7 easy ways to help improve your finances this week

We know it can be hard to plan for the future, especially when it comes to your finances. Our financials significantly impact our minds, bodies, and overall well-being, so it’s important to give them attention. It can be daunting, and it’s ok to start small. Take these seven simple actions to improve your finances this week. 

Monday: Know your numbers 

Download a budget app to keep track of your income and expenses; bonus points if the app allows you to categorize the expenses. Next time you buy something, log the amount in the app. Do the same when you get paid. Or see if your credit card app offers a budgeting feature. Then, as you look back on your monthly bills, you can more easily identify where to cut back.

Tuesday: Add 1% 

If you haven’t yet, make sure you’re taking advantage of your company’s 401(k) plan. Already are? Consider upping your contribution by just 1% to your retirement account. And if your company is matching your annual retirement contribution, confirm that you’re taking advantage of it to the fullest extent allowed. if your work doesn’t have the resources to adjust your accounts online or through an HR rep, take charge and set up an automatic bank transfer. You can do the same with your savings account and try to add another percent each quarter. You won’t miss this amount now, but you’ll be very happy to see it grow over time.

Wednesday: Check your credit score

Speaking of numbers to know, your credit score is the main factor that lenders use in establishing your credit worthiness. This can have a huge impact on your finances, from credit card limits to mortgage loans. What many people don’t realize is that you typically have more than one credit score. But don’t worry, you can easily check your scores for free through your bank, credit card issuer, or an online service. And checking your own credit score won’t negatively impact it. The sooner you get started, the sooner you can work on improving your score.

Thursday: Ask the tough questions

Take some time to assess if you’re making enough money. You can find an online salary estimator on some job sites or do research on public salary forums to find out. The estimator will prompt you to enter where you live, years of experience, and other relevant information. In return, it will share comparable salary ranges for your profile. If you look at a public forum, you can see how much others are making in roles like yours. With these numbers in mind, you can create a plan to ask for a higher salary or start looking for a job that will pay you fairly.

Friday: End the unnecessary

Did you travel abroad last year and add an international data plan to your phone bill? That was a good idea at the time, but did you remember to end it when you got home? What about subscription services, such as monthly streaming sites or cable? Maybe you signed up for several sites or channels but only watch one. Are there memberships you’re not using, such as a gym or food delivery? Look at all your recurring expenses and cancel any you’re not using.

Saturday: Get your goals front and center

You made it to the weekend! Saturday is your day, so take the time to think about your goals. Write down your dreams for the future. When you’re finished, put your list somewhere you’ll see it regularly — in your wallet, on the fridge, or on your dresser. The list will remind you of your long-term plans, so you can make sure your spending and saving habits align with them. If you have a partner, make a date to talk about your joint and individual financial goals. Then, you can help keep each other honest.

Sunday: Make the call

Hopefully through everything you’ve done this week, you’ve gained clarity on your financial picture. Now take the next step and reach out to a financial professional to craft a savings plan and long-term strategy. You now know your goals for the future, and a financial professional can help you outline the steps it’ll take to get there.