Sometimes small steps can make big changes in your financial situation. Some of these small steps take a bit of effort, but the key is that each item in the list is just one task. Most of them can be done in less than a month or two. Some can be done right now, today.
Here are top 10 small steps you can make that will result in big changes in your finances:
- Sell something
If it’s sitting in your garage, not being used, maybe you could make better use the money you’d get from selling it.
- Sell something on which you owe money.
Your car is the best example here (then pay cash for a pre-owned car). You get out from under the payments as well as possibly getting some of the value of the car in cash.
- Stay focused one one step at at time.
Someone trying to pay off debt, build and emergency fund, and save for retirement all at the same time, will not get too far.
- Plan your spending every month.
Tell your money where to go rather than wonder where it went.
- Downsize in house.
Maybe you can breath a lot easier financially if you had less house. Perhaps the relief you would feel is well worth the sacrifice of moving to something smaller.
- Use cash envelopes for your shopping.
This helps prevent you from overspending in your shopping.
- Get a 2nd, part time job.
How much faster can you pay off debt or build an emergency fund if you brought in an extra $15k throwing pizzas?
- Find an accountability partner.
Find a good trusted friend who can bring in an outside perspective and help you make better financial decisions.
- Stop or decrease some of your services.
If you’re struggling paying your bills, maybe it’s time to ditch or reduce any or all of the following: the cable TV, your gym membership, your pest control, security monitoring, and your cell phone plan.
- Regularly revisit goals and evaluate your progress.
Keeping your eye on your goals will help keep you motivated and on track.