5 Things You Can Do in 1 Minute To Make Managing Money Easier, According to Financial Activist Dasha Kennedy
Managing your money doesn’t have to be a difficult, time-consuming task. Dasha Kennedy, a financial activist, shared short and sweet money management tips on Instagram.
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These financial tasks can be accomplished in just one minute, making it easier to stay on top of your finances.
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Check Up on Your Banking and Credit Card Accounts
A simple account checkup takes just a minute. Checking in on your finances lets you monitor your account balances, and you can also spot any unexpected or unauthorized charges.
Kennedy suggested you log into your banking app to view your accounts, check your latest transactions to look for anything unusual or take a look at your latest credit card summary.
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Check Your Loan Balance
Kennedy also suggested you log into your loan(s) and check your current balance. By logging in, you can verify that your latest payments have been processed correctly.
But checking your loan balance serves another important purpose. Seeing your loan balance decrease is an important reminder of your hard work in paying down your debt.
Recognizing your progress can help to keep you motivated to continue paying down your loan.
Use a Budgeting App
Budgeting apps can simplify tracking your finances and provide you with important information on your saving and spending habits.
These apps often feature automations to track some information for you, and when linked with your bank and credit card accounts, they’ll reflect your current balances, all in one place.
Kennedy broke down using budgeting apps into several simple, one-minute tasks. You can create an alert when you’re close to your spending limit, helping you to stay within your budget.
While apps track digital payments, if you pay with cash, it takes just a minute to log in and enter that purchase so your information is current and accurate.
You can also take a photo of a receipt, digitally adding it to your budgeting app records. If you’re tracking deductions, this digital receipt storage is easier than sorting through a box of paper receipts when you file your taxes.
Keep Payments Current
A missed or late payment can negatively impact your credit score, but there are several ways to make sure you make all of your payments on time.
Most budgeting apps let you turn on a reminder to pay a bill, which can help remind you to log in and make the payment.
Alternatively, you can set up auto payments in just a minute. By setting your payments to be automatically processed, you can avoid negative credit impacts and late fees.
You can set up automatic payments for most recurring bills, including your utility bills, mortgage, car payments, loan payments, and credit payments.
Check Your Credit Score
Finally, checking your credit score takes just one minute, too. Your credit score increases with responsible credit use and can reflect the progress you’re making in consistently paying your debt off.
Plus, if you plan to buy a vehicle or a home, your credit score can impact your chance of being approved for a loan, as well as the interest rate you may qualify for.
Checking your credit score may also reveal any unauthorized accounts under your name. If you see unauthorized accounts, you can quickly address them and protect your credit.
Like these other financial tasks, checking your credit takes just a minute, but it’s time well spent managing your money.
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This article originally appeared on GOBankingRates.com: 5 Things You Can Do in 1 Minute To Make Managing Money Easier, According to Financial Activist Dasha Kennedy