I have not always made the smartest money moves, and that is something I am currently dealing with, however, it is safe to say that most people out there have made bad money choices at one point or another that have set back them reach their financial goals by months or even many years.
Just know that even if you have made money mistakes there are things you can do to help turn it around and make it a learning experience! And those are the money move I am going to be sharing with you!
It Is Not Too Late To Turn Around And Make Smart Money Moves And Choices
Financial ups and downs are a part of life, so try not to stress too hard. Because life throws us curves ball and unexpected events that can completely derail our plans – especially when it comes to our financial plans. With all the distractions of the lashes and greatest around us, it is very hard to stay motivated with our mind fixed on saving money, I get it!
So the great news is you are not standing alone in feeling this way while on your money-saving journey. So let’s get to it and dig into the 11+ smart money moves you can make today to!
1. Cancel ALL Subscriptions And Memberships
Cancel them right here right now! Cause if you don’t do it now you will continue to forget month after month, and those subscriptions and memberships you are no longer even using will continue to waste your money.
Trust me I’ve been there!
For much longer than I care to fess up to I had subscriptions to JustFab and Fabletics…
Every month I would say I was going to cancel, and guess what would happen? Every month I would forget to cancel! And those costs would eat into my monthly budget like crazy, they were not cheap! Yes, every time I paid the fee I was credited month worth or items but you know what who really needs 15 pairs of leggings, and a bunch of pairs of shoes you never wear?
Not me so I know it was a complete waste of money! To cancel your subscriptions, they are costing you!
It is not always as easy as you think to cancel your subscriptions and memberships, intact most places make it challenging on purpose I’m sure, and even once you get through o them you are canceling they will still try and upset you! It can be an incredibly frustrating process.
2. Know Your Credit Score
Credit scores are a debatable topic among many. Some people claim that they do not matter at all. While I guess to some extent that is correct, but that is only if you never ever plan on financing something like a vehicle, or plan on taking out a mortgage.
However, like the majority of people out there, you will at some point have something finance or be paying down a mortgage. It’s a dream to say that you should pay cash for these major items, and it is not realistic financial advice.
If you are wanting to make sure you qualify for the absolute lowest interest rate possible, you will have to make sure that your credit score is as high as you can get it. To achieve this you must always pay your bills on time, and be diligently checking to make sure there are no errors showing on your credit report.
To check your credit report I recommend Equifax! Have been using it for over 4 years now and I love the service! In fact, after getting married I even had my husband sign up for Equifax as well so we could monitor and improve his credit score.
3. Know What Your Income Is And What your Expenses Are
I know this may sound a bit absurd for me to say this, however, most people don’t know what their income actually is. By that, I mean people on salary know what they make per year and will sometimes live their life according to that number rather than factoring the tax deduction or any other deductions coming off of your income. And that needs to end!
Or if you do have a good idea of the amount of money you have coming in each month it is likely that you would be shocked to know how much is actually going out (as expenses).
In order to see exactly what is going on you will have to have a detailed look at your banking statements, credit card statements, and anything else you may use that shows monthly deposits or withdrawals.
Things to remember:
- Annual bonuses
- Child support
- Unused memberships
- Forgot about subscriptions
4. Live By A Budget
Don’t yet live by a budget? No worries now is the perfect time to start! And having a budget’s an excellent way to make sure you have a plan for your money in advance. A budget is also beneficial as it allows you to see in one place all of your income and your expenses in the same place.
The biggest reason I suggest having a budget is that it gives you the chance to plan ahead for your money which ensures that you will always have enough for the thing you need in life.
Some other reasons you should live by a budget are:
- It helps you reach your financial goals faster
- Ensures you don’t go into debt (or further into debt)
- Helps you prepare for emergencies
- Shows you your bad spending habits and where you need to improve on your money management
- Helps you organize your finances
- Gives you the chance to talk about money with your spouse
Ready to take the plunge and get started on your budgeting journey?
I knew you were!
And for a limited time, I am offering you up to my 45+ page Budgeting Binder for FREE to help you get started on your budget as seamlessly as possible! Also when you sign up you will also receive a 5-day email course packed full of budgeting tips to ensure your first budget is a success!
5. Make An Actionable Plan To Crush Debt
Debt is a dirty four-letter word and it comes in all shapes and sizes but one thing remains the same. And that is that pit in the stomach feeling every time you think about your debt.
I know we can all 100% agree that it is a miraculous feeling when you are able to live debt-free. But, some debts are very time consuming and overwhelming to eliminate (such as your mortgage for example).
I am in no means discouraging you from paying off your mortgage early, but I am urging you to get your smaller debt out of the way before you even think about tackling a debt such as a mortgage.
You should first dress and compile a list of all your highest interest debts, and then choose a debt repayment method that is easy and reasonable for you to work with.
For most people the will choose one of the two very popular debt repayment methods and they are the debt snowball and the debt avalanche.
Both methods focus primarily on eliminating one debt at a time. However, the debt you choose to tackle first will be dependant on the method you choose.
If you choose the debt snowball method you will be focusing on the debt with the smallest balance no matter the interest rate, while on the other hand if you choose the debt avalanche you will be focusing on the highest debt no matter the interest rate.
Personally I love the debt snowball method because you are able to see success and results faster. For me being able to see results and have a quick win boosted my motivation to eliminate my debt.
