Family Finances: 4 Simple Improvements You Can Make Today
Finance is of a primary concern to the majority of American families. It often feels like you’re not earning enough, while the cost of the goods and services you need continues to rise. Household debt is creeping, and there are even warnings that there is another financial disaster on the horizon.
However, let’s not get too ahead of ourselves. Finances should always be studied on a macro level; looking at the bigger picture rather than the individual, micro movements of money. There are some things you can do to improve that “big picture” for your family finances– and you can do them all right now.
So, without further ado, let’s look at the ways you can improve your family’s financial outlook for the better.
#1 – Look For 0% Interest Deals
If you have existing debts, then the best thing you can do for your finances is to move those debts onto 0% interest. Hundreds of credit card companies offer 0% balance transfers, meaning that when you open a card and move existing credit onto it, you don’t pay interest for a set period of time. This move has the potential to save you literally hundreds of dollars over the next year, so it’s worth a few applications to see if there is anything available to you.
#2 – Consult A Financial Advisor For Investment Advice
Remember how finances should always be explored on a macro level? That’s why, even if you’re struggling with your budget right now, you should still be looking to the future. Good investments can help to pay for your retirement, as well as potentially earning you money in the meantime. If you’re a newbie investor, then you’re going to want professional advice from experienced financial planners who can help set your financial future on the right track.
#3 – Change Your Bank Account
Loyalty isn’t worth much these days. If you have had your bank account for more than five years, then you can almost certainly get a better deal elsewhere. Some banks will even try to tempt you to move your account by offering freebies and deals on their own products, so it’s worth looking for offers and snapping up anything that appeals to you. It’s also worth letting your current bank know that you’re thinking of moving– they might decide to offer you a few financial sweeteners to encourage you to stay!
#4 – Call In Monies Owed
Are you owed a refund from a company? Is there a friend who has borrowed money from you in the past and never paid it back? Have you been billed more for services than you should have been? The best way to improve your current financial situation is to call in these debts and ask for them to be repaid. Send a couple of emails, challenge any charges you don’t recognize on your credit card– and you will soon see your checking account is looking much healthier.
You can feasibly run through all of these improvements to the bigger picture of your family finances in a single day. With that done, enjoy an evening with your loved ones– you’ve earned it!