Monthly Archives: April 2014
Improve Your Finances Today With These Tips
You want to be better off financially, but doing so just seems like it would require too much time and energy. You’d like to find a few easy ways to improve your finances without spending days or even weeks doing it.
You’re in luck. Here are some steps you’ll be able to complete all in one day to start building wealth.
Calculate Your Net Worth
This will only take a few minutes, but it will be an eye-opener for you. Figure up all your debt and subtract it from all your assets. The balance you have remaining – whether it’s positive or negative – is your net worth.
This is a good figure to know because you’ll understand your financial picture better and you’ll be able to track your progress on a monthly or annual basis. Knowing how far you have to go will help you make sound decisions about your money.
Tend To Your 401K
If you don’t have a 401k started already, it only takes a few minutes to set one up with your employer. Even if you can only afford to put 2 percent of your salary aside, it’s better than nothing at all. If your employer offers a company match to the money you put in, make sure you get the full match amount. Otherwise you’re leaving money on the table.
If you already have a 401k, consider bumping up your contributions slightly, even by 1 percent. And make sure you’re still comfortable with the risk you’ve assumed with your investments. As you get older, you may want to consider scaling back on some of the risk so your portfolio isn’t as volatile.
Brush Up Your Resume
Sometimes the right opportunity for advancement or a new job entirely can come up when we least expect it. If opportunity knocks at your door, you’ll want to make sure you’re ready to answer it.
That’s why it’s a good idea to keep an updated resume ready to go at all times. Having a resume on hand can help you be the early bird when it comes to pursuing any interesting and possibly more lucrative positions.
Start an Emergency Fund
Even if you can only put a few dollars into it each week, developing an emergency fund should be one of your top priorities. If you have money saved up for sudden, unexpected expenses, you won’t be stuck trying to charge a big purchase on your credit card.
That will save you from having to pay interest on something and sinking further into debt.
Cut Back A Little on Expenses
You may think you have your expenses already as low as they can go. But there is usually room for improvement if you look hard enough. If you have cable television, start by calling your provider and telling them you’re thinking of going to another provider. They’ll likely offer you a discount of some sort.
If that doesn’t work, review your insurance policies and call around to other companies to see if you can get a better deal. If you have a credit card balance, call your company and ask for a better interest rate.
By making a few calls, you could save hundreds of dollars a year.