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12 Do-’Em-Now Financial Tips

by MP of DailyWorth.com
Photo by: Shutterstock

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Who says being money-smart is a chore? These 12 easy actions from DailyWorth.com will boost your financial prowess, fatten your bank account, and help you rest easy.

1. Find the happy. Go through your monthly bank and credit-card statements and highlight the purchases that trigger joy (they might just surprise you). Group them into categories—and make it a point to spend generously in those areas and cut back in others. Get the whole story.

2. Cut yourself off. You don’t have to give up everything you love to save money. Just pick one area where you can cut back—and establish a No-Spend Zone. Here’s an easy one: Swear off drive-thru snacks and “quick” drugstore trips when you run errands. Just … run your errands. Get the whole story.

3. Bend, don’t snap. Job-hunting? Don’t fear the “bridge job”—a part-time gig in a different field, a temp position, or contract work. It won’t be a blotch on your resume; in truth, it shows prospective employers that you’re creative and motivated. Plus it keeps you busy, productive, and earning cash. Get the whole story.

4. Add $50. Want to pay down your credit-card balance? The standard advice is to pay double the minimum—but if you can’t make it, don’t panic. If you have a $6,000 balance, adding just $50 to each payment saves you $1600 in interest (and you’ll be debt-free eight years sooner). Get the whole story.

5. Upgrade your inbox. If you’re self-employed or looking for a new job, lose the Yahoo, Hotmail, or (gulp) AOL email address. Old-school domains tell employers—especially in fields like tech or media—that you’re behind the times and bad with change. Get the whole story.

6. Feel the love. Nearly one-third of couples experience “financial infidelity.” Keep the money peace in your relationship by talking feelings first. Take turns talking about your past: the money lessons you learned growing up, the way your parents treated money. Then take the next step. Get the whole story.

7. Go pro. Financial advisers aren’t just for the 1%. Find a planner within your budget by seeking out fee-only advisers through NAPFA.org, and interview them till you find the right fit. An adviser is like a money doctor—and you deserve a healthy relationship with yours. Get the whole story.

8. Fly solo the smart way. So you wanna be your own boss, huh? Self-employment has tons of perks—but it comes with tons of work. Amanda Steinberg, DailyWorth’s CEO, says to focus on cash flow: you can’t depend on clients to cut checks when you’re expecting them, and some months cash might be scarce. Secure a steady income (like a part-time job) and plan for lean times. Get the whole story.

9. Rename your emergency fund. We tapped top money experts for their secrets to building bulletproof emergency funds. Manisha Thakor, author of On My Own Two Feet, says to think of your emergency stash as an “F-U Fund”: money that empowers you to walk away from any bad situation. Bonus: Even if you deplete it, you’ll be psyched to build it back up. Get the whole story.

10. Check yourself. If you vacillate between disciplined spending and accidental splurges, put a twist on an old idea: open multiple checking accounts. Designate one for fixed expenses (rent, car payment, utilities) and one for variable expenses (clothes, groceries, cocktails). You’ll never spend your cable-bill money at Sephora again. Get the whole story.

11. Ditch debt first. In an uncertain economy, building an emergency fund is urgent—but you’ll get there faster if you tackle your credit-card bill first and slowly build your emergency fund till your debt is gone. Try the full exercise with your own numbers and see the difference. Get the whole story.

12. Save AND spend. Even the budget-averse can get on board with the Save-to-Spend Budget. Not only does it rein in your spending, it boosts your savings almost effortlessly. It works like this, based on a $4,000 monthly income: 60% of your income goes to regular expenses. The remaining 40% gets divided equally in these areas: retirement, short-term or unexpected expenses, long-term needs, and fun stuff. Easy, right? Yup. Get the whole story.

MP Dunleavey is the Editor in Chief of DailyWorth.com, a community for women—including lots of moms—about earning more, saving more, and spending smarter. An award-winning journalist and author of Money Can Buy Happiness, MP’s work has been featured in Money magazine, NPR’s Marketplace, SELF, and Good Housekeeping. Sign up for DailyWorth at www.dailyworth.com.

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