We all want to get better with our money yet few of us actually ever do anything about it.
Oftentimes it’s because we think we have to do something big or hard to make a real difference with our finances. But that simply isn’t true.
5 Easy Things You Can and Should Do Today To Get Better With Your Money
Here are 5 easy things everyone can and should do today to get better with their money.
#1: Open A Separate Bank Account For Savings
When your “savings” is sitting right next to your spending money, then your spendings will almost always swallow your savings.
That’s why I recommend using two different banks—one for your cash operations—your spending money—and the other to stockpile money for your short-term savings goals.
The bank I use and recommend for saving money is Capital One 360. Here’s why:
- No fees or minimums
- Ability to use sub-savings accounts
- Great interest rates. I get 1.3% compared to the 0.06% most other places are offering. That’s about 22 times better than the average savings account.
- Links directly to my operating bank account. I can transfer money back and forth with no problem.
- You can do everything online with an ultra-simple interface.
- Partnered with CreditWise. Track your credit score and monitor your credit report for free.
- FDIC Insured
- Great customer service
- $25 or $100 sign up bonus. $25 for savings accounts or $100 for a money market account. I use the money market for my savings 🙂 You must deposit at least $250 when opening the account.
I’ve used Capital One 360 since 2012 (previously ING Direct) and have only had positive experiences.
Use this link to get $25 or $100 for free when you open a Capital One 360 account today! If you use this link to open an account it will help me too. Thanks!
#2: Create An Easy To Use Online Budget
Another easy thing you can and should do today to get better with your money is to create a simple online budget that directs and monitors your spending.
If you truly want to get the most of your money then you need to start dictating to your dollars how they’ll get used. That’s the primary purpose of a budget.
You’ll want to make sure you commit a portion of your money to charitable giving, investing for your future, and saving for your short-term goals before it all gets spent on non value add expenses.
In order to ensure your budget is effective and consistently used, make sure it’s fun, simple, and can be quickly and easily managed.
I personally use and recommend Mint. Here’s why:
- It’s free
- Simple to use and intuitive online interface
- Pulls all your financial accounts (bank, credit cards, investments) into one place
- Automatically syncs with your accounts
- Ability to track income, expenses, investments, debts, and net worth all in one place
- Easy to track, categorize, and evaluate spending and income patterns
- Ability to analyze trends in your finances and identify needed adjustments
- Spending alerts and reminders to pay bills
#3: Check Your Net Worth & Plan To Improve
It’s hard to improve if you don’t know where you are. This is especially true with finances.
A good measurement of where you are financially is your net worth. If you understand it, you can set goals, make plans, and take action to improve your financial life.
Your net worth compares what you own with what you owe. It’s a measurement of your assets (cash, stocks, bonds, real estate) minus your liabilities (credit card debt, car loans, student loans, mortgage, etc.).
Generally, the higher your net worth, the more financially free you are. So if you want more financial freedom, buy more assets and pay down debt.
I use two financial tools to check my net worth—Mint and Personal Capital. Both are free and both sync all my financial accounts together so it’s easy to see my net worth. With that said, Personal Capital is more robust and provides more insight when evaluating your assets. It’s my preferred tool when it comes to analyzing my net worth.
#4: Take Advantage Of Easy Savings
I like to save money, especially when it’s easy and doesn’t cost me a lot of time, quality, or convenience.
Ibotta has helped us do just that.
Ibotta is a cool little app that enables you to collect cash rebates for buying certain products. We primarily use it for grocery shopping, but you can earn cash back on apparel, cosmetics, mobile apps and more. Here’s why I recommend it:
- You get real cash back, not just discounts or rewards points.
- It’s simple and convenient to use.
- Customized list of rebates that fit your shopping habits and your favorite stores
- Great product choices to earn cash back on
- The rebates can be significant
- $10 cash back to sign up
Ibotta has saved us hundreds over the last few months. It’s been one of the reasons we were able to cut our grocery bill in half!
Use this link to sign up for Ibotta and get $10 cash back today! If you use this link, it helps me out too 🙂 Thanks!
#5: Set A Financial Goal For This Month
One of my favorite motivational speakers of all time, Zig Ziglar, said, “You can’t hit a target you cannot see, and you cannot see a target you do not have.”
Most folks spend their lives working hard, but don’t have a goal of what they want to accomplish with each paycheck. The lack of a goal and a vision leads to the lack of any financial improvement and progress.
It’s as if most people are stuck in a financial rat race constantly running but getting nowhere.
Setting goals, making targets, and getting after it will help you escape the financial rat race that seems to hold everyone else trapped.
Start small and start easy. Think of something you can accomplish financially within one month.
Do you want to save an extra $100, start investing, pay off a nagging debt, spend less on groceries, open a separate bank account for your savings, or meet with me and create a customized financial plan ;)?
Whatever it is you want to accomplish, make it happen. Get after it and start securing your own financial freedom today!
Conclusion – 5 Easy Things You Can and Should Do Today To Get Better With Your Money
Not all major financial improvements have to be big and hard. Some of my favorites are simple and easy to accomplish.
It’s easy to setup a separate bank account with Capital One, so you can save for your most important short-term goals. It’s easy to create an online budget that’s effective and simple to use. It’s easy to check your net worth and think of how you can improve. It’s easy to save money with Ibotta and earn cash back. It’s easy to set one financial goal that is sure to improve your financial future.
These are all easy to do but it’s up to you to actually DO THEM. If you want to ever improve financially, you must take action, especially on the simple things.
Most folks that read this won’t take any action. Hopefully you’re different.
Your financial success is all up to you. Make it happen.
- Open an account with Capital One 360 for all of your short-term savings goals. Use this link for a $25 or $100 bonus when you open an account! The $100 bonus is for a Money Market account which is what I primarily use, but it does require a bigger initial deposit for the bigger bonus. $250 is the minimum initial deposit for a savings account. 10% immediate return–not too bad.
- Create and use a simple online budget such as what Mint provides.
- Check out your net worth and determine to strengthen it by buying assets and paying down debt.
- Take advantage of saving easy money by downloading and using Ibotta. Use this link to sign up for Ibotta and get a $10 cash back bonus today!
- Set one financial goal you want to accomplish within one month and start taking action.
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Please comment! Please let me know what you think—what you liked, what you didn’t, any questions you have, or future topics you would like to see discussed. I want this to be about YOUR financial freedom! I want to provide answers to what YOU need help with!