Have some free time? Knock out one of these easy financial tasks.
Some money moves take a lot of planning 鈥� most people don鈥檛 just up and buy a house in an afternoon, for example. But others you can accomplish in just a few minutes, even at work. Tomorrow, as you鈥檙e sitting at your desk, having your morning cup o鈥� joe and contemplating what to attack first on your daily to-do list, log into your employer鈥檚 HR portal and your bank鈥檚 website and quickly take care of a few 鈥� or all 鈥� of the items below.
1. Contribute to retirement accounts
Have an automatic payroll deduction program through your employer? Use it! Have the ability to send money each month from a checking account to a traditional or聽? Do it!
Getting into a routine of saving money now will only benefit you in the long run, especially when life gets even crazier than it already is (as in marriage, kids, more work as you climb the ladder). You鈥檒l already have a great saving habit in place, so you won鈥檛 need to worry about playing catch-up later.
2. Make sure you鈥檝e designated beneficiaries
Many workers neglect to name a beneficiary for their IRA, 401(k) account or other retirement savings. This is聽your聽money. You鈥檙e entitled to leave it to whomever you want, so make sure your wishes will be followed.
3. Save for emergencies
Create an automatic debit and start building a聽. Even if it鈥檚 only $25 a paycheck, start saving now! Many banks let you set up automatic transfers from checking to savings right from your phone.
4. Look for a commuter benefit
Do you drive to work and pay for parking? Take a bus or train to work? If so, check whether your employer offers any type of commuter benefit. Sometimes these benefits aren鈥檛 well known around the office; do a little research on your employee portal, and you just might find you have the option!
5. Check your 401(k) allocation
Make sure your 401(k) contributions aren鈥檛 going into a聽. This is a common mistake, since some plans designate a money market fund as the default election, meaning your contributions go there unless you specify something different. The problem with money market funds is their low returns. If your retirement is still a ways off, you want the power of compounding returns working for you. A better option is a聽聽that will give you a diversified mix of investments that changes over time as you get closer to retirement.
Small changes can lead to big results over time. Once you鈥檝e done these steps, go reward yourself with another cup of coffee, or that doughnut in the break room you鈥檝e had your mind on.
Want to get into better financial shape all around?聽聽and learn how to go from financially flabby to financially fit!
Learn more about Megan on NerdWallet鈥檚聽.
