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6 things you can do to improve your money in 60 minutes

In a world where time is a precious commodity, the idea of improving our finances can sometimes feel overwhelming and time-consuming.

The good news? You don’t need to spend countless hours to make a significant difference in your financial life. In fact, it only takes a single hour to yield remarkable results. So set your timer and see what you can accomplish in just 60 minutes. 

1. Unsubscribe from retail and restaurant emails (5 minutes):

Retail and restaurant emails often tempt us to spend money on things we didn’t plan to buy. So take a few minutes to unsubscribe from at least two retail email lists and any restaurant offers.

By removing these temptations from your inbox, you can resist impulsive purchases and save money in the long run. 

2. Create a “junkmail” email address (5 minutes):

But what if you don’t want to unsubscribe from all offers?

You can still minimize distractions by setting up a separate email address that’s ONLY for promotional items. Designate this email as your “junkmail” account and use it only when you’re actively planning to make a purchase.

By separating promotional emails from your primary inbox, you can avoid temptation and unnecessary spending.

3. Negotiate your credit card interest rate (10 minutes):

If you’re carrying a credit card balance, negotiating a lower interest rate helps pay down the balance faster because more of your payment will go toward reducing the principal balance.

Customers who consistently make timely payments have a higher chance of success, and it only takes a slight reduction in interest to save money and accelerate your debt repayment.

Don’t hesitate to call your credit card issuer. Express your loyalty and politely ask if they can lower your interest rate. If you don’t succeed the first time, call again on another day.

4. Open a high-yield savings Account (15 minutes):

While regular savings accounts are a convenient place to hold your funds, they typically offer minimal interest rates.

Therefore, consider opening a high-yield savings account for your emergency fund or sinking funds. These online accounts offer higher interest rates, and many don’t require minimum deposits or charge monthly fees.

As of June 2023, many high-yield accounts – like CIT Bank’s Saving Connect – earn between 3% and 4%. This is MUCH better than the 0.01% offered by many traditional banks and credit unions. 

5. Start investing with Acorns (10 minutes):

Although saving money is crucial, investing allows your savings to grow further.

If you’re new to investing or feel uncertain about it, a micro-investing platform like Acorns is an excellent starting point. It uses a robo-advisor model, which builds and manages a portfolio based on your preferences.

You can make one-time contributions or set up recurring transfers with as little as $5. Additionally, Acorns offers an automated savings tool that invests your spare change from linked cards.

As a bonus, open an account using my invite link and Acorns will give you $5 to start.

6. Fill knowledge gaps by reading and watching educational content (15 minutes):

Financial topics can be complex, so education is vital to ensure you’re making informed decisions.

Identify areas where you need to increase your understanding, such as credit management, debt management, or investing. Next, spend time reading blog posts or watching money-related videos on these subjects. Take notes and study a topic until you can confidently explain it to someone else.