Personal finance tasks you should do TODAY

One way to inspire yourself to start changing your personal finances is to take small steps in the beginning. This will give you the momentum that you need to stick with your budgeting and saving plans for the long term. Here are five personal finance tasks that you can do by the end of the day today. These actions will help you get a “head start” on the road to financial success.

1. Open a second bank account. This can help you organize your finances. Each bank account could be for a specific purpose. For example, you could pay all your monthly bills with your primary checking account and then use a second account to pay for variable expenses like food, entertainment and car fuel.
    
2. Look at your credit score. This will tell you where you stand, and it will give you an idea of how much you need to improve in order to qualify for lower interest rates. Remember, credit scores are important for applying for credit cards, but your score is also necessary for auto loans, personal loans (from banks) and even for signing up for a cell phone or internet service. If you can improve your credit score, you will qualify for more-favorable interest rates in the future.
    
3. Save $1. Saving does not have to be a major undertaking. You can start modestly by just planning to save $1 every day. This could be as easy as paying for two purchases with cash and then saving the change. This might not seem like a lot, but once you are able to do it every day, you can step up to $2, then $3. If you save $3.50 every day, that would be more than $100 per month. But the daily-saving habit can start with $1. If that seems like too much to start, go for $0.50. Just do it every single day.
    
4. Cut up a credit card. If you are in debt, you will want to remove the temptation to spend more than you have. You might want to keep one credit card (in case of emergency), but if you have multiple cards, you can stop using them and stop building your debt. This will mean that all your extra income, including the money you are savings from #3, will go towards paying down your debt or saving for wealth or for an emergency.
    
5. Plan for unexpected expenses. It can take a long time to fund a “rainy day” savings account to cover unexpected repairs and other non-regular costs. However, you do not necessarily need such a savings account. You can simply research ways to get extra money when you need it. For example, online personal loans can provide quick access to cash. It often takes only one day between application and the money being deposited into your bank account. If your finances are in order, you should be able to pay off your loan easily.