Five easy 10 minutes tasks to improve your finances before the new year
By: Girlfriends Guide
Tags: Personal Development, Goal Setting, Saving Money, Money Management, Personal Finance

Photo by Damir Spanic on Unsplash

Listen, it has been a rough year on all of us, mentally and for many of us- financially. Whether you have experienced a lay off or had hours cut back or had to pay for unexpected medical expenses, many of are are looking for way to face the new year with a renewed sense of financial clarity. The following tips are made to help organize your finances, gain clarity and help you move into the new year with fresh financial focus. The best part — all of these will take less than 10 minutes and you can complete them from home.

1. Make a list of all of your bills and expenses

Making a list of all your monthly expenses will help you clearly see exactly where the majority of your money is going every month. Make sure to list your fixed expenses (rent, utilities, car payment, gas ,food) and your discretionary or “fun” expenses ( subscriptions, non essential clothing, alcohol, leisure activities) You don’t have to full on make a budget here but the idea is to see your monthly expenses on paper. Once it is written out look at one area where you may be able cut back or cut down. Perhaps cutting down on buying new clothing for a month or stopping a subscription you haven’t been using. This small act of looking at your expenses and making a conscious choice to cut a cost with put you into a productive mindset and start you thinking about other ways to save.

2. Commit to subscribing to a financial YouTube channel or Podcast

There is so much quality information that is out there in terms of financial literacy. From YouTube to Medium to Podcasts, there is bound to be a fit for you and your financial situation. Once you find your niche and preferred content, you will be more likely to pop on a podcast or watch a video as part of your regular routine. Trust us that those small amounts of information will slowly add up and give your knowledge that will …(forgive the financial pun) pay dividends

3. Set up automatic deposits to a savings or investment account

The hardest part about saving is having the discipline to actually do it. Take the temptation out of it and set up an automatic deposit to a high interest saving account or robo investing account that aligns with your pay day. It doesn’t matter if you stat with $5 bi/weekly, it is the fact that you are automating a helpful financial process. The act of saving or seeing money add up is addicting and before you know it the contribution may go up to 10 or 20 or more. Naming this account is also important, if your financial institution allows, this will give purpose to your growing nest egg. For example you are must more likely to keep the money in there if you visually associate it with your “ future home” or “baby’s emergency fund” than if it is “Savingsaccount230283208".

4. Start researching one big purchase you might make next year

If you know there will be a big purchase in your future, start researching now. When purchasing a new couch last year, a simple google search revealed that February was the best time to buy. I started researching early and scored a great deal. Planning for a big purchase also helps you budget for it and figure out how it will fit into your finances. Instead of scrambling last minute when your fridge finally succumbs to those strange noises it has been making, you will be well prepared with information and resources to support your purchase.

5. Dust off your resume and cover letter

This goes for whether you are looking for work or currently employed. It is always beneficial to have an up to date resume. Comb through the document for spelling or grammatical errors and check for redundancies. Think about skills you have picked up recently, courses you have taken or new objectives that you have achieved at work. Unemployment is high and jobs can be scarce right now but a well crafted resume will put you one step ahead of competing candidates.

There you have it, a much more well rounded financial picture for next year all in under an hour. The most common financial complaint we hear is that people are too overwhelmed with their finances to even begin. This is your sign that even 10 minutes today can change and shape your financial future.