We all know that time is often a precious resource. So much to do, so little time!
Fortunately, improving your financial life doesn’t have to be time-consuming or too complicated.
The tasks below usually take around 20 minutes or less, but can help you take a big step towards improving your finances. Try crossing a few of these items off your list when you have a half hour to spare!
1. Check your credit report
Whether you’re buying a house, opening a credit card, or even applying for a job, your credit report is likely to be a major determinant of your success. This is why you want all the information it contains to be accurate. Request a free copy of your report from TransUnion, Equifax, and Experian by going to AnnualCreditReport.com.
2. Establish an emergency fund
Fingers crossed that you never lose your job or experience a financial hardship. To help prepare for those “just in case” moments, open a designated savings account and set up a monthly automatic deposit, socking away funds until you have enough to cover six to nine months’ worth of essential living expenses (mortgage, utilities, transportation). If you’re an Ally Bank customer, consider using an Online Savings account and enjoy watching your emergency fund grow with interest compounded daily!
3. Build your investment portfolio
Investing in the stock market can be risky, but can also offer great rewards. With a managed portfolio, you simply answer a few questions online about your risk tolerance and goals, and leave the investing to the professionals.
4. Charge smarter
With so many different credit cards out there, you should have a piece of plastic that rewards you for making purchases with it. Think about what type of perks you’d most like to receive — travel rewards, cash back — and apply for a card that will offer you the most bang for the bucks you charge on it.
5. Look at your account balances
This one’s super-fast but surprisingly neglected. Some investors are afraid to log in to their brokerage accounts and see how all their accounts are performing. But guess what – sometimes the news is better than you realize. Either way, knowing your overall picture can help make you more confident about your financial status.
6. Update your home insurance coverage
If you’ve renovated or added on to your house or simply upgraded some of its systems, take a few minutes and notify your insurance carrier. You never know if your home updates could offer a savings on costs of coverage!
7. Set up account alerts
At times, life can be so busy that things fall through the cracks. Sign up with your bank and credit card issuer to receive notifications informing you that, say, a bill is due in a few days or your account balance fell below a predetermined amount.
8. Open an IRA
Whether or not you have an employee-sponsored 401(k) account, an Individual Retirement Account (IRA) can be a great way to help increase the size of your nest egg. There are a few different types of IRA plans to consider – each with their own benefits and considerations. We offer a variety of different IRAs, so you can choose one that suits your needs best. Learn more about our Traditional, Roth, and SEP IRAs here.
9. Close unused accounts
You might have multiple credit card accounts – but do you swipe them all on a regular basis? Simplify your financial life by keeping only the cards that you use and closing any other accounts.
10. Automate your savings
Give your investment accounts a regular injection of cash by signing up for recurring deposits. Select the amount and the date on which you want the transfer to happen, and the funds will be transferred automatically from your checking or savings into an investment account.
11. Enroll in automatic bill pay
Set it and forget it. Gather all your monthly statements and sign up for auto-pay for those that allow it. For the ones that don’t, create a reminder on your phone’s calendar so that you remember to pay on time each month. After all, who wants to pay a costly late fee on an already-expensive electric bill?
Taking care of your finances can feel overwhelming, but breaking the to-do list up into these short tasks can certainly help to make it more manageable. Your future self will thank you for the effort — and your current self might be much less stressed as well.
Do you have additional stress-busters for managing money? Let us know how you mitigate financial stress in the comments below.
This article is not meant to provide you with financial or investment advice, but rather you should speak to your financial planner with any specific questions you may have.
Comment on this article
Comments
Cindy D. on May 31, 2018 at 12:45pm
These are all great tips. I have one comment to add that has helped me: Structure you bill due dates to align with payroll direct deposits. That way your bills can get paid on time, at a convenient time, BEFORE blowing money on unnecessary items and frivolous purchases.
Ally on June 5, 2018 at 9:54am
We love this! Thanks for sharing, Cindy.
Leah C. on July 12, 2018 at 11:08am
Why would you encourage someone to close an account?! This could greatly affect their credit report!