6. Purchase Life Insurance
Life is out of our control and the truth is tragedy could strike at any minute. It is better to cover this bases than to just hope for the best. Even though that is what we all want.
However, just in case something is to happen, you should make sure you have a life insurance policy set up to replace the income that your family depends on.
Getting life insurance is a must and a no brainer, so make sure you make it a priority.
7. Reduce Your Monthly Expenses
This one is kind of a no brainer but it is still on the list because it is important.
Maybe you are struggling to find the money you can dedicate to your emergency fund or save for something, that is when cutting back on certain expenses can free up money for those things.
Some expenses to consider reducing are your t.v. packages, cell phones, entertainment, and grocery bills.
I was amazed at how much I could save a month just by cutting back in these areas and being more diligent.
8. Stand Out, Be Different
I bet you are wondering what the heck I mean by you should be different!
Well, I am going to tell you.
The “normal” in society is to be in debt and to be living paycheck to paycheck each month.
Who wants that?
I know I don’t, and that is why you need to stand out and be different, live without massive amounts of debt because you are trying to keep up with the Joneses because news flash they are in tons of debt too!
Normal people don’t save money, instead, they spend their hard-earned money frivolously on expensive houses, cars, and gadgets over and over again.
Now, I am not saying you should live in a box and not enjoy life, denying yourself of everything that you want. No not at all! All I am saying is that you need to be balanced and extremely picky when it comes to deciding on what you are going to spend your money on and what’s important to you personally.
9. Make Money On Things You Already Do Or Buy
Chances are you purchase things online and use search engines to help you find answers to questions. So why not earn money for your efforts that you are already doing anyway?
The following FREE services below do just that. they give you the ability to earn money on the items you already buy and the task you already do.
My favorite options are:
Head on over to Swagbucks and sign up to claim your FREE $5 sign up BONUS just by entering your email or logging in with your Facebook account.
PRO TIP: Make sure you confirm your email right away to get your BONUS!
From this point, if you have a couple of minutes it would be a great time to complete your profile. By completing your profile you will also earn some Swagbucks!
You can earn additional extra points by installing the Google extension, using coupons, watching videos, and shopping on Amazon.
100 Swagbucks is equivalent to $1.00, and you can choose how you are paid. The options you have for payment are PayPal or gift cards such as Amazon, Starbucks, Walmart, Target, etc.
Ebates will give a free welcome bonus of $10 or $5.
You will earn cashback for free by doing the regular online purchases that you normally do from sites such as (eBay, Booking.com, Amazon, and over 2500 are stores).
All you have to do is your standard online shopping and you will be earning rewards for using Ebates.
Checkout 51 is another app I love to use! And you also get a FREE $5 bonus just for signing up!
How it works is it helps you earn cashback based on grocery and household receipts you submit based on the offers available at the time.
It is super easy to use you just check out the offers available before you do your normal shopping trip, and buy the items you need off the list.
When you get home submit (it takes less than a minute to upload) the receipt and claim your FREE rewards.
It is very quick to use and is partnered with many different retailers
Plus you get $5 FREE when you use this link!
10. Boost your Emergency Funds
There is something to be said for the peace of mind that having an emergency fund brings. It eliminates unnecessary worry and stress in the event of an emergency situation that requires you to be prepared financially, such as having your car need repairs or a loved one dying and you having to go the funeral at a moment’s notice.
Now obviously having a nicely funded emergency is easier said than done, but it is not impossible to attain. By the way when I say a “nicely funded” emergency fund that could mean anything from 3 months worth of expenses saved to a year worth of expenses saved it all depends on your perspective and what your goals are.
For example, if you are currently living on two income streams but could be living on one income, you wouldn’t need to aim to have such a bulky emergency fund. But on the opposite end of the spectrum, if you live on a single income and are very much dependent on it, I highly recommend that you build yourself up a thicker rainy day fund.
With all this being said though just do your best, any amount of an emergency fund is better than not having one at all. So don’t sweat if you are just starting to get your money in order, set aside only as much as you are able to
11. Set Up Sinking Funds
Sinking funds are so important and can be a major help in reaching your financial goals when used correctly.
How sinking funds work is very similar to that of an emergency fund except they are funds for a specific purpose. Some examples of sinking funds are you know you need new tires in the next year. are you going to wait until the day you need them and use put in on a credit card or could you maybe start saving a year in advance a set aside a bit each month? Another example of this is an electronics sinking fund, for me, I would not be able to work online with my laptop, but that if it got wrecked one day? What would I do? That is when sinking funds come in you don’t wait for something to happen you plan ahead for it so the money is there when you need it.
See how imperative sinking funds are? Start off small with just a couple and you can slowly work your way up!
You will love the peace of mind that having these funds saved brings.
Want to take your money moves up a notch? Why not try an awesome side hustle that you can do in your spare time from home!
Start A Side Hustle
Start a profitable money-making blog – it takes a lot of effort upfront, to begin with but once you start seeing success the sky really is the limit.
Become a Freelance Writer – This can be an incredibly lucrative side hustle. You can earn anywhere from $0.10-$0.20 per word (of course this is dependant on your experience).
Try Proofreading – Got an eye for spotting spelling and grammar mistakes? Why not get paid for it? You can easily make a couple of hundred dollars per month as a proofreader in your spare time.
Become A Virtual Assistant –