7 easy ways to help improve your finances this week

It can be hard to plan for the future, especially when it comes to your finances. Your financial health can have a huge impact on your mental and physical health, so it’s important to give it the proper attention.¹ That doesn’t mean that you have to buy a bunch of books or take a load of seminars to gain knowledge. It’s ok to start small. This easy-to-follow plan takes just one week and seven simple steps — one per day — to help you improve your finances.

Monday: Know your numbers 

Download a budget app to keep track of your income and expenses; bonus points if the app allows you to categorize the expenses. Every time you make a purchase, log the amount in the app. Do the same when you get paid. Or see if your credit card app offers a budgeting feature. Then, as you look back on your monthly bills, you can more easily identify where to cut back.

Tuesday: Add 1%

If you haven’t yet, make sure you’re taking advantage of your company’s 401(k) plan. Already are? Consider upping your contribution by just 1% to your retirement account. If your company is matching your annual retirement contribution, confirm that you’re taking advantage of it to the fullest extent allowed. You can do the same with your savings account and try to add another percent each quarter. You likely won’t miss this amount now, but you’ll be very happy to see it grow over time.

Wednesday: Check your credit score

Speaking of numbers to know, your credit score is the main factor that lenders use in establishing your credit worthiness.² This can have a huge impact on your finances, from credit card limits to mortgage loans. What you might not realize is that you typically may have more than one credit score. Don’t worry, you can easily check all your scores for free through your bank, credit card issuer, or an online service. Note that checking your own credit score won’t negatively affect it.³ The sooner you get started, the sooner you can work on improving your score.

Thursday: Ask the tough questions

Take some time to assess if you’re making enough money. You can find an online salary estimator on some job sites or do research on public salary forums to find out. Once you’ve entered your location, the number of years of experience you have, and other relevant information, the estimator will share comparable salary ranges for your profile. Estimators found on public forums may also show you how much others are earning in roles like yours. With these numbers in hand, you can create a plan to ask for a higher salary or start looking for a job that will pay you fairly.

Friday: End the unnecessary

Did you travel abroad last year and add an international data plan to your phone bill? That was a good idea at the time, but did you remember to cancel it when you got home? What about subscription services, such as monthly streaming sites or cable? Maybe you signed up for several sites but only regularly watch one or are being charged for cable channels you never access. Are there memberships you’re not using, such as a gym or food delivery? Look at all your recurring expenses and cancel any you’re not using.

Saturday: Get your goals front and center

You made it to the weekend! Time to think about your goals. Write down your dreams for the future and when you’re finished, put your list somewhere you’ll see it regularly — in your wallet, on the fridge, or on your dresser. The list will remind you of your long-term plans, so you can make sure your spending and saving habits align with them. If you have a partner, make a date to talk about your joint and individual financial goals so you can help keep each other honest.

Sunday: Set the plan

Hopefully through everything you’ve done this week, you’ve gained clarity on your financial picture. Now take the next step to craft a savings plan and long-term strategy. You now know your goals for the future and can outline the steps it’ll take to get there.