Yeroooo on August 3, 2018 at 3:19pm
yup!
godson333 on September 20, 2018 at 2:30am
from what I read so far this seems like the perfect bank for me. Can't wait to get an account
teresa m. on September 20, 2018 at 9:17am
I wanted to pay off everything I owe and only have 1 bill, which would be my housepayment thank you Teresa matthews
Rasper on October 6, 2018 at 1:14am
Actually, credit cards or revolving credit lines that are dormant or inactive for a long time may not affect the credit score. But as a loaner, to see this available on ones credit report would persuade one to not approve a loan or even opt for higher interest rates in a contract. Closing the account is a better blindfolded balance as far as purchasing power. Unless you plan on buying a house, credit scores are becoming obsolete and mean nothing now. Its your credit report as you mentioned (Leah C.)that is affected but not to a detriment. I think you have credit report and credit score confused. As a closed CC account will lower your credit score but on your credit report a closed account puts one in a more favorable position towards getting a loan and at a lower interest rate. Everyone is judged differently on paper when it comes to dollar ($) signs though.
Lorrie D. on October 15, 2018 at 9:57am
I use the envelope method for petty cash, vehicle expenes, day labor costs (I run a small business that I pay my occasional day laborers cash), etc. Every week, I put money in each and balance them.
Ally on October 15, 2018 at 10:22am
Thanks for sharing, Lorrie!
Eugene H. on October 23, 2018 at 12:00pm
Would like to change my due date from the 28th to November 1st. So I can have it be deducted all be deducted the first of each month
Teri on October 28, 2018 at 1:38pm
Thank you for the sponcership of Jimmy Johnson and NASCAR
Mark A. on October 28, 2018 at 11:04pm
I want to set up an annuity account. I don't think I qualify to get a CD account. Do you offer this? Sounds to me as long as I reside in my apartment because of ATM locations in my area. As a Veteran, I want to set something up for my family if I expire prematurely.
Ally on November 1, 2018 at 11:29am
Hi Mark, we don't currently offer an annuity account, but we have several other available accounts to help you reach your financial goals. Please give us a call at 1-877-247-2559 and we'd be glad to discuss your options further!
Barbara J. on November 17, 2018 at 8:35pm
Its informative. But is it right for someone like myself. My financial status is poor right now but I am getting married and he is quite well off. I want to save and invest to protect my future. I'm not young beyond retirement age. I will be retiring for good this time.
les h. on December 4, 2018 at 6:10am
Hello ! Closing accounts lowers your fico score... OPP'S... ..
Augie on December 27, 2018 at 11:08am
I understand how to get and keep a great credit score but when you are a person who lives paycheck to paycheck their are no options to access equity I have in my home or automobiles once that credit score gets below 600. No one wants to help even though I would use the equity to pay off other high interest debts!
Rosetta b. on January 25, 2019 at 4:27pm
I had an account with Zecco which you have taken over. I don’t remember how to check on it ! Please help! Rosetta
Ally on January 29, 2019 at 10:03am
Hi Rosetta, please give us a call at 1-877-247-2559 so a member of our team can learn more and provide further assistance.
Michele on March 1, 2019 at 8:19pm
Yes. My stress buster is actually paying my bills early, taking advantage of Level Pay Plans (same amount paid ea month) for utilities and preparing for my monthly retirement income by paying ALL my bills on the same day at the beginning of the month so I have no worries for the other 29+ days. It took me just a couple of months/pay periods to store enough money in my checking account in order for me to get in front of the bills due for the upcoming month. Example: February's income covers ALL of March's bills, savings and expenses. I have been accustomed to this process for over 5 yrs now and I absolutely LOVE it! I hope this post can benefit others who are planning for their future.
NIkya M. on June 28, 2019 at 8:53pm
Instead of trying to pay your mortgage or car loan in one lump sum, break the payment up. For instance, if you get paid weekly, divide the payment into quarter payments. If you get paid twice a month, break the payments into halves. It will alleviate the stress of having to come up with all of the money at once.
Kathie C. on June 30, 2019 at 11:13am
Do you have Personnal Loans so one can pay off their vehicle and credit cards for one payment?
Ally on July 3, 2019 at 3:16pm
Hi NIkya, thank you for reading! Also, thanks for sharing your own tip. 🙂
Ally on July 3, 2019 at 3:19pm
Hi Kathie, we don’t currently offer personal loans, but we do offer home loans and auto financing. You can learn more about all of our products and services at ally.com!