7 quick ways to manage your money and improve your financial health

Managing your money doesn't have to take ages. It will barely take 5 minutes of every day to keep your money in check.

Most people think maintaining a budget, planning personal finance and tracking spending is a long and hard process. We've got news for you: money management isn't a chore.

In this article

Personal finance is not one-size-fits-all—it’s to each their own. Your circumstances influence your decisions to suit your needs. Here are 7 quick ways to improve your financial health.

The balancing act

Check the balance on all of your accounts. That way you know how much money you have across your accounts and you will avoid accidentally overspending.

Nobody likes an overdraft charge! Want to avoid it? Then check your balances every once in a while.

Here’s another bonus, checking your transactions can help you catch and report unfamiliar transactions.

It takes less than a few minutes to log into your account check your balance. Doing that will also help you drum up new financial goals for the rest of the year.

Give yourself some credit

A healthy credit score is important for any lending decision.

Your credit scores are what influence mortgage approvals on a home or helping you negotiate better credit terms! Truth be told, credit scores can be kind of daunting! They are more like a financial report card that that sticks around for life. That’s what lenders use to understand whether or not you’re likely to pay back new debts.

Moreover, it helps you differentiate between healthy and unhealthy financial habits.

Open up a high-yield savings account 

Want to grow your money a little quicker?

If your current bank is offering you low returns on your savings, make the switch. Go to banks that’s offer high-yield savings accounts, which can earn you more interest back on your money. 

Ask for a 401(k) match

A 401(k) is a game-changing retirement tool—that is if your employer offers one. Finding an employer to match your 401(k) contribution is a great way to get a little extra money for retirement.

Ensure to double-check with your HR department to see if the company offers a match. And if they do, pay attention to the matching terms of your company:

Or even open up a Roth IRA

A Roth IRA is an individual retirement account that you can open for yourself without the need for an employer contribution. This is a great retirement option if you’re self-employed or if your company doesn’t offer a 401k. A Roth IRA can be opened as an addition to your 401k. It will help supercharge retirement savings. Want to learn more about IRA, you can here!

Check and then buy

Been there, done that? But how many times before you learn a lesson? Here’s another scenario though, have you bought something you already own just because you didn’t find it among your possessions? Then, of course, you find it with little to no effort later.

Best to sweep through your home to see if you can locate the item before you purchase a new one. You’d be surprised! Because you won’t have to spend money on a replacement!

And finally, create a simple budget 

Comb through your expenses every month or week to find areas where you may be able to cut back.

Finding ways to cut back on expenses allows you to free up some money that can be used toward other things. You could save for your retirement fund, a savings account—or those swimming lessons or branded outfit you’ve been eyeing for months.

Whether you’re a fan of budgeting, you should still glance through your costs to see where you can spend more and where you can spend less.

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This page is purely informational. Line does not provide financial, legal or accounting advice. This article has been prepared for informational purposes only. It is not intended to provide financial, legal or accounting advice and should not be relied on for the same. Please consult your own financial, legal and accounting advisors before engaging in any transactions.

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