How Many of These 5 Money Challenges Can You Achieve in a Month?

How Many of These 5 Money Challenges Can You Achieve in a Month?

Small changes can have a big impact on your financial life. Below are five challenges that you can take on this month to take control of your finances immediately. Taking one will also help you develop better money habits and eradicate the bad ones. Make that change right now. Good luck!

1. Lower Three Bills Monthly Bills

Look at your monthly spending. Identify three bills that you can reduce immediately. An easy place to start is with your cable bill. Opt for a lower plan or cut it completely and switch to streaming. You can also lower your mobile phone plan or car insurance by shopping around for better deals.

2. Open an IRA or Start Contributing to Your 401(k)

This is an easy one to achieve and it will allow you to retire comfortably. Contact your HR today and find out what you can do to open a 401(k) or an IRA. Then start sending contributions. This is not an added monthly expense, but a smart saving strategy that will take care of you in retirement.

3. Complete an Insurance Check-Up

Did your situation change over the last year? If it did, your insurance needs may have changed, too. Ensuring you have adequate insurance is an essential part of a financial plan. Next, shop around and see if better rates are available for you.

Even if you do not have any claims, insurance rates tend to increase each year. You may be missing out on instant savings just by switching companies.

4. Stop Using Your Credit Cards

Stop creating more debt. Hide your credit cards and do not use them until you have paid your debts. You will immediately move up with your finances once you put a plug on impulse purchases.

5. Talk to a Financial Advisor

It is smart to meet with a financial advisor at least once a year to run your financial plan. This will help you set better financial goals and work out a strong strategy to help achieve them. You should brush up on your financial plan every year as your life continues to evolve. Having an expert with you ensures you are on the right financial path.

Ian Schindler