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Managing your money doesn’t have to be a difficult or time-consuming task. Financial activist Dasha Kennedy shared concise and engaging money management tips on Instagram.
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These financial tasks take just a minute to complete and help you stay on top of your finances.
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Check bank and credit card accounts
A quick account check takes just 1 minute. Check your finances to monitor your account balances and to spot unexpected or fraudulent charges.
Kennedy suggested logging into your banking app to view your account, review your latest transactions to see if there are any abnormalities, and get an overview of your most recent credit cards.
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Check loan balance
Kennedy also suggested logging into your loan to check your current balance. Log in to confirm that your latest payment was successfully processed.
However, checking your loan balance also serves another important purpose. Seeing your loan balance decrease is a reminder of the hard work you put in to pay off your debt.
Being aware of your progress will help you stay motivated to keep paying off your loan.
Use a budgeting app
Budgeting apps simplify tracking your household finances and provide important information about your savings and spending habits.
These apps often have automated features that track some information and can be linked with your bank or credit card accounts to reflect your current balances all in one place.
Kennedy used the budgeting app to break it down into simple one-minute tasks. Create alerts when you’re nearing your spending limits, so you can stay within your budget.
The app tracks digital payments, but if you pay with cash, it takes just a minute to log in and enter your purchase, so your information is up to date and accurate.
You can also take a photo of your receipt and add it digitally to your budgeting app’s records. If you’re tracking your deductions, this digital receipt storage is easier than organizing boxes of paper receipts when it comes time to file your taxes.
Keep your payments up to date
Late or late payments can negatively impact your credit score, but there are several ways to ensure you make all your payments on time.
Most budgeting apps allow you to turn on bill payment reminders that remind you to log in and make payments.
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You can also set up automatic payments in just 1 minute. Avoid negative credit impacts and late fees by setting your payments to process automatically.
You can set up automatic payments for most recurring bills, including utilities, mortgage, car payments, loan payments, and credit payments.
Check your credit score
Finally, it only takes a minute to check your credit score. When you use credit responsibly, your credit score increases, reflecting your continued efforts to pay off your debts.
Additionally, if you’re planning to buy a car or a home, your credit score can affect your chances of getting approved for a loan and the interest rate you qualify for.
Checking your credit score may also reveal fraudulent accounts in your name. If you spot a fraudulent account, you can take immediate action to protect your credit.
Like any other financial task, checking your credit takes just a minute, but managing your money is a lot of time.
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This article originally appeared on GOBankingRates.com: 5 Things You Can Do in One Minute to Easily Manage Your Money, According to Financial Activist Dasha Kennedy
