by Dr. Charles Alonzo Peters
Do you flip through issues of Essence, Ebony, or Money magazine and come across great money advice? Do you read financial pearls of wisdom that you realize you should act on, but never get around to implementing?
Yes, we understand that we should check our credit report for mistakes, but who has the time? Setting up a 401K sounds good. We may get around to it eventually. Shopping for the best car insurance rate will clearly save us some serious money. Perhaps it’ll get done someday.
How many of us literally throw money out the window, but never quite get around to fixing our financial leaks?
Why are overlooked financial tasks important?
It’s these small financial tasks, completed week after week that lead us to financial freedom. There is undeniable power in small steps.
Let me be the first to admit, I’ve been guilty. I’ve put off sound financial advice. I’ve let it go in one ear and out the other. But when I became serious about fixing my money situation, I started to take the advice to heart. Let me give you a quick example.
For years I had been told to check my credit card statements for errors and recurrent charges. Only when I decided to get my financial life in order did I take the advice seriously. Going over my statements, I realized I’d been charged $12.95 a month for a TIVO subscription service I hadn’t used in over two years, literally $310 wasted.
I also noticed an online major league baseball subscription service that I’d assumed would have ended after the baseball season was over. Guess again. The $9.95 monthly fee was still being charged.
Ten minutes and a few phone calls later and the problems were fixed, saving me hundreds of dollars there on out. But it had taken me months to notice and fix the problems in the first place.
Financial success begins with taking care of the small things. We may not realize it, but small actions taken consistently can quickly get us out of our financial ruts.
Most of us have a laundry list of things we tell ourselves we’ll take care of, someday. It may be creating a budget, tracking our spending, challenging our property tax assessment, purchasing energy efficient light bulbs, installing a programmable thermostat, automating our bill payments to prevent late fees, or obtaining a copy of our credit report and checking it for errors.
Yet, because of the hectic pace of life, even our best of intentions are shoved to the side.
Here’s what you can do about it. If you’re serious about creating financial freedom for your family, carve out time each and every week devoted solely to taking care of the small financial matters in your life.
Make financial success a priority by scheduling a time each week where you implement one piece of financial advice. Create your weekly financial “hour of power.”
I’ll be the first to admit, it may be difficult in the beginning to consistently schedule the time. But once you’ve gotten in the habit of doing it, the momentum becomes infectious as the savings rise.
Soon you’re checking off your to-do list, whether it be switching to a low fee credit union, raising your auto insurance deductibles, or canceling unused services.
If you’re like me, you’ll find yourself tearing pages from magazines in order to implement new ideas during your “hour of power,” or writing down tips you heard on television.
Remember, the journey to wealth is taken one small step at a time. We just have to make the time to implement them. Schedule your “hour of power” today to ensure a wealthy future tomorrow.
BMWK, what are some of the financial tasks you’ve ignored that you know would save you serious money? Do you think a weekly “hour of power” would help you get your finances in order?