5 Things You Can Do Right Now To Improve Your Finances

Money management is the key to growing your wealth and living your best life. You want that ‘I can catch a plane to Spain tomorrow if I want to’ life? You better know where all your money is and what exactly it’s doing.

5 Things You Can Do Right Now To Improve Your Finances

Improving your finances and your financial literacy is what we’re all about here at Bravely, so we’ve made a list of 5 steps that you can take right now to make sure your money is working for you.

Check your interest rates

Interest can be your best friend or your worst enemy. On your savings accounts and investments, it’s your best friend; it helps you earn money. On your debts, it costs you money.

Checking your interest rates is a good way to make sure you’re not losing money. If you notice your savings account is less than 1%, you can transfer money to a higher savings account.

If you notice that your credit card interest rate has gone up, you can call the company and inquire as to why, or you can jumpstart your debt payoff to stop losing money to that interest rate. 

See If You’ve Been Charged a Bank Fee

Banks are notorious for fees. They’ve got fees for everything.

Each bank is different, but there are some common fees to look for:

Minimum balance fee: a fee for not keeping enough money in your bank

Overdraft fee: a fee for taking out more money than you have in your account

Maintenance fees: a fee for simply having an account with the bank

Transfer fees: a fee for transferring money out of the bank (to another bank, for example)

A quick scan through your bank accounts over the last month will show you if you were charged any fees. If you were, call your bank and ask for them to be removed. Most banks will remove fees at least once, especially if you’ve never incurred any fees before.

Track Your Savings Progress

Are you hitting your savings goals? It’s easy to feel jazzed up about your goals when you set them (and heyyy, we have a goal setting worksheet to help you do just that!), and then feel more detached from them as time goes on.

That’s why tracking and accountability go hand in hand with learning about money. Because all the education in the world isn’t enough if you don’t put it into action and keep working at it. 

So double check that you’re tucking away money each month. Sit down and review your spending each month. Make sure your spending aligns with the things you care about, and make sure that you really are stacking those Benjamins where you want them to be.

Clean Out Your Wallet

Personally, my wallet turns into a dumpster each week. I have receipts on receipts on receipts in there! Cleaning it out is a good way to track my weekly spending.

Take an extra moment to sort through all the cards you have in there as well. Maybe there’s a rogue gift card that you can use for a little free fun this weekend.

If you’re a small business owner or a freelancer, make sure to record your receipts somewhere for your business taxes. If you want more guidance on handling your freelance finances, check out our freelance starter guide!

Unsubscribe From Amazon Emails

Amazon is taking over the world. Don’t let them take over your inbox! Hit that unsubscribe button, and save yourself some money.

Newsletters and email alerts CAN be a great way to save money, but only if you’re spending money you have. If you’re spending mindlessly simply because an email showed up in your inbox, take a step back. Ask yourself ‘Am I buying this because it fills a need in my life? Am I buying it because I really love it?’

Or are you buying it out of boredom, or habit? Asking these questions are the beginning of crafting a values based spending lifestyle for yourself.

Working to improve your finances is badass, and you should be proud of any steps you’re taking.