Quick Fixes? 5 Easy Changes To Begin To Fix Your Financial House

Struggling with financial issues is not new to most of us. Working day in and day out to make more money never seems to help provide enough support to help either. There is always something new to contend with shortly after fixing one of the smaller problems. So, how do we fix this vicious circle? There are some quick fixes you can do to potentially add a little more cushion in the budget every month and hopefully begin to get ahead.

Calling It “Quits” With The Phone And Cable

Watching TV is a great way to relax and kill some time. Talking on the phone can also be a great indulgence for some. However, how much are you paying for these things? Well, if have both a cell phone and a landline, you are practically paying double the price every month for the same type of service. My wife and I only have a cell phone. This has been far easier to use than a landline, as we can each receive the calls directed towards us without the ambiguity of a landline. The cable bill is another luxury most of us could do without. “What about my shows I want to watch every other night on TV?” Well, I would suggest dropping the $60-$150 a month cable plan and get something like Hulu Plus. You would be able to watch the shows you want the day after they air. Estimated savings $120 – $300.

Getting Pumped At The Gym

Now, if you are like me, you try to hit the gym 4-5 times a week. After all, I pay $30 a month, I should be using the service. However, many who sign up for gym memberships rarely go. It is a $20-$40 a month payment to a company and you are getting NOTHING out of it. Ditch the gym membership. If you are thinking you are going to start going back, but now is not the right time, most gyms will let you pause your membership for a few months. Take this time to assess if this is something you want to continue. If it isn’t, drop it. The people who work at gyms can be great salesmen/saleswomen. They have the ability to target you as a person to get fit and will try to coerce you into keeping it. If you have to, tell them money is tight, and you can no longer afford it. This usually works.

Automatically Automate Your Automation

I discuss this quite a bit. You need to automate as much as you can with your finances. This is especially true with your online banking. Having an automation to move money from your primary checking into a savings is crucial. This will allow you to save without even having to think about it or forgetting to do it manually. You can automate further through your bills and other accounts. Having the appropriate amount of money being transferred from one account to another to ensure everything is paid every month is a wonderful thing. Once you get it down to a science, the stress and worry of bills being paid become a thing of the past. Word of caution, make sure you set alerts on these to be sent if something goes wrong.

Hire A Digital Assistant

No, not a real assistant. I am referring to one of the many free money systems like Mint.com to help you keep track of everything. This system will tie to all of your accounts with a “view only” feature and will allow you to see everything in one place. It does take some time to get it all set up in the first place, and it often has problems with certain banks. I am not a huge fan of it, but I tend to see our finances differently in my mind. My mental account system is more appropriate for me, however, I have heard many who love these sites and support systems. It is certainly something to at least check out for yourself. 

Stop Paying The IRS

In theory, this sounds like it would be the fix to many problems. However, I am referring to the extra taxes many of us pay every year. Did you get a HUGE check back this last tax season? If so, this is likely a sign you are unbalanced with your annual income and tax deductions. Ideally, you want to nearly break even with your refund at the end of the year. Think of it this way, if you could have an extra $100 a month during the year would you take it? See it is not costing you anything by decreasing your tax refund, rather you are breaking it up over the other twelve months of the year. Personally, I would rather have my money throughout the year rather than let the government hold on to it. If this is something you think you might benefit from, check out a local licensed tax professional to walk you through your options. 

There are many other fixes you can do out there to fix your situation. You shouldn’t feel tied down because your wants exceed your needs. Sacrifices will have to be made in your budget to make some of these things work.