By Rivan V. Stinson and Lisa Gerstner
From Kiplinger’s Personal Finance
Got 15 minutes? Here are four ways to better your finances in that time.
1. Automate Your Savings
With automatic transfers from your checking to your savings and investment accounts each payday, you’re paying yourself first—and increasing the odds that your savings and investment accounts will grow. Log in to your checking account via your bank’s website or smartphone App. Go to “transfers” and set up a recurring transfer to either a connected savings account or an external account. Next, do the same for any investment accounts that you may have. You can also set up a recurring transfer from the savings or investment account.2. Reshop Your Cell-Phone Plan
Calculate how much you could save by reshopping your plan with the major providers at WhistleOut.com. But shop the small carriers, too. Mint Mobile, for example, allows new customers to test out its service with a three-month plan. You can choose among four plans, including an unlimited plan with free mobile hotspot that costs $30 a month for three months.At some carriers, you may get cash for bringing your own phone. Verizon, for example, is offering a gift card for up to $500 for new customers who bring their own compatible phone from another carrier such as T-Mobile or AT&T and sign up for one of its unlimited data plans.
3. Find a Better Rewards Card
Especially as inflation runs hot, it’s worth reviewing whether your rewards credit card still suits your spending patterns. A stronger payback on staples such as groceries and gas, for example, can help offset higher prices in those areas.The American Express Blue Cash Preferred card carries a $95 annual fee, but it provides an outstanding 6 percent cash back on up to $6,000 spent annually at the supermarket (grocery purchases from superstores, such as Target and Walmart, and warehouse clubs are excluded). Plus, you get back 6 percent on select music-and video-streaming subscriptions, 3 percent on gas and transit (such as taxis, parking and tolls), and 1 percent on other spending.
Or check out the no-fee Citi Custom Cash Mastercard, which provides 5 percent cash back automatically in whichever single category among 10 possibilities that you spend the most on each month; the categories include grocery stores, gas stations, restaurants and select travel. The 5 percent rebate is limited to $500 in monthly spending. All other spending earns 1 percent. For more ideas, see our rankings of the best rewards cards at kiplinger.com/kpf/rewardscards.
4. Set up Activity Alerts
Keep your FOMO in check by setting up transaction alerts for your bank accounts and credit cards. Not only does it track what you’re spending, but it can also alert you to potentially fraudulent activity if a purchase wasn’t made or authorized by you. Alerts can also remind you when automatic payments you’ve set up hit your accounts. Alerts are typically sent via text message, email, or both.(Rivan V. Stinson is a staff writer and Lisa Gerstner is a contributing editor at Kiplinger’s Personal Finance magazine. For more on this and similar money topics, visit Kiplinger.com.)
©2022 The Kiplinger Washington Editors, Inc. Distributed by Tribune Content Agency, LLC.
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