We all know we can do a better job at saving money, right? I know I do! Sometimes figuring out where to start is a bigger obstacle than actually making the changes. If you can relate to that, then this post is for you. Here are ten short term money goals, things that you can do today and without much trouble, that can really help you out.
Review Your Insurance Policies
Most people could save money on insurance. You can often adjust your deductibles to lower your payment. I also recommend shopping your policies around. If you have more than one type of policy, you can often get a multiple policy discount by using one carrier. Either way, checking your insurance is something that can probably save you money. The great thing is that you can do this with just a few phone calls or website visits.
Create A Savings Fund
If there's something that you have always wanted but don't have the money for, that can change! Create a savings bucket and start putting some money aside. Whether it's a bigger TV, a new car, or a family vacation, you can start saving for it today.
Calculate Your Debt To The Penny
Most people know the benefit of getting out of debt, or even reducing it. This is all fine and good, but I wonder how many people know exactly how much debt they have. Now is the time to figure it out. Look at everything you owe and add it together. It might sound like a frightening idea, but knowledge is power. Once you know your debt amount, it won't be holding itself over your head. Now you can start thinking about ways to pay it down!
Create A Christmas Fund
This sounds an awful lot like the savings fund idea, but it's really a specific one. If just thinking about paying bills in January stresses you out, then this one is for you. Stick a little bit aside every month and you can have a good chunk (or all) of the money ready when the bills come due. I've used this strategy for years and it makes the holidays much less stressful.
Look At Your Cell Phone Bill
If you have a cell phone, and who doesn't, then take a look at the bill. You might be able to save some money. These days the plans and offerings change so fast, that you might be able to make some changes and save some money.
Bump Your Retirement By 1%
Most people won't notice if their paycheck declines by 1% but it can make a serious difference in your savings. Go in and add 1% to your deductions today. Bonus tip: Every time you get a raise, bump it by another 1% each time.
Sell Some Junk
It might be junk to you but you might have stuff sitting around that someone else will pay for. You get money and space. It really can't get much better than that!
Track Your Net Worth
This is another one that goes into the ‘knowledge is power'. Track your net worth, which is simply to add together all of your assets, then subtract out your debt. Once you've figured it out, then re-calculate it every month. This will start letting you see how your financial story is changing over time. The thing is you have to start doing it, so do so today.
Check Your Credit Reports
You get a free check of each of your three credit reports every year. I go in roughly every four months and run a check of my credit report. This is easy. It only takes a few minutes. You want to make sure that everything is accurate, and you can use this to identify things that you could do, like close a dormant credit card account.
Think Of Something That You Can Live Without
Indulgences are fine, but chances are there is at least one that you can get rid of and find that you're perfectly OK with. If you have premium channels on your cable package, could you drop this? Could you make your own coffee instead of stopping at the coffee shop? Do you really need that pair of fancy shoes? When you spend less money, it adds up to money in your pocket.
Readers, what are some easy ideas that you have to meet short term money goals? Let me know your ideas and what's worked for you in the comments. Thanks so much for reading.