4 ways to improve your personal finances now

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Ideally, improving your personal finances is a big undertaking. You sit down and calculate exactly how much money is coming in and going out, list your short, medium and long term financial goals and make a budget. However, sometimes you just need a push, either because you’re very anxious about your finances and don’t want to look at them, or because you’re struggling with procrastination for some other reason. A quick but substantial step can help change your mindset about your financial situation and make the process easier.

Open an emergency savings account

Have you ever heard that you need an easily liquidated emergency fund in case you face unexpected expenses, such as medical bills? Whether you did or not, you may have thought of this as something you could set up at some point when you had a large sum of money that you could deposit into an account in one go. one time. In fact, you can start with any minimum to open a savings account with your current bank. You may be able to do this online. Even though you start with just $25, you now have a place to put a small amount of money each time you get paid, and the fund will grow.

Save money on your debts

Do you pay off credit card or other debts? Save money by finding out how you can lower your payments. If you have a credit card balance, you can try calling the company and asking if they will lower your interest rate. Some companies will be okay if you are a strong customer. Alternatively, you can search for a card with a balance transfer offer. Some cards offer 0% interest on balance transfers for a short period, such as six months. This can be a great way to pay off your card quickly. Also see if you can refinance student loans with NaviRefi. Your monthly payments can be lower and you can use the savings in your emergency account.

give up one thing

Here’s another small gesture that will help you save money: give up one thing. Maybe it’s a daily coffee to go, maybe it’s in-app purchases, or maybe it’s a streaming service you don’t use very often. Either way, commit to taking that money and moving it into your savings until you reach your emergency funding goal.

Start investing

If you are not already enrolled in your company’s pension plan, complete this paperwork now. But there are other ways to invest too, even if you don’t know much about it. You can create an online brokerage account. It doesn’t take a lot of time or money, as you might only need $100 to get started, and you can allow a robo-advisor to select a portfolio for you based on certain information collected at your topic. Unless you’re really planning on getting into the stock market, in most cases the best thing to do once you’ve put some money somewhere is to leave it alone for a while.

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