Most people these don’t exactly have their finances in great shape. In fact, according to statistics from CNBC, millenials are saving money at an alarmingly low rate. It’s not surprising though–Americans have been steadily saving less money over the last 80 years or so.

But, you don’t need to be a part of this downward financial trend. Here are some tips that can help your monetary situation, even within a month’s time.

Weeks 1-2: First Steps

Most people have some kind of debt; if this describes you, you need to take action. If you’ve been dodging calls from collection agencies, it’s time to negotiate affordable monthly payments.

To determine what kind of payment you can afford, you need to figure out a budget that you can stick to while still paying rent, bills, and any other expenses you might have. This will probably mean cutting out some extras, such as your entertainment or dining budget.

No matter how little extra money you might have, you should also get into the habit of saving some of it. A “rainy day fund” is an absolute necessity if you want to weather life’s many storms. While it’s not going to happen right away, you should ultimately aim to always have at least $1,000 in savings–it can be used when you need it, but you should always focus on replacing it.

Weeks 3-4: More Advanced Steps

Even though you should mostly use cash or debit cards to avoid spending more money than you need to, you can’t get around the necessity of credit. Credit, when used properly, can be a useful part of your financial toolbox. On the other hand, bad credit can complicate purchasing houses, cars, and unfortunately even your ability to find employment.

If your credit score is on the low end of “fair” or even “bad” (below 600), you may want to consider getting a secured credit card. You need to make an initial deposit of $50 or more, which becomes your line of credit. Depending on the card you apply for, the company should frequently make reports to all three major credit reporting agencies, which can raise your credit significantly in a relatively short amount of time.

Moving Further

No serious financial author would promise you that you can “solve” your finances in 30 days, but by implementing a few simple changes, you can start yourself down the right path.

We wish you the best of luck on your financial journey; if you have any questions, comments, or progress stories to share, let us know by commenting, messaging us, or sending us an email.