30-Minute Financial Workout
How much time do we actually have to spend doing something to truly become an expert? Malcolm Gladwell says it's 10,000 hours, Josh Kaufman thinks its a more realistic sounding 20 hours, and MoneyNotes? Well we think it's just 30 minutes. 30 minutes a week is all you need to truly gain control of your finances. Sounds doable?
Then start with a simple task like reviewing one of your monthly bills.
Step one - Chose a bill
For the sake of this blog, let's start with car insurance. When was the last time you changed provider? If it has been more than a year then it's time to review.
Time taken 2 minutes
Step two: Compare, compare and compare
Hop over to a reputable comparison website (reputable being the key word here), and have a look at what is on offer. Do make sure that all options entered are the same or similar to the level of protection you get now or better. You should be able to narrow it down to 3 providers that are hopefully cheaper than what you are currently paying (I have managed to save over £100 a year by repeating this annually)
Time taken 15 minutes
Step three: Take your pick
Click through to the website of the provider you plan to go with and check that all cover is similar or better than what you currently have and also check that the excess you may have to pay in the event of an accident is in line with what you currently pay or what you expect to pay. Make payments either monthly or one off as you see fit for your own finances - 10 minutes
Step four: Remember, remember
Finally remember to set a reminder to repeat the same process next year
Time taken 1 minutes
Total time taken - 28 minutes
Step five: Rinse and repeat
Pick a bill or an area of your finance each week and spend 30 minutes learning or reviewing the bill and see what a difference this will make over the long term.
Need a hand?
If you can spare 30 minutes, why not grab us for a MoneyChat where we can talk you through taking the first step to upping your financial IQ.