Many people are dealing with credit card debt, bank accounts are strained and many need a confidence boost when it comes to their finances.
Rather than avoiding the topic, take a few small steps to improve your money situation. These quick wins can help you rebuild your confidence and feel more in control of your finances.
Errors on your credit report could damage your score. According to a 2024 survey headed up by Consumer Reports and WorkMoney, 44% of consumers found errors on their credit reports.
Be vigilant about your credit report and check it for issues. If you find any errors, you can dispute them through the credit bureau, according to the Consumer Financial Protection Bureau.
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If your intention is to save part of your paycheck each month but you never do, make savings automatic. Check your budget to see how much you can put toward savings each month and then set up an automatic transfer.
Check with your employer because it may offer the ability to split your paycheck between your checking and savings accounts. Another option is to set up a recurring automatic transfer through your bank. For example, set up a transfer for a specific amount, on the same day each month, from your checking to savings.
Additionally, to make more progress, set a reminder for every 12 months to reassess the amount you’re saving each month and increase it if possible.
When it comes to money, paying off debt is arguably the ultimate financial win. First, determine what your smallest debt is. Next, look for the money in your budget to pay it off ASAP.
This may mean doing something free (or super cheap) on date night for a couple of weeks or skipping small, unnecessary expenses for the whole month. If you don’t have the money in your budget, look for something around the house that you don’t need and can sell quickly. Then, use the money to pay off the bill.
Do an audit of your current subscriptions. The easiest way to do this is to look at your most current bank or credit card statements and make a list of the subscriptions you have. Then, decide which ones you’re willing to let go. You may have streaming subscriptions you forgot about or a gym membership that you’ve been paying for since last January but haven’t used in months.
Take the money that was going toward those subscriptions and use it to pay off debt or transfer it to savings every month.