Have you ever looked at your finances and wondered what you could to do to improve them? Even if you are in a great financial position I am sure there is something you may want to change.
I am going to share ten things you can do to improve your finances that will have a big impact on your future.
10 Things To Do To Improve Your Finances
Negotiate Your Salary
When is the last time you received a raise or even looked at what others were making in your industry? If it’s been a while it is time to do your research and negotiate your salary.
If you are unable to negotiate with your current employer you may consider looking for a new job in your field. Being paid what you are worth is something we should all take into consideration when thinking about our salary. A raise, even small, will help
Save An Emergency Fund
We don’t want to think about 2008 and The Great Recession but unfortunately, the financial crisis we all face throughout our life is out of our hands.
There is one thing you can to help safeguard you and your family from the next financial crisis whether it be a recession, major home repair, job loss or something else catastrophic.
One of the best ways to improve your finances is to save an emergency fund.
Dave Ramsey recommends 3 to 6 months worth of expenses to be saved as your emergency fund. This will help safeguard you and your family against bigger expenses and job loss.
Start a Side Hustle
A side hustle is a great way to improve your finances. A side hustle will help raise your household income so you can meet larger financial goals such as saving an emergency fund.
There are many different side hustles you can do. You can start creating crafts to sell on Etsy, walk dogs, babysit, shop for the elderly and so on.
My favorite side hustles are ones that you can do online. I have linked two articles for side hustles that I believe in. The first is becoming a freelancer (this can be anything from writing to virtual assisting), the other is creating Facebook ads for small local businesses. Both of these side hustles can be done in the comfort of your own home, on your own time.
Read: 3 Simple Steps to Land Your First Freelance Client
Read: This Facebook Side Hustle Will Make You $1,000 Monthly
Create A Budget
A Budget is one of the most important things you can do to improve your finances. If you are just winging it you are leaving money on the table.
A budget will help you see exactly where your money is going and what areas you may be overspending in. A budget will also help you see where you could be putting more of your hard-earned money like your emergency fund or investment account.
If you haven’t yet created a budget, be sure to download my free budget template. This is a quick start budget that will help you get your finances together in a short period of time.
If you are ready to take your budget up a notch from paper and pen I highly recommend checking out the
Read: The Best Budget App to Manage Your Money is YNAB
Take Advantage of Employee Benefits
When is the last time you looked at your employee benefits?
I know with the corporation I am currently employed with we have benefits such as travel discounts, vehicle discounts, gym membership discounts, clothing discounts etc. All of this information can be found right inside my employee portal with access to all of the companies my employer has partnered with.
There may be other benefits you are leaving on the table as well such as tuition reimbursement, student loan repayment, retirement account contributions and so much more.
If you are not sure what benefits your employer offers, refer to your employee handbook or as someone in human resources.
Automate Bill Payments
If you have a handle on your budget then it is time to consider automating your bill payments. This is one of the easiest ways to improve your finances. Your bill will always be paid on time so you can avoid the late fees and missed payments.
Normally there are two options to automate bill pay. You can set up automatic withdraws directly with the company. They will debit the minimum payment from your account for you each month. You can also use your bank’s bill pay system to set up recurring payments.
Evaluate Your Bank
Does your bank have high fees? Do you feel like you are being nickeled and dimed?
Not at all banks can be treated the same way. You will want to evaluate everything your bank offers as well as their fee schedule. If you are not happy with the fees you are paying or feel as though you are missing a service, it is time to shop around.
There are brick and mortar banks as well as online-only banks you may consider. Then you have banks that are part of a larger corporation and small local banks. It may take you some time to find a bank that you love but when you do, it will be worth switching your accounts!
Pay off Consumer Debt
One of the best things you can do for your finances is to pay off consumer debt. Consumer debt normally has higher interest rates and all of those monthly minimum payments and interest charges add up.
If you do not pay off your credit card every month make a plan for how you will tackle your debt. You may be interested in learning more about the debt snowball or the debt avalanche. Both of these debt repayment methods will help you pay down your debt.
Read: Avoid Making A Common Debt Payoff Mistake
When is the last time you told someone no? It is difficult to say no when you are asked to go out for drinks with friends or take a weekend trip with your family. However, learning how to say no is powerful. If you do not have the money saved in your budget, or if something does not align with your values it is okay to say no!
Learning to say no will help you set boundaries with family and friends as well as allow you to live within your values.
Shop Around for Insurance
Shopping for homeowner’s insurance, vehicle insurance, life insurance etc is a daunting task. However, shopping for insurance once per year can save you hundreds of dollars on premiums. Insurance companies do their best to stay competitive but they also know that as consumers we tend to be lazy.
Once we sign up insurance we don’t look at the small yearly increases as a big deal. We rarely actually look at different companies and their premiums. You will be surprised how much money you can save by switching insurance companies.
Improving Your Finances Doesn’t Have to Be Difficult
Start small when improving your finances by creating a budget and cutting back on unnecessary spending. Then look at the bigger picture. Evaluate if you need to add a side hustle, shop for new insurance, or even look for a new bank.
Improving your finances now will have a big impact on your financial health and financial future. Take a few minutes each week to be intentional with your money and you will reap the rewards.