10 Ways to Improve Your Finances in One Day

LITTLE FIXES, BIG RESULTS

Starting on the path to financial health can be overwhelming. But as you start paying attention to your money management techniques, you’ll notice that it’s not the big things as much as it is your small, daily decisions that truly impact your finances — for better or worse. In just an hour or two, you can complete a small task to make a big improvement in your financial situation.

1. DO WHAT YOU’VE BEEN DREADING

Often emotions win out in the struggle to wisely manage money, and negative feelings like shame or fear can make it seem easier to just avoid the financial tasks hanging over your head. Don’t give in to these emotions. Be proactive — the only thing that will actually make financial problems better is facing and fixing them.

If you have a financial task that you’ve been dreading and avoiding, like calling a collections agency that you owe or setting up a payment plan for back taxes, now’s the time to take care of it. Doing so will give you peace of mind and relief. But most importantly, it will give you the chance to directly address and handle any issues before they end up costing you even more money and stress.

2. SET UP AUTOMATIC SAVINGS TRANSFERS

If you set savings goals but can’t ever seem to stick to them, setting up automatic transfers to your savings account makes it easy and simple to stay on course. Figure out your savings purpose and goal — maybe you’re hoping to buy a car in a few months or want to step up your retirement contributions. Once you have a dollar amount for your total savings goal, calculate how much you’ll need to save each paycheck to reach it. Then use your bank’s online tools to set up a recurring transfer that moves money into your savings account as soon as you get paid.

3. PURGE RECURRING EXPENSES

If you’re paying for subscriptions to magazines you never read or pay more for your cable bill than you do for car insurance, it’s time to purge your recurring expenses. Spend about an hour reviewing recent expenses, keeping an eye out for monthly charges like cable bills and subscription fees as well as services you could do yourself, like housecleaning. Look for services you don’t use much or could live without and cancel them.

For services you need, contact your service provider ask if there are any current offers, promotions or discounts that you could take advantage of to secure a lower rate. Or, you could try and get an upgrade at the same price you’re currently paying. If you can’t get a deal from your current service provider, shop the competition to see if other companies are willing to offer a discount to give you a reason to switch over. The best part about cutting or lowering monthly expenses is that it’s a one-time effort that will help you save money long term.

4. CONTEST A FEE

If you’ve been slapped with a bank fee or other fee you don’t think is justified, speak up. Call your service provider and politely ask that the fee be waived. If it was charged in error, ask the company to correct the error — you might even be given a small discount as a consolation.

If the fee was legitimately levied, you can still request that the service provider waive the fee or lower it. If the fee is from your bank, for instance, maybe a bill payment went out a day before your paycheck was deposited resulting in an overdraft. Make sure to mention how excellent of a customer you usually are and how important this request is to you. Chances are good that retaining your business is worth waiving a $30 fee to your service provider.

6. MAKE AN EXTRA DEBT PAYMENT

If you’re in debt, whether you owe a high credit card balance, student loans, car loan or mortgage, making an extra payment will help you get a guaranteed return today. To make an extra payment, figure out how much extra you can afford, whether it’s $50, $100 or $500. Every bit can help you get ahead of interest and chip away at the principal of your loan or credit balance, which is the actual money you owe that is accruing interest.

Some personal finance experts recommend targeting your debt with the highest interest rate first, which would typically be a credit card balance. Submit the extra payment as you normally would through your bank’s online bill pay or you lender’s account management system. Next, start planning how you’ll make your next extra payment and get closer to owing zero.

7. GO ON A 24-HOUR SPENDING FAST

If you don’t think you have the extra funds to cover an additional loan payment or to save more money, try going on a 24-hour spending fast, making it your goal not to buy anything or spend any money that day. It might take some planning to arrange your day so you won’t need to spend money. Pack a lunch with what’s in your fridge, ask a coworker for a ride to work or stick with free water at the after-work happy hour.

Refraining from spending can make you aware of the triggers that prompt you to pull out your wallet, like driving past a coffee shop or getting invited out for lunch. By not spending, you can get a clearer picture of which expenses you truly need and which ones are simply bad habits you have formed.

8. CHECK YOUR CREDIT REPORT

You’re entitled to get a free copy of your credit reports once a year. If it’s been 12 months or more since you last reviewed your credit report, visit AnnualCreditReport.com to request free copies of your credit reports. All you have to do is fill out a short form, and once your information is verified, you’ll get access to an online copy of your report that you can also download and print out.

