Ways to Improve your Financial Situation in Just 10 Minutes

by mike on September 12, 2011

Note: this is a guest post from Stewart Smith. 

As a full time writer and a novice entrepreneur, I always look for quick suggestions to improve my financial condition and live a debt free life. I always like to read and write those things, which my readers and I can grasp quickly. So today, I have come up with seven easy yet essential tips to improve your financial situation. Each of these can be easily done in 10 minutes. However, over time, these steps can gradually put significant amount to your pocket. You can think of this time spent as an investment that will gradually pay dividends to your wallet.

1) Request a reduction in your credit card interest rate. Call the phone number provided on your credit cards’ back and tell the customer representative to forward your call to a supervisor. Say that you are thinking of a 0% credit card balance transfer and ask if they can reduce your card’ rate to retain you as a customer. Not always, but sometimes this technique works.

2) Review your health insurance and other benefit choices at work. What kind of health insurance do you use at work? Is it too expensive? Can a less expensive insurance replace the one you are using right now? If yes, change it immediately. You can also do the same with your 401(k) contribution.

3) Sign up for an online savings account and set up an automatic savings plan. Many online savings accounts offer interest rates above 4%. Sign up for one and then set up an automatic savings plan to pull out a small amount each week from your checking account. But how much? Set up a plan to automatically save $20 each week into your account. Believe me you won’t notice any difference at all in your daily spending.

4) Install a programmable thermostat. A programmable thermostat lets you characterize the temperature that will prevalent in your home. This means your air conditioner and/or furnace won’t run during the day when you will be away or in the night when you are asleep.

5) Air up your car tires. Go through your car’ manual and see the recommended tire pressure that should be on your car. For every 8 PSI you add to each tire, you improve your gas mileage by 1%. Therefore, airing up your tires can save 6% on your gas mileage. If gas costs $4 a gallon and your car presently gives 20 miles a gallon, over your next 10,000 miles (typically in a year), you will save $85.

6) Replace your light bulbs with CFLs. Though they are still alive, replace them. If you use a bulb on an average 4 hours/day, over one year at $0.10 per kilowatt/hour, replacing a 75-watt bulb with a 26-watt equivalent CFL will certainly save you $7.15 over a year.

7) Visit your local library. The quantity and quality of free stuffs available in a library is always surprising. From books to DVDs, you can get everything just by paying a monthly fee instead of buying them or using Netflix.

Photo Source: epSos.de

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