4 Weeks to Better: Finances

posted 2/16/2015 in General

The New Year came and went, and even though you told yourself you were going to do things differently this year, you’re probably finding yourself back doing some of the same bad financial habits. Perhaps you tried to change too many things at once, or weren’t reasonable enough with your resolutions. Either way, there is hope.

Shaping up your finances doesn’t have to be hard. All it takes is 28 days, or four weeks, of doing one simple thing per day. You can even group similar tasks if you want. When it’s all said and done, you’ll be in a better place financially.

Give these tips from Lincoln Savings Bank a try for the next 28 days. Be sure to let us know how we can help!

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 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 items, don’t hesitate to come by Lincoln Savings Bank. We’ll help any way we can! Good luck, and we hope to see you soon!

Lincoln Savings Bank, member FDIC

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