Managing your money can be intimidating. But don’t procrastinate. Putting off some basic financial tasks can cost you hundreds or even thousands of dollars. That’s why it’s so important to set aside one vacation day each year — or even a spare Saturday — as your annual money day: time specifically set aside to tackle all of the financial tasks you’ve put off.
Sound extreme? The results can have a significant payoff. Here are five things you should do each year on your money day.
1. Search for unclaimed money. If you’re short on cash, hearing that there might be money available might sound too good to be true. But it’s possible. According to the National Association of Unclaimed Property Administrators, over $3.2 billion in unclaimed property was returned to rightful owners in 2015 alone.
Whether you have an old savings account you forgot about or overpaid your insurance bill, there could be unclaimed dollars waiting for you. To find out, search on Unclaimed.org and MissingMoney.com. Just enter your name and the state you live in, and the sites will tell you if there’s unclaimed money under your name.
If there is unclaimed money available, the site will walk you through instructions on how to file a claim. In most cases, you just need to complete a form and submit it in the mail, and you’ll receive a check within a few weeks.
2. Cancel unused subscriptions. Chances are, you have unused subscriptions that are linked to your credit card. From magazine subscriptions to streaming services, it’s easy to sign up for services and then forget about them. But those subscriptions can cost you hundreds every year. But who has time to scan bank statements and contact each of the companies to unsubscribe?
Truebill simplifies the process. It scans your statements for you, identifying subscription services under your name. If you want to unsubscribe, Truebill will handle the cancellation process for you.
3. Negotiate your utility bills. From your cellphone bill to your cable service, your utilities can add up to hundreds each month. But, did you know that your bills may be negotiable? If you’ve been a good customer, the companies will likely work with you to lower your bill rather than risk losing you.
While it’s possible to call each company and negotiate your bill on your own, it can be time consuming and frustrating. That’s where a service like AskTrim can help. AskTrim handles the negotiation process for you, helping you save up to 30 percent off your utility bills without sacrificing your level of service.
4. Shop for new car insurance. Your car insurance is likely one of your biggest recurring expenses. According to insurance comparison site The Zebra, the average insurance policy costs $1,426 per year, or $118.36 a month.
However, you can dramatically reduce your bill by comparison shopping for a new policy every year based on your current credit score, driving record, and mileage.
The Zebra allows you to get quotes from multiple insurance companies at once, ensuring you get the best deal for your situation. By shopping around for a new policy, you could save hundreds each year.
5. Sell your junk. The average American family has thousands of dollars worth of unused or unwanted items lying around the house. From old toys to furniture, chances are, you have plenty of clutter that you no longer use.
Instead of letting those items gather dust, take the time on your money day to take photos, write descriptions, and list those items for sale on eBay or your local Facebook marketplace. You’ll declutter your home and, at the same time, earn extra cash that you can use to start an emergency fund or pay down debt.
These five activities are just a small sampling of what you can do during your money day. You could also review your credit report, create a budget, or shop around for a new credit card. The important thing is to set aside time each year to prioritize your finances and tackle your money to-do list so you can save money. With a little effort, and by utilizing some of the services mentioned above, you can put a substantial amount of money back in your wallet.
