Daylight Savings Time began Sunday, March 8 this year, springing our clocks forward by an hour. Although losing 60 minutes isn’t a drastic change, many will feel the time shift for the next week. If this sounds familiar, you’re probably in the midst of confronting personal stress. Struggling with money and credit can seem endless, like there’s never enough time to focus on the essentials. If you feel this way, implement the following tips into your life. They will help you make the most of your hours.
- Tip #1: Value your salary. How much is your time worth? Few people ask themselves this question. For example, suppose you earn $55,000 a year, or $28.06 an hour (assuming 40 hour workweeks for 49 weeks). How does this value translate into your private life? How much of your time is wasted on commuting, convenience purchases, overused utilities and other items? How do these factors reduce your income, and by extension, your worth? If you feel as though you’re hemorrhaging money, the good news is that there are a variety of solutions. Review our article outlining 24-hour credit repair. Life-changing measures can be taken every single day.
- Tip #2: Focus on quick credit repair. If you’re facing big life events, e.g., buying a home or car, financing education, starting a family, switching insurance plans, etc., credit health is vital. While your score isn’t likely to gain 50 points overnight, there are plenty of ways to facilitate improvement with minimal effort. Review our strategies and implement them as soon as possible. The result will help you gain control.
- Tip #3: Invest early and often. It’s no secret that Social Security benefits aren’t enough for comfortable retirement, yet 31 percent of Americans have no supplemental savings. When it comes to investing, time is the essential x factor. For example, suppose you saved $5 a day for the next 10 years. Depending on your rate of return (e.g., 6 percent), you could save more than $27,000. Now suppose you continued to save for a total of 40 years. At the same rate of return, you’ll earn $250,782. A small sacrifice can yield big results with the right focus. Take a moment from each day to plan for the future. In 40 years, you’ll be glad you did.
- Tip #4: Ask for help. Whether it’s household duties, financial planning or credit repair, everyone can use a little help. Make a list of the things that drain your day and consider asking for help to eliminate time consumption and stress. For example, if your child’s school is far from home, form a carpooling group to cut back on commute time and fuel costs. If you aren’t sure how to invest, talk to a financial planner about your options. If you want a better credit score but aren’t sure how to begin, talk to us about helping you manage the process. The bottom line: Time is a valuable commodity. Make the most of yours by prioritizing your waking hours and financial health.