How you can make more money in 5 minutes
Some financial goals, like paying off student loans or saving for retirement, can take years to achieve. But no matter how big a goal is, you can break it down into small, actionable steps. You can better your finances by focusing on quick wins. Here are a few ways you can improve your finances in 5 minutes or less.
1) Get rid of Cable
Cable is one of the easiest expense to eliminate entirely. Depending on your current cable package, a monthly subscription can cost the last time I checked, around $3,000. Special channels can cost even more. That’s over at least $36,000 a year you can save by getting rid of cable.
The cable provider will do anything they can to keep you on their service, so be prepared to cancel it for good and walk away.
However, If you aren’t ready to give up television for good, you can start streaming the internet for a variety of free shows and movies available to you at no additional cost.
2) Check Your Credit Score
Potential lenders evaluate your creditworthiness based on your credit score, so if you are ever hoping to purchase a car or home, it’s important to know your credit score. Some jobs will even check your credit score before they hire you, so be sure you check it regularly.
You can also use websites such as MyLendingAngel.com to check your credit score.
3) Sign Up for points, rewards and Cash Back Every Time You Shop
No matter how conservative you might be, chances are you have still bought something from your regular shopping locations this week. Why not get cash back/ rewards for every purchase you make? If the store offers a free membership or rewards program please sign up to benefit from the incentives and save money.
4) Consider Refinancing Your Debt
Refinancing means that you work with another company to lower the interest rate on your debt. Essentially, a third party company “buys out” your debt and is able to offer you lower interest rates.
If you are able to refinance at a lower rate, it could save you thousands of dollars on your debt. To figure out if if refinancing is a good option for you, you can take a brief survey from My Lending Angel.
5) Write Down Your Financial Goals
Most of us think we have financial goals. But how many of us actually take the time to write down our goals?
Writing down goals takes less than 5 minutes, but it can make a world of a difference when it comes to your finances. There is power behind physically seeing your goals written out and then putting them in a visible place.
6) Start an Emergency Fund
Have 5 minutes? You can easily set up an emergency fund if you don’t already have one.
An emergency fund is money set aside for when something unexpected or tragic happens, such as if you lost your job, your car breaks down, or you had to have an unexpected medical emergency. An emergency fund can protect your finances in the event that one of these unexpected things happens.
7) Start Tracking Your Expenses
I admit it may take more than five minutes, but the first step to cutting the amount you spend is knowing exactly how much you spend. Again, it will take more than 5 minutes to stay on top of your spending, but even five minutes is enough time to get started which is typically the most difficult step for most people.