- January 17, 2020
- Posted by: aarmortgage
- Category: mortgages in winnipeg
When people think about improving their finances, they tend to set up ‘big’ goals, such as saving for retirement, buying a house, making six figures etc. And they will soon get frustrated on how much effort and time they have to invest on these goals.
While you are focusing on long-term goals like the ones mentioned above, you are missing the ‘small’ goals and decisions that decisively impact your finances in the long run. Small goals are more manageable and more related to our daily life. However, they are often neglected by us.
To improve finances, we can start from 5 small things you can do today:
1 Switch Banks
If your bank is charging you a lot for monthly/annual fees but not offering competitive interest rates, you need to pull yourself out from this! Do research online, ask your friend and family what banks they are with, talk to a financial advisor. You will always find a better alternative.
2 Open a Saving Account
If you have a saving account, you are half way there! If you don’t, why not? It doesn’t take long to find one with a great interest rate and set up an account.
3 Fund It with Direct Deposit
After setting up your saving account, it’s time to ask your employer directly deposit $20 or more to it every paycheck. If you can’t do that, set up an automatic transfer from checking to saving. Again, it won’t take more half an hour. But you will see great things you’ve been missing before.
4 Lower Monthly Bill
Call your internet and mobile provider ask for a better deal. New offers pop up all year round, so your current plan may have a more cost-effective alternative. Don’t forget to bring up a better deal you saw on the flyers provided by your providers’ competitors in the conversations. Your providers may match it. If they don’t, switch to the competitors.
5 Find the Biggest Money Drain
Ever said, “I don’t know where my money goes?”
Last but not least, sit down with your bills and statements and figure out the biggest hole in your pocket.
Do you have a costly habit? Do you enjoy $10 Starbuck for a morning call? Do you dine out a lot? Entertain too much? Shop for stress? Host a pot luck dinner instead paying food catering. Find a free hobby to take place of wandering in the mall.
Not every financial improvement has to take up years and decades. There’s plenty that you can change in one day or even within an hour. The trick is to stop thinking small things won’t make a difference and make a change today.