On this episode of How To Money, Matt and Joel focus on some money chores we can accomplish during quarantine, “things we wouldn’t normally do unless our mom told us to,” Joel jokes. These chores are tedious in comparison with some of their other topics, but if we get them handled, we’ll be in a much better financial position down the line. From credit scores and switching banks to life insurance policies and retirement contributions, they have a ton of ideas for financial tasks that are not only necessary, but fairly simple to achieve. People are working on their lawns now more than ever, Matt points out; maybe we should spend some time “tending our financial gardens,” as well.
Their first piece of advice is to get on top of your credit score. There are plenty of free ways to monitor your credit and see what’s dragging down your score, like Credit Karma, so you can focus your attention on what needs improvement. You can also take this time to help your child get a leg up in life by making them a signatory on a credit card – it helps them build credit before they’re out on their own, setting them up for a healthy financial future. And speaking of credit cards, it’s a great time to take a look at which card is best for your spending habits. Matt resisted getting an American Express Blue Cash Preferred card for a long time because it has an annual fee – but under quarantine, he had time to do the math and realized that his family would more than make up their annual fee from the cash back they would get on grocery store, gas station, and streaming service purchases. They’ve even listed out some of the best credit cards for your spending habits on their website.
That takes care of the present, but what about the future? Joel suggests taking a good look at your life goals to ensure that your current career path is actually getting you where you want to go. If not, this would be a good time to work on your résumé, or build in some virtual networking time. If you’re in a financial place to do so, consider upping your contribution to your retirement fund. Don’t look at the balance right now, they joke – it may be performing badly at the moment, but it’s a great time to be investing, because eventually the market will swing back up, taking you with it. Other things they tell us to consider: Life insurance policies, putting together a will, tracking your expenses, and Roth IRA conversions; get your full chore list from your new money moms Matt and Joel on this episode of How To Money.
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