Financial literacy is important. However, if a person isn’t motivated to improve their financial health, understanding concepts like compound interest or recognizing the benefits of paying debts off early isn’t going to help them much. Without action, financial literacy is just information.

Sometimes, getting financially healthy can require a lot of work and patience, and it’s not always immediately gratifying.  But if you can find one or two things that are both simple and financially rewarding, you may get the motivation you need to put financial literacy in action.

Here are a few simple and rewarding things you can do today. They may not have a life-changing effect on your financial situation, but they can eventually lead to some healthy financial practices and behaviors that will.

Build savings with change

Whenever you buy something with cash, take the change and put it in a jar. It doesn’t matter if it’s a few cents or several dollars: don’t spend it — save it. Eventually, you should open a savings account if you don’t already have one and start saving there. However, if saving is not a regular part of your routine, using a jar at home is a good way to start. Seeing the jar fill up with money can be a motivating visual. It demonstrates that even saving a little bit of money here and there can add up over time.

Drop (at least) one expense and put that money towards savings or debt

Do you regularly stop by a coffee shop before work? Go out for lunch? Catch a movie in the evening? Have any subscriptions that you rarely use? Drop one of these today.

Take the money you usually put towards these things and put it into a savings account, or better yet, add it to a retirement account (like a 401(k) or IRA). The money you save may seem insignificant. However, if regularly invested, that little bit of money can grow to thousands of dollars over time.

Similarly, if you use the money to pay down the principal of a debt, you can pay off your debt early and save a lot of money on interest.

Review past checking and savings account statements

It’s important to know where your money is going. However, regularly tracking your expenses and reviewing your finances can require a lot of work. If you’re not up for that yet, start by just looking at your checking and savings account statements over the past three months. If you don’t have them around your home, you should be able to get copies online.

Take a look at your balances. Is the total of your balances getting lower every month? If so, you are likely spending more money than you are making and saving. If your balance is more or less the same every month, you’re not losing money, but you’re not saving money, either. Ideally, the current total of your account balances should be higher than it was the previous month.

This doesn’t completely capture your financial situation but taking a look at your recent statements should only take a few minutes every month, and this will give you a basic idea of what’s going on with your finances in return.

Get started today

Don’t sit on the financial knowledge you have. Put it into action and start saving, investing, and getting out of debt.  If you lack the motivation to create a budget or get your financial documents in order, why not try something simple to get started?


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