7 Money Moves You Can Make in the Time It Takes to Cook Christmas Dinner
Introduction
Cooking Christmas dinner can be time-consuming, but it can also provide a window of opportunity to make some impactful financial decisions. Here are seven money moves you can make while your holiday meal is in the oven.
1. Create a Basic Budget
A basic monthly budget is essential for managing your finances. Track your income and expenses to set spending limits and reach savings goals. You can create a simple budget in a few hours using a downloadable spreadsheet.
Image Description: Infographic showing steps to create a basic monthly budget.
2. Lower a Monthly Bill
Consider lowering your monthly bills by negotiating with service providers. For example, you might lower your student loan payments based on income or negotiate a lower credit card interest rate. You can also contact your utility providers to see if they offer lower rates or promotions.
Image Description: Infographic showing ways to negotiate and lower monthly bills.
3. Start an Emergency Savings Fund
Everyone needs an emergency savings fund to cover unexpected expenses. Start by setting aside a small amount each month until you reach your goal of three to six months' worth of expenses.
Image Description: Illustration showing the steps to start and grow an emergency savings fund.
4. Check Your Credit Report
Regularly checking your credit report helps you spot errors that could be affecting your credit score. You can request your credit report for free from the three major bureaus—Equifax, Experian, and TransUnion—once a year at AnnualCreditReport.com.
Image Description: Infographic explaining the process of checking your credit report and disputing errors.
5. Set Up a High-Yield Savings Account
High-yield savings accounts offer better interest rates than traditional savings accounts. These accounts can help your savings grow faster, keeping up with inflation. They are typically offered by online banks and can be set up quickly.
Image Description: Infographic showing the benefits of setting up a high-yield savings account.
6. Increase Your 401(k) Contributions
Boosting your 401(k) contributions by even a small percentage can significantly impact your retirement savings. Log into your retirement account and increase your contributions by a percentage point or two.
Image Description: Illustration showing the benefits of increasing 401(k) contributions.
7. Shop for Insurance
Take a few minutes to shop for better insurance rates. Online platforms like Policygenius make it easy to compare insurance plans and find the best rates. Consider bundling your policies to save even more.
Image Description: Infographic showing how to compare and shop for insurance plans online.