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10 Ways to Save Your Finances in 10 Minutes

Sometimes we put off the most important tasks. But these ones won't take long!

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10 Ways to Save Your Finances in 10 Minutes

This year is the time to overcome that "I'll-do-it-later" mentality, because the longer you put things off, the more you’ll continue to perpetuate those procrastinator tendencies.

And admittedly, some of the tasks that you avoid the longest might be the ones that can help your financial life. But you can fix that. Let's dive right in!

1. Increase Your 401(k) Contribution

Even if retirement feels like a long way off, it’s crucial to start saving as early as possible, because time is your biggest ally. And don’t feel guilty about saving for yourself—one of the biggest gifts that you can give your kids down the road is the ability to take care of yourself in those golden years. In less than 10 minutes, you can log into your 401(k) website and up your monthly contribution.

2. Schedule 10-Minute Quiet Time

Kids are basically the epitome of noise, but taking time out is critical for your own mental health, personal well-being and general effectiveness as a parent. Plus, clearing your head can help you refocus on everything from your work to your finances. Take 10 minutes—with the door closed—to spend in total silence. Ask your partner to take care of the kids or, if they’re slightly older, tell them it’s a “quiet game” and offer something if they “win.”

MORE: Why It’s Important For Parents to Splurge on Themselves

3. Do a Quick Project to Teach Money Skills

Art projects don’t need to be overly involved or messy to be fun and educational. If you have younger children, talk about how money works and the value of currency by having them draw and color their own dollar bills. You can even cut out a small headshot of your child and paste it in the middle, like the presidents on dollar bills.

4. Open a 529

Saving for college can be daunting, but it’s also important because expenses are rising. (Check out saving for college 101.) Rather than get intimidated by the whole process, start with the first step: Open a 529 college savings account. You should be able to open the account online, and it should be a quick process as long as you have all of your family’s personal info at your disposal, like Social Security Numbers and birth dates.

5. Settle on a Money Motivation for the Entire Family

This is a great opportunity to talk to kids about your finances—without causing any worry. Explain that, as a family, you have a budget and it’s important to stay within that budget. And if you succeed with sticking to that budget at the end of each month, it’s a cause worth celebrating. Decide together what the motivation prize will be, like a pizza night. A good side effect: It gives kids a reason to stop begging for random things because they’re also responsible for helping stay within budget.

MORE: 6 Secrets to Shedding Money Baggage From Your Parents

6. Make Sure That You’re Doing Allowance Right

Each family’s allowance structure is unique, but it’s important to reassess every so often and make sure that your system grows with your child and your family as a whole. And never lose sight of the point of allowance, which is to teach your kid positive financial habits. A good rule of thumb: One dollar per year of age. So, an 8-year-old might get $8. Want more perspectives on how to make allowance effective? One writer told us why he thinks allowance is so often done wrong, and we spoke to an expert for tips on doing it right.

7. Hold a Dance-Off

Ten minutes. Your kids’ favorite song. Maybe an old Halloween wig. Dance your pants off. Not only is this a fun, quick way to bond with the kids, but it’s also a sneaky way to work in a little exercise—which, for your sake, happens to release endorphins. And that can help you focus on everything from your finances to getting that promotion at work.

8. Review Your Credit Score

Your credit rating is key to future goals, including taking out a mortgage or getting a loan to start your own business. Make sure you’re on track, and that there are no reporting errors, by checking your credit score online.

9. Create a Charity Box

Get kids interested in saving and giving by creating a “donation box.” It can be anything from an old shoebox to a glass jar, which kids can decorate with markers and glitter glue. From there, make it a tradition to drop all loose change in the charity box, and let your kids help you choose where to donate the funds.

MORE: How to Make Charity Fun for Kids

10. Call Someone Back

Whether it’s the bank calling to confirm something about your account or you need to check the status of an invoice that you sent to an employer, phone calls are really, really easy to procrastinate. Get your personal and financial life in order by calling back just one person today.

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