9 Best Money Moves You Should Make This Week

It’s easy to let our finances go on autopilot when so many other responsibilities and tasks keep us busy in any given week. Yet finances don’t just improve on their own — getting to a place of financial stability or independence takes attention and conscious steps. Steps that you can make this week can make a huge difference in your financial picture, now and into the future.

Here are 9 money moves you should make this week — your future self will thank you for it.

If you have a savings account and a retirement account that you put money into sporadically or only when it comes in, consider setting up regular automated deposits into these accounts. Not only does this make you less likely to splurge when money comes in, a phenomenon known as “present bias,” according to CNBC, but it also guarantees that these accounts will grow steadily and with minimal effort.

It might seem funny to put aside money you hope never to have to use, but that’s pretty much what an emergency fund is. However, the way life is, you’re almost inevitably going to have an unexpected payment for something that breaks down for potential job loss or expenses related to your children. While expert advice varies on how much you should have in such a fund — many experts recommend three to six months’ worth of expenses — you can start one at any time with any amount of money.

Setting a savings goal makes you more likely to put money away. Even if you aren’t sure what you’d like to save toward, consider creating a savings account for such things as vacations, holiday gifts, college funds or add to your emergency fund. Setting a savings goal can also help you budget better as you look for ways to squeeze out that amount from your current spending.

If you’re currently putting away a minimal amount into savings or investment accounts, consider increasing your contribution and automating it. Particularly for retirement accounts, the more money you put in now, the more you are likely to earn by the time you retire. According to CNBC, increasing your deposit amount by 1% over 20 or 30 years can make a sizable difference. But you can also pad up savings accounts quickly with even a slight increase in your deposit amount.

If you’ve been filing your taxes mindlessly every year, you might be missing out on crucial tax deductions that can significantly reduce the amount of money you owe, or increase your refund, each tax year. The best way to confirm that you take the most deductions is to speak to a tax professional. A few examples of things you might not be writing off include student loan interest, mortgage interest, charitable donations, business travel expenses (not reimbursed by your employer), lifetime learning credit and more.

If you have credit cards or loans with high interest, you’re losing a lot of money over time. Make a plan to put bigger payments onto your highest-interest debts first to save yourself money in the long term.

If you purchased a home with a higher interest rate than is now available or have an adjustable-rate mortgage (ARM), consider refinancing your home for a fixed-rate mortgage or a lower interest rate. According to Investopedia, reducing your mortgage interest rate by 2% can save significant money each month, but even 1% might save you enough to be worth it.

Many companies offer a 401(k) matching proposition where they will put in a certain amount or percentage of what you do into your retirement account. This is literally free money that not only doubles your contribution and is tax-free until the time you retire, but exponentially multiplies the amount you can make, since retirement accounts earn interest over time.

Most of us don’t think much about what life will be like after we’re gone. Still, if you have any family that relies upon you or your income, a life insurance policy is a way to take care of them even after you’re not around to do so, according to Business Insider. Insurance policies vary in cost, but you can generally find a reasonable one in almost any price range.

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