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Got money problems? Of course you do! We all do. It’s just part of life for most of us.
The good news is that many of our most common money problems are super solvable! In fact, lots of your biggest money problems can probably be solved in under 15 minutes.
Don’t believe us? Here are 15 money problems you can solve in under 15 minutes!
15 Money Problems You Can Solve in Under 15 Minutes
In no particular order…
Problem 1: You don’t know where your money goes
This is one of the classic money problems. At the end of the month, you have no money. And you have no idea where all that money went. Because it seemed like a good chunk of change on payday. And now it’s somehow disappeared. WTF?
Quick solution: sit down for 15 minutes and figure out where your money went. Run through your recent bank transactions. And if you put expenses on a credit card, run through those recent transactions to see where you’re spending.
Once you know where your money goes, you can figure out how to manage it better. Which leads us to…
Problem 2: You don’t have a budget
A budget is just a list of your monthly expenses compared to your monthly income.
Budgets get a bad rap. But I friggin love them! To me, they give you the freedom to spend guilt-free and worry-free. Seeing your income and outflow in black and white allows you to prioritize your money so you always have enough for the things you truly need and the things you truly love.
Like I love to travel. So I include regular trips in my budget. That way I never feel bad about spending that money or worry that I won’t be able to pay the bills. My budget shows me that I have it covered.
So spend 15 minutes creating a quick budget of your own. Then you can mess with your numbers until all the most important things are covered.
Problem 3: You don’t have an emergency fund
What happens if your car breaks down? Or you get an unexpected medical bill? Or you lose your job?
These emergencies could easily ruin your finances. But you know they can happen to anyone at any time. So you need to be prepared for the unexpected.
That’s what your emergency savings account is for.
And ok, you probably can’t set up a fully-funded emergency savings account in 15 minutes. I mean, you don’t currently have 1-3 months’ worth of living expenses in your bank account, ready to transfer to your new emergency savings, right? But in 15 minutes, you can open a new savings account online and create an auto-transfer to move some money from your checking account to this new emergency savings account every payday.
Before you know it, you’ll have a fully-funded emergency savings account. Then you can stop those auto-transfers and funnel that monthly amount into something else going forward. Something like retirement, perhaps…
Problem 4: You’re not saving for retirement
You know you can’t rely on a pension or social security to handle all your expenses in retirement, right? And even if you want to work forever, you might not be physically or mentally able to do that. So start planning today for retirement.
Side note: the earlier you start, the more you can take advantage of compound interest. That’s our secret sauce for retiring with $831,751 more money than your friends.
Saving for retirement is like saving for emergencies. You can’t save enough for retirement in 15 minutes, but you can set up your account and set up auto-transfers to put your retirement savings on auto-pilot while you go about your life.
Check out 3 Easy Steps to the Retirement of Your Dreams for a quick lesson in the different types of retirement accounts and more info on how to get started.
Problem 5: You can’t afford to make your dreams a reality
Money is usually the biggest hurdle to achieving our dreams. Which is just so sad!
The good news is that you can make your dreams a reality with some careful planning (even the expensive dreams!). This works just like saving for your emergency fund and your retirement: you open your account and set up auto-transfers today in under 15 minutes. Then you wait patiently until you have enough saved to make your dreams come true.
There are lots of different options for where to keep your Dream Fund (money market account, CD’s, etc), so check out How to Build a Dream Fund for more info on the different options and which will work best for you.
Problem 6: Your credit score is a mystery
Bad credit can cost you a fortune! Seriously. In The Crazy High Cost of Bad Credit, we found that bad credit can easily cost you over $90,000.
So if you have any question about your credit score, you need to know now what you’re working with so you can take steps to improve it as needed. And you can get your credit report online in under 15 minutes from sites like freecreditreport.com or creditkarma.com.
If you like what you see, awesome! Pour a glass of sangria and celebrate!
Don’t like what you see, don’t panic. You can start fixing your credit in just 15 minutes as well…
Problem 7: Your credit score sucks
If your credit score is less-than-stellar, there are a few things you can do in the next 15 minutes to start fixing this money problem:
- Check for errors and report any errors to the credit bureaus (errors are more common than you might think!)
- Pay any past due balances you can afford to pay today.
- Contact creditors for past due balances you can’t afford to pay immediately to see if you can work out a payment plan and maybe even get that black mark removed from your credit report.
To learn more, read 5 Proven Ways to Improve Bad Credit.
Problem 8: You’re not demanding fair pay
Are you being paid what you’re worth?
Generally speaking, women are more hesitant than men to negotiate for higher pay. Economists think could be a contributing factor to the gender pay gap.
If you’ve never asked for a raise, there’s no time like the present! Take a look at our Do’s and Don’ts of Asking for More Money. Then schedule a time to speak to your boss about the value you bring to the company and the compensation increase you deserve as a result. The whole conversation will likely take less than 15 minutes. And even if you don’t get a pay raise immediately after, you’ve laid the groundwork for your request, and you’ve increased your chances of getting the pay raise next time around.
