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Why You Should Take a Personal Money Day

Do you take a personal Money Day? Learn why you should and how you can use a Money Day to take control of your financial life.

By
Laura Adams, MBA
Episode #215

Money Day Task #1: Find Better Deals

First, create a list of all your monthly expenses and then evaluate them. What interest rates are you paying for your credit cards? What does your cell phone cost? How about your cable bill? Many times, you can find better deals elsewhere if you just take the time to look. Call around or go online to find the best possible deals for the expenses you pay each month.

Use this information as ammunition and call your current service providers to ask if they can meet or beat the deals from their competitors. Maybe they can't, but it never hurts to ask. An hour or two spent calling utilities and credit card companies can sometimes produce quick savings that you'll see reflected in your bill for months or years to come.

Money Day Task #2: Switch Bank Accounts

Make a plan and remove any mental or physical barriers that might prevent you from getting things done on your Money Day.

When most folks pick a bank, they just go with the place their parents used or use the one that’s closest to home. That can be costly. Use part of your Money Day to make sure your bank is the best one for your needs.

If you like your current bank, drop by or call to ask if they can eliminate any fees or pay you higher interest rates. Ask if there are other accounts that might work better for your situation. If you're unhappy with your bank, find a new one. A local credit union is an excellent choice. You might also consider an Internet bank that only exists in the virtual world because they offer some of the highest interest rates.

Money Day Task #3: Review Your Insurance

A great Money Day task is to stop by your insurance agent’s office or meet for a pre-set appointment. Ask him or her to go over your coverage with you to be sure it meets your needs. Yes, insurance can be boring and sometimes it's confusing. But having the right insurance can make a huge difference for your financial well-being.

If you don't have enough insurance, you can get hit hard when something bad happens. So make sure your home and auto insurance provide adequate coverage. But it's just as bad to overpay for too much insurance. Make sure you're not paying for services you'll never use and, if you can, raise your deductibles to lower your monthly premiums.

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About the Author

Laura Adams, MBA

Laura Adams received an MBA from the University of Florida. She's an award-winning personal finance author, speaker, and consumer advocate who is a trusted and frequent source for the national media. Her book, Debt-Free Blueprint: How to Get Out of Debt and Build a Financial Life You Love was an Amazon #1 New Release. Do you have a money question? Call the Money Girl listener line at 302-364-0308. Your question could be featured on the show. 

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