22 Financial Tasks You Should Do on Two's Day
Feb. 22, 2022 (2/22/22) will fall on a Tuesday, thereby making it a 2's day, or Two's Day. Having that many twos fall on the same day, and it be a Tuesday, is not that common. In fact, the next time we will experience this will be 180 years from now, on 2/02/2202. Or you can wait another 18 years until Tuesday 2/22/2220. Two's Day will be especially nice for people who were born on Feb. 2nd 2000, who were not only born on a Tuesday, but will be celebrating their 22nd birthday. So, with all those Twos flying around, here are some simple financial tasks you could do on that Tuesday:
1. Prioritize your emergency fund
The most important thing anyone can do to prepare for a recession is to build up their cash reserves. It's a simple but important task. One way to prioritize your emergency fund is to consider sending extra money to your savings account each month.
2.
Make a list of financial habits you'd like to form
It is difficult to transition from saving nothing to saving $1,000 each month, so start small. Habits take time to form and hitting smaller milestones can motivate you to reach your long-term goals.
3.
Set up a system to track your spending
Being aware of where your money is going is key. Use technology to your advantage by accessing
your financial records to track your spending. By
doing this, you can potentially eliminate any negative spending and use that
extra money you have on a trip or large purchase you've been saving for.
If you haven't checked your credit score
in a while, take a second to do so.
This can give you a snapshot of your financial health and there are plenty of
ways to do this for free.
A Net Worth statement will give you a clear picture of things you own and owe. Many of the Financial Dashboard's will do the work for you so that you don't have to.
6.
Write down your interest rates
If you have any kind of debt, you need to know your interest rates. Having this knowledge could change some of your financial behaviors and help you to pay down your debt faster.
7.
Be more intentional with your money
It's easy to whip out your debit
or credit card
to make purchases.
Before you do, take a second to think "is this purchase is necessary."
You may avoid making unnecessary purchases by doing so.
We all have that piece of paper on the corner of our desk that we
keep putting off. Whatever it is, take 10 minutes out of your day to complete
the list and take some of the stress of a piling to-do
list off your plate.
Sometimes you may find your goals
becoming a little stale, so you should search for some new inspiration. This
can be joining an online forum that is specific to a hobby you'd like to try.
Anything that will bring new inspiration can help you become excited to tackle
the challenges you will face.
By signing up for a newsletter, you can
have effective financial tips delivered to you weekly. The best part is most of
the sites that offer newsletters are free of charge, so make sure you take
advantage.
Most of us are guilty of it- we use the same password for a long
period of time. Doing this can put your accounts at risk. Updating
your bank passwords regularly can help protect your accounts and keep from
hackers from accessing your information
Just about every financial account has an alerts feature. From your Checking or Credit Card account to your
Brokerage account. Knowing where your money stands can prevent future problems.
Paying banking fees does not have to happen. There are plenty of options available to help
you avoid paying these fees. By researching the details of opening a new
account at various banks, it will help you decide which bank is going to be the
best fit for you.
Who can resist a good challenge? Try a face-off against your spouse, sibling or
friend to see who can save up $200 first. Or set a date as a finish line and
see how much money you've each saved by that point. You may be surprised at
just how quickly your savings add up. May the best saver win!
Delete your Amazon app for 30 days and see just how much less you
spend. You can also avoid stopping for your morning cup of joe. Taking small
steps to limit spending can really add up in the long run.
With all the current volatility in the markets, it may be
beneficial to enlist some professional advice.
There are options where you can speak with a financial advisor free of
charge to discuss potential investments.
Once you open a retirement account, you usually never consider
updating our beneficiaries. Life happens
and sometimes that means our original selections may not be right. This only takes a few minutes, and your heirs
will thank you.
Having a short daily, or weekly financial routine can help take
the stress off. Try tackling this financial task routinely, no matter what. It
can become a routine that you practice daily that will help you save money that
you can transfer into your savings.
The last two years have been stressful. Deleting one task off your
to-do list no matter how small, is a huge victory. Tackling your to-do list can
be stressful, so make sure that you aren't overwhelming yourself with trying to
get everything done in record time.
If you don't have a professional financial advisor, sit down with
people you trust and have a money talk.
It is one of the best ways to learn more about money. Financial education is the key to making good
decisions.
If you might lose
your job, having a written list of the expenses that are essential to live will
help you determine how long you can make it if unemployed.
Having a plan for
what the next two years will look like will be much easier to create than a
rest of life plan. Creating this shorter
plan can be fun and enjoyable, and it gives you tasks that are more attainable.
If you would like to receive more information on making smart money moves for your future, be sure to contact us today!