Problem 9: You’re spending too much on utilities
Utilities are often a quick and easy way to save money every month. And it might be as simple as a phone call to your utility provider.
Contact your provider, let them know you’re looking at different provider options to save some money, and ask if they are able to offer a lower rate to keep your business.
“Optional” services like cable, Internet, and phone are most likely to work with you to find a lower priced solution. They might even keep you at the exact same service package you’re currently getting, just with a lower rate.
Spend 15 minutes on the phone with your providers to see what they can do for you.
Problem 10: You have unclaimed money you don’t even know about
Have you ever checked your state treasurer’s office to see if you have unclaimed funds (also called “unclaimed money” or “unclaimed property”)? It’s a lot more common than you would think. You might have overpaid taxes or have escrow payments waiting to be refunded to you, and if you don’t claim it within a certain time frame, your state is entitled to it.
Los Angeles Times reported in 2015 that California gains $400,000,000 per year in unclaimed property. Yeah, $400 MILLION per year just in California.
The good news is it’s pretty simple to claim your money once you know what to look for and how to do it. Just google your state treasurer’s unclaimed property (like “California Treasurer unclaimed property”), and you’ll be able to find their website.
Smaller states might just have quarterly PDF reports listing names and amounts, but most states have a database search, so you can type in your name and some basic personal info to see if they have anything for you. If they do, there will be a link to a form you can complete to claim your money.
You probably won’t have any big money sitting there, but it just takes a few minutes to check. Time well spent!
Problem 11: You keep forgetting to pay bills on time
Forgetting to pay bills on time is one of the most common money problems for 20-somethings. But it’s also one of the most easily solved money problems!
Just like we auto-transfer money to our emergency savings, retirement fund, and dream fund, we set up auto-pay so we never have to remember to pay bills.
Schedule your rent to be automatically transferred before the first of the month. Set up automatic payments for your utility accounts. And create auto-transfers for all your long-term debt with fixed payments (like student loans and auto loans).
That will probably cover 90% of all your bills! You’ll only have to remember your debts with a minimum payment that changes month-to-month (like credit cards), and one-off bills (like a dental or vet bill or something).
Congratulations, you’ve substantially reduced the likelihood of incurring a late fee and dinging your credit!
Problem 12: You spend too much money online shopping
Online shopping is almost too easy. We get an email notification when there’s a sale on at our fave store, click the link, add to cart, and check out in just a few clicks.
We usually don’t even need to enter our credit card info because our payment info is already stored on those sites.
To solve this money problem, we need to make online shopping less convenient. Here’s how to do it in 15 minutes with just 3 steps:
- Unsubscribe from sale notices. Sales aren’t saving you money if you’re overspending because of them. And if you’re not notified of sales, you won’t be tempted by them.
- Unfollow those tempting brands on social media. Again: out of sight, out of mind.
- Delete your payment info from websites. It’s a small thing, but if you have to physically go get your credit card to make a purchase, you might just buy yourself enough time to question whether you really need to make that purchase.
Putting these little obstacles in your way could be all you need to save several hundred dollars a year in buying things online that you don’t really need.
Problem 13: You have credit card debt
Did you know that $5,000 in credit card debt could actually end up costing you $16,739.14?
Yep, if you have a high-interest credit card with 23% APR (annual percentage rate), making a minimum monthly payment of $110 will cost you $11,739.14 in total interest. And it will take you 168 months (that’s 14 years!) to pay off that debt and interest. Oh. My. Gosh.
If you have credit card debt, you need it gone! And the only way to make that happen is to pay much more than the minimum amount due every month.
Take 15 minutes to create your own debt pay-off plan, optimized to save you the most money possible in interest. You can use our Champagne Waterfall debt hack to quickly look at your debt and calculate the monthly amounts you should apply to each debt to maximize your savings.
Problem 14: You have crippling student loans
Your monthly student loan payments are probably one of your biggest expenses, right after housing and transportation.
Refinancing for a better interest rate lowers the total amount you’ll pay over the course of the loan, potentially saving tens of thousands. And it lowers your monthly payment, so you save money each month for the next 10 or 15 years!
The refinance process can be started online in under 15 minutes. But there are a few things to understand before you refinance your student loans. So we have a full post devoted just to student loan refi’s.
Problem 15: You have recurring charges you don’t even know about
Do you have any memberships (like professional organizations or gym memberships)? How about subscriptions (like subscription boxes, online services, or magazines)? If so, are you still using them?
Most of us have a membership or subscription to something. And we usually keep paying for it long after we’re done with it because the payments are automated and we forget they even exist.
The quick solution? Take 15 minutes to run through your credit card and bank statements (which, btw, can be done at the same time as you’re solving problem number 1 on this list!).
Check for any recurring charges. Careful: they might only recur once/year, so you have to really look. And when you find that you’re paying for something you no longer need, cancel asap.
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