Review your reports to assess your payment history and look for errors. Credit report mistakes are actually fairly common; a Federal Trade Commission study found that one in four consumers have identified errors on their credit reports. Review all the credit accounts, loans and personal information listed in the credit report to ensure they are all your own because sometimes people find that their information has been confused with someone who has a similar name.

In addition, check for any negative marks like a late or missed payment that seems inaccurate. You can dispute any possible errors with the credit bureau and the lender that reported the information to the credit bureau, according to the Consumer Financial Protection Bureau.

9. SET A MONEY GOAL AND MAKE A PLAN

Some money goals involve doing some homework and require more than a day to achieve, but you need to get started. Use today to put your plan into action and get informed so that you are a step closer to accomplishing your financial goals. When you aren’t sure where to start, begin by researching your financial goal and obstacles you might encounter. With a simple search engine query, you can find articles and tools that can help you understand how to accomplish your goal.

For something like buying a home, for example, there could be several steps you need to take, such as improving your credit score, saving a down payment and maybe even trying to increase your salary so you will meet lenders’ income requirements. Once you have an overview of how to proceed, you can move on to the next step tomorrow.

10. FIND A BETTER INTEREST RATE

Whether it’s interest you’re earning or interest you’re paying, finding a more favorable rate will go a long way in moving your finances in the right direction. If it’s an interest rate on a loan or credit card, you can try simply asking for a lower rate. Credit card issuers will often lower your interest rate when asked.

For loans, many banks and credit unions will offer interest rate discounts if you set up direct payments or meet other requirements. Some lenders provide similar discounts to student loan borrowers.

You also want to make sure you’re getting a good rate on your deposits, like a savings account, money market account or even your checking account. By shopping around and comparing the annual percentage yields and dividends offered by different financial institutions, such as credit unions and online banks, you might find a better rate that will help your money grow faster.

15 Ways to Retire Earlier

AN EARLY START TO YOUR GOLDEN YEARS

The word “retirement” and number “65” are as linked in the North American psyche as “bacon” and “eggs.” Then again, that all depends on how fast you want your eggs, right?

Retiring early — or leaving the work force for the golf course, if you like — might sound like an unattainable goal. But there are many ways to make it, so long as you take numerous approaches into account.

es, 65 is the standard — but what’s 21st century life all about if not exceeding standards? Here are 15 major financial and lifestyle moves you can make to achieve this goal.

Are you fantasizing about early retirement. Here’s how to make that dream a reality.

1. LIVE TWO TO THREE TIMES BELOW YOUR MEANS

Sorry, folks: Simply skipping that $4 latte in the morning ain’t gonna cut it. It takes a much more committed approach where “sacrifices” are viewed in a new light. It’s amazing when I work through the numbers that some people think manicures, landscapers and maids are a need.

2. REDEFINE ‘COMFORTABLE RETIREMENT’

Less spending later constitutes the flip side of less spending now. If you imagine comfy retirement as a vacation home and monthly cruise ship trips, revisit that vision so you don’t have to bleed cash — but can still retire in style. Instead of two homes, for example, why not live in your vacation destination and pocket the principal from selling your primary residence?

3. PAY OFF ALL YOUR DEBT

That’s right, all of it. First: Is it time to pay off your home? You might not have the resources now to plunk down one huge check, but consider savvy alternatives such as switching from a 30-year to 15-year mortgage. Monthly payments aren’t much higher, but the principal payoff is much greater. Second: Do the same with loans and credit cards, as high interest eats up income faster than termites chewing a log. A credit card balance of just $15,000 with an APR of 19.99 percent will take you five years to eradicate at $400 a month — and you’ll dish out a total of $23,764.48, the calculator on timevalue.com shows.

4. CONSIDER OVERLOOKED FINANCIAL RESOURCES

While it’s risky to count on unknowns such as an inheritance, you might have cash streams available outside the traditional retirement realm. For example, understand your options with respect to any pensions you might be entitled to or 401(k)s from current or previous employers.

5. INVEST EARLY AND AGGRESSIVELY

If you’re in your 20s and start investing now, you’re in luck. Due to the power of compounding, the first dollar saved is the most important, as it has the most growth potential over time. As an example, $10,000 saved at age 25 versus 60: the 25-year-old has 40 years of growth potential at the average retirement age of 65, whereas $10,000 saved at age 60 only has five years of growth potential.

