60 minute financial makeover

Yes, you can change your financial life in 60 minutes. Set a timer on your phone if you don’t believe me, and let’s go.

The first two changes can be made by anyone and don’t even require any changes to your current spending habits. Definitely implement those ones before you leave this article!

Makeover tactic #1 – Retire earlier in 10 minutes: Minute 0 – 20

Log into your employer’s retirement plan, or open a Roth IRA, and boost your automatic contributions. (The article tells you how to boost these in the future instead if you can’t afford to do it today.)

Makeover tactic #2 – Manage spending in 15 minutes: Minute 20 – 40

Never worry about spending too much again when you do this simple trick using direct deposit + one monthly automatic banking transfer. (The trick still works even if you’re spending all of your take-home pay today, and requires no cuts to your spending if you aren’t ready to make any.)

Makeover tactic #3 – Increase savings in 15 minutes: Minute 40 – 60

Now that you’ve secured your 60+ retirement savings and fixed your spending, take your savings to the next level by cutting costs that you don’t care about so that you can spend or save more for what really matter.

Choose one of the below items and take 15 minutes to read the article and implement it. Extend the time limit another hour if you can and go through the rest of the list for some serious savings!

After cutting your budget back, take 5 minutes to revisit Step 2 and reduce your monthly spending transfer accordingly.

  1. Optimize your auto insurance. Log into your insurance policy to raise your deductibles and cut coverage you don’t need.
  2. Pick one of my 10 savings tips. Tips 1-5 let you choose from turning down the thermostat by 3 degrees, raising your insurance deductibles, cancel a subscription you don’t use much, lower your cable & internet bill, or optimize your cell phone bill. Tips 6 – 10 suggest deferring a large purchase, selling something online, get something from free or cheap used, switching to generic for something at the store, or DIY’ing a service you’d normally pay for (could be as simple as cooking dinner when you’d normally eat out.)
  3. If you’re a homeowner, downsize your trash can or look into refinancing your home.
  4. If you’re thinking about buying a car, save big on it with this guide.

Author: Ward Williams

Ward is an independent financial advisor at Better Tomorrow Financial. He started working as an independent investment advisor in 2009.

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