You probably don’t spend a lot of time thinking about how quickly you can get to your money and get costs paid. But when you think about it, financial speed is one of the most important factors in your financial life. Time is money, after all. How fast do you get paid? How fast can you pay bills? How fast can you save for something or buy something?
The speed with which we work with money has a huge impact on our ability to manage money. If it takes forever to get money from one place and pay another, it’s going to put stress on every other part of your financial life. And that’s why speeding up your financial life is so important. Here are 10 ways to do just that…
The 10 Best Ways to Speed Up Your Financial Life
Thinking about your financial future can be stressful, especially when it involves long-term planning and grown-up concerns. Money can often feel like a finite resource – something you either have or don’t have enough of – rather than something that comes from continuous effort and hard work. This is especially true for millennials, who came of age during the Great Recession and are now facing record student loan debt, expensive housing markets and an uphill battle to save for retirement. Whether you’re just starting out with money management or want to accelerate your progress toward a stable financial future, there are some simple ways to speed up your financial life. These helpful tips will keep you focused on what matters most when it comes to money: spending less than you earn, saving regularly and investing wisely.
Have a budget and stick to it.
First things first: if you don’t have a budget, you should make one. It’s the best way to get a bird’s-eye view of your spending and see where your money is going so you can make changes where they’re needed. You might be surprised at the places you find extra spending or spending you could cut out altogether. Maybe you’re spending too much on takeout meals or going through too many coffee shop drinks. A budget is also a great way to save some money and get a head start on building your emergency fund, which should be saved in a separate account and used only in case of emergency.
Pay your bills on time.
Late payments are a sign of poor financial habits, and they come with additional fees. If you’re having trouble keeping up with your bills, consider speaking with your creditors to see if they can offer any payment flexibility. If you’re late on any payments, be sure to rectify the situation immediately and put a plan in place to ensure it doesn’t happen again. Do your best to avoid missing payments altogether. Being responsible with your payments is a sign of being responsible with your money as a whole.
Don’t touch your savings.
In general, it’s a good idea to keep your savings separate from the rest of your account. You never know when you might need some extra cash for an unexpected expense, whether it be for car repairs or replacing a broken heater in your home. Having a little bit of money in your savings account can go a long way to preventing financial emergencies from becoming actual emergencies. When you get a raise, bonus or find yourself with a windfall, you should resist the urge to put all that extra money into your checking account. Put some of it into savings so that you have a cushion in case something unexpected happens.
Dive into educational tools and apps.
It’s easy to feel overwhelmed when you’re trying to take on new financial challenges like saving for retirement or paying off debt. Taking the time to learn more about these important financial topics can help you feel more confident and prepared when it comes to your money. There are plenty of great resources you can use to get a better grasp of your financial situation. If you’re looking to save for retirement, you can use an online calculator to get a general idea of how much you should be saving and when you should start. There are plenty of apps that can help you track your spending, keep an eye on your credit score and set savings goals, too.
Automate your investments.
Investing money for the long term is an important part of a financially responsible life. It can be challenging to save consistently when there are short-term financial goals, like buying a house or saving for retirement, that need your money, too. Automating your investments can help you make regular contributions to your retirement fund or other investment account and ease the stress that comes with saving.
Track your spending with a tool or app.
Keeping track of where your money goes is an important part of managing your finances, especially if you’re trying to reduce your spending or save more. Automating your spending tracking is one way to make sure you stay on top of your finances. There are countless apps and tools available to help you track your spending and stay on top of your finances. Choose the one that best fits your needs and lifestyle.
Commit to getting fit now, not later.
A lot of people think about getting fit when they’re retired from work or when they’re much older. You don’t have to wait until then to start taking care of your body. You can start building good health habits now, and it can have a positive impact on your financial future, too. Getting fit can help you earn more money, save more money and spend less money. Healthier employees are generally more productive at work, which can lead to higher paychecks. Regular exercise can also help you to earn more in your career by improving your capacity to take on more demanding tasks. Healthier people also tend to have lower health care costs and are less likely to miss work due to illness, which can save you money. Finally, having a healthy diet can help you to avoid costly visits to the doctor.
Your financial future is in your hands, so you should make time to learn more about the basics of money management and have a plan for how you’re going to get there. There are tons of great financial resources out there that can help you to speed up your financial life. Whether you’re just starting out with money management or want to accelerate your progress toward a stable financial future, there are some simple ways to speed up your financial life.