6. MARRIED COUPLES: PLAY RETIREMENT ACCOUNT MATCHMAKER

The wisdom of taking advantage of a company match on the 401(k) is well established — but think about how that power is accelerated if a working couple does it with two such company matches. If your employer has a matching contribution inside of your company’s plan, make sure you always contribute at least enough to receive it. You are essentially leaving money on the table if you don’t.”

7. PRACTICE SOUND CASH FLOW MANAGEMENT

The methodology is simple, yet the results can be profound: Put money at least monthly into systematic investments during your working years. There’s no other element of investment planning or portfolio management that’s more essential over the long term.

8. JUMP ON EMPLOYER STOCK PURCHASE PLANS

How about some free money? The ESPP typically works by payroll deduction, with the company converting the money into shares every six months at a 15 percent discount. If you immediately liquidate those shares every time they’re delivered, it’s like get a guaranteed 15 percent rate of return. Add the after-tax proceeds to your supplemental retirement savings.

9. START THAT RETIREMENT ACCOUNT TODAY

That is, the earlier the better. Millennials who kick off retirement accounts early will reap big rewards later. A 25-year-old who socks away $4,000 a year for just 10 years (with a 10 percent annual return rate) will accrue more than $883,000 by the time she turns 60. Now then: Can’t you just taste those pina coladas on the beach?

10. PLAN SMART VACATIONS AND TRAVEL — AND INVEST THE DIFFERENCE

There’s no sense in depriving yourself of every single thing, especially well-deserved time off. You can save a ton in 150 countries through a service called HomeExchange.com. When you’re staying in someone’s home or apartment, you don’t have to eat out at a restaurant for every meal, so your food costs nothing more than if you were at home.

11. DON’T LET YOUR MONEY SIT IDLE

To get to an early retirement, you have to periodically revisit your IRA, 401(k) or other retirement account to make sure your money doesn’t grow cobwebs. For example, the way your retirement account is diversified shouldn’t put too much emphasis on low-yield investments — such as money market funds and low-yielding bonds. Dividends can pile up in the money market account, typically earning one one-hundredth of a percent. Make sure your cash is invested properly.

12. HOP OFF THE HEDONIC TREADMILL

In this curse of consumerism, you buy something expensive, feel excited and then scout for something else to purchase when the “new car smell” wears off. And it’s a huge trap if you want early retirement. 

13. LOOK FOR PASSIVE SOURCES OF INCOME

Early retirement doesn’t necessarily mean retiring all of your income, especially if you find ways to bring in money without hard work. Investing in rental properties is one way you can create a cash flow stream — and you can minimize the labor by hiring a property manager. Or: Set up an internet sales business and hire a part-timer to fulfill orders and track stock based on volume

14. ENLIST IN THE ARMED FORCES

Here’s an alternative way to get to “At ease, men.” By serving in the military, you can also serve yourself. Members commonly retire after 20 years, living off generous pensions and health insurance. Even though President Obama in March proposed sweeping changes to military retirement and health benefits, earlier-than-normal retirement should still remain an option for many men and women in uniform.

15. HIT THE ROAD OR GO JUMP IN A LAKE, INDEFINITELY

Some middle agers are selling the bulk of their possessions — including the home — and moving into tricked-out mobile homes and houseboats. These options also open the door to a life of leisure travel and can eliminate major expenses, such as property taxes and mortgage payments.

If you think of retiring early as simply walking away from everyday life — and thus a pipe dream — it’s time to take a step back and look at how others have done it. You might enjoy your job immensely and have friends in the trenches with you. But if work is taking too much away from your family time, community bonds, overall health and peace of mind, you might do well to consider one of the smartest alternative investments of all: yourself.$

[Do you know how Facebook and Google became the most powerful companies in the world?

It’s NOT helping you share pics of last night’s dinner...
It’s NOT searching for drunken cat videos…

And it’s DEFINITELY NOT about free Gmail accounts.
 

The simple truth is Facebook and Google SELL TRAFFIC.

They SELL TRAFFIC to business owners, and that advertising revenue alone has turned them into billion dollar companies.
 

Traffic is the most valuable commodity on the internet, and that will never change.
 

This is why using the Traffic Authority business system is the ultimate way to make extra income in your business…
 

Click here to watch the video and start your own premium traffic business today!]