Boost Your Financial Future With These 5 Simple Steps
As the end of summer rolls around, it’s natural to have a few regrets. We all have things we want to accomplish; it’s frustrating when they don’t come to fruition. Particularly when the only reason is lack of our own willpower. Finances is a great example of this. It’s more fun to go to happy hour, go away for a weekend, or buy a paddleboard, than it is to invest in 401(k)s.
But even just a small action can lead to big outcomes.
The power of taking small steps toward your goals is most obvious when it comes to finances. While it might seem like just a small transaction, finding ways to save a dollar—yup, just one dollar—can have an impact on your finances. Here are a few things to try before the end of the summer.
Increase Your 401(k) Contribution by 1% Some people do this every year (kudos to you if you’re one of them). The rest of us need that little nudge to do it…especially if you haven’t modified anything since you started investing.
Save $1 This Week
…and next week save $2, then $4, and so on. The 52 Week Saving Challenge always pops up around the beginning of the year, but there’s no law that says it has to start on January 1. Or that it has to end after 52 weeks. Try it and see how long you can keep it going.
Make an Extra Mortgage or Student Loan Payment
Mortgages and student loans are probably the most substantial type of debt people have (or, alternatively, look at them as investments, right?). However, making an extra payment once a year can have major effects. Depending on your loan amount and repayment terms, you could save thousands and take years off repayment if you do this regularly.
Negotiate Your Interest Rates
Check out your credit card terms and then get in contact with them. Work with them to try to negotiate your interest rate down. Even 1% (or a portion of it) is a good step toward improving your financial future.
Choose a Realistic Goal
One of the most beneficial things you can do for yourself and your future is becoming smarter about your finances. Choose one thing to do before the end of the summer, and stick to it. Remember--it doesn’t have to be something huge--small things add up. Whether it’s on this list, paying down debt, or saving a certain amount, just do it.
Are you ready to take the next step toward your financial future?