Turn Your Finances Around in 20 Minutes

Got more month than money? You’re not alone. With the cost of living rising much faster than the average person’s salary, it’s easy to fall behind. But if you’ve got 20 minutes, you can change your financial life.

Sounds unlikely, but it’s true: One-third of an hour can help you beat inflation and not just survive, but thrive. A combination of simple tactics will help you rewire your finances in small chunks of time.

Note: This doesn’t necessarily mean 20 minutes every day. You could do 20 minutes every other day or even once a week. In fact, some of these tactics:

• Take less than 20 minutes (maybe a lot less), and
• Can be done just once per month or less often, yet still provide serious savings.

Don’t let inflation get you down. Take charge of your money, 20 minutes at a time, and keep more money in your pocket.

Order a Free Credit Report

Federal law mandates that the three major credit reporting bureaus (Equifax, Experian, and TransUnion) provide a free credit report to you at least once a year. As of June 2024, all three bureaus were offering free weekly reports.

Checking your credit report lets you catch small problems before they become big ones. For example, if you see an account that you didn’t open, you might be the victim of identity theft.

It’s also a good idea to check your report before you apply for a job, loan, insurance, or credit, according to the U.S. Federal Trade Commission.

Your credit report has an enormous impact on your finances. Check it by visiting AnnualCreditReport. com or by calling 877-322-8228.

Re-Think Your Subscriptions

Chances are you have more subscription services than you need, both online and in real life. Do you go to the gym often enough, or truly use all the makeup or other treats mailed each month? Are you listening to enough music to justify the streaming service?

Corralling and canceling all those accounts takes a lot of effort. Fortunately, some money apps will do the work for you. Some are free (like Trim) and others (like Rocket Money) require upgrading to a paid membership.

The savings can be considerable, especially since many don’t realize how much they spend. A study of 2,500 consumers by business and technology consulting firm West Monroe revealed that consumers spend an average of $273 per month on subscriptions. Every participant—yes, 100% of them—was unaware of their total subscription spending.

Eyeball Your Accounts

We live in a world of scammers constantly looking for new victims. Be vigilant!

Logging into your checking account takes just a couple of minutes a day. If you notice an unauthorized use, contact the bank or credit union immediately.

Same with your credit card(s): Log in daily to check out the charges. If there’s one you don’t recognize, call the card issuer right away.

The faster you notice potential fraud, the quicker the fix. A quick daily scan helps us all because the cost of fraud will ultimately be passed along to consumers.

Practice High-Speed Cleaning

Pick a chore that you can do in 20 minutes, or even 10. Set a timer, and…GO! You’ll be amazed how much you can get done when racing the clock.

Some tasks can easily be done within the 20-minute time frame, such as scooping the litter box, taking trash to the dumpster, straightening up the living room, loading/unloading the dishwasher, throwing laundry in the washer or dryer, sweeping the kitchen, or cleaning the toilet and the bathroom sink. Make your goal, “How many things can I get done in 20 minutes?”

Do this two or three times a week and you won’t need to hire a housecleaner. Your friends will probably enjoy hanging out at your tidy, comfortable home instead of meeting somewhere else. If they do, ask them to bring snacks – and to take off their shoes at the door.

Cook! (At Least Some of the Time.)

Stop saying, “But I don’t know how to cook.” You didn’t know how to drive a car or use a smartphone until you made it your business to learn. The same is true of cooking.

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