6- Get all of your gift cards and coupons together and determine a purpose for each so they get used.
Day 7- Use a financial calculator to see how much you can save by increasing your monthly loan or mortgage payments by $25 a month.
Day 8- If you don’t have a lawyer, begin searching for one. Be sure to ask friends and family for referrals.
Day 9- Go to www.AnnualCreditReport.com to check your credit score. If there are any errors, call to dispute them.
Day 10- Set up a college fund for each of your children.
Day 11- Open a savings account (if you don’t have one) and set up an automatic transfer of at least $50 every month.
Day 12- Automate any recurring bills as much as possible to avoid late fees.
Day 13- Open an IRA to save for retirement and set up monthly contributions. If you already have an IRA, take time to check its balance.
Day 14- Take a look at your TV bill. Put a call in to your provider to see if you can get a lower rate or downgrade to a different package if you only watch 10 of your 400 channels.
Day 15- Organize all of your past tax paperwork into one place. Shred anything that is seven or more years old.
Day 16- Find a trustworthy and secure online password manager.
Day 17- Find three ways you can cut spending each day, week or month and commit to making these cuts for one month.
Day 18- Ensure you are taking advantage of the maximum contribution if your employer offers a match on a 401(k) plan.
Day 19- Look into disability insurance and how much it would cost per month to have it.
Day 20- Select one of your credit cards you owe money on and aggressively attack the balance.
Day 21- Make an appointment with your financial advisor for a general financial checkup.
Day 22- Look at your mobile phone bill to see if you can cut back.
Day 23- Make a list of your top financial goals (three to five things). Then, for each one, list measurable steps you can take to achieve each.
Day 24- Review your life insurance coverage.
Day 25- Sign up for customer rewards, but be sure to use it responsibly.
Day 26- Cancel unused memberships to gyms, magazines or anything else.
Day 27- Call your credit card company to set up auto payments and review your payment due date in order to avoid fees.
Day 28- If you’ve found a lawyer by now, or already have one, make an appointment to establish a will.
If you need help with any of the above tips, don’t hesitate to call or come by any Putnam Bank office today!
Putnam Bank, Equal Housing Lender and Member FDIC