Plan a Personal Finance Day to Maximize Your Savings

Managing your finances takes work. Sometimes the things you mean to get finished languish on your to-do list, and you never seem to find the time to open a high-interest savings account, compare savings account rates, check out a new finance book you heard about, or learn about Roth IRAs. Days turn into weeks, weeks turn into months, and your finances suffer for it.

If you'd like to tackle your financial to-dos once and for all, consider dedicating an entire day to your finances: a Personal Finance Day.

Organizing a Personal Finance Day

Here's how to plan an effective personal finance day:

1. Pick the day.

   Circle it on your calendar. If you need to ask for the day off work, go ahead and send your boss the time off request. Personal finance writer J.D. Roth at GetRichSlowly.org advises, "Choose a normal weekday (when banks and business are open), take time off work, and get things done. Don't worry that you're using a vacation day for 'nothing'--this vacation day will repay you many times over, not just now but for years to come."

2. Create your list.

   There's no point in waking up on your dedicated personal finance day without a clear plan of action--that will only waste time that should be spent getting things done. Make a list of everything you've been meaning to do: savings accounts to manage, phone calls to make, credit and spending reports to check, etc.

3. Organize your information.

   Gather the information you need to complete each of the tasks on your to-do list. For example, if you need to dispute a charge on your credit card, dig out the credit card statement. The more you organize ahead of time, the more you can accomplish on your personal finance day.

Next, brainstorm some additional action items that might help you improve your finances. Consider adding some of the following tasks to your list:

• Not sure where your money goes? Start tracking your spending in a program like Quicken or Mint.com.
• Research budgeting methods and find one that works for you.
• Compare service providers. You might find that another cable company can beat your current provider's pricing.
• Create a money binder with account information, insurance policies, a home inventory, and other important financial information.
• Neglecting your savings account? Automate your savings by setting up automatic monthly transfers from your checking account.
• If you aren't saving for retirement, research your options. If you don't have a Roth IRA and you qualify for one, open an account and set up automatic payments.
• Tired of unreasonable bank charges? Research and get in touch with banks to compare rates and fees. SavingsAccounts.com makes comparing banks a snap.
• Review your credit report. Federal law requires that the three major credit reporting agencies provide a free copy of your report each year.
• Consider opting out of catalogs and mailing lists, to reduce your spending temptations.
• Compare savings account rates. Is a high yield savings account the best way to go, or would a certificate of deposit be a better option for you?
• Call your credit card company and ask them to lower your interest rate.
• Set up automatic bill pay for bills you sometimes forget, to avoid late fees.
• Check your insurance policies to make sure you have enough, and the right types, of coverage.
• Write a list of your financial goals, both short- and long-term, and figure out what you need to do to accomplish them. Put those steps on your calendar to set mini due dates.
• Open targeted savings accounts for each of your goals and set up automatic withdrawals to fill them up in your planned timeframe.

Once you've decided on tasks for your Personal Finance Day, prioritize them from most to least important. Use this plan of action to maximize your time off and get your finances in tip-top shape.

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