Saving

Tackle these 3 easy tasks over Labor Day weekend to improve your finances

Ivana Pino@ivana_pino
Twenty/20

You can enjoy Labor Day weekend and improve your finances. Some important money tasks don't take much time — you can even do them over a holiday weekend.

Consider taking a half hour to cross these three off your to-do list.

3 minutes: Update your beneficiaries

Updating the beneficiaries on accounts including your 401(k), IRA, and life insurance policies is a to-do that's quick to complete — one of our Grow reporters managed it in just three minutes. Beneficiaries on certain assets trump even what's in your will, so it's important to make sure the people listed are the ones you want to receive that money.

"You really never know what can happen, so it's important to make sure that all of your paperwork is up to date in the event of something unexpected happening to you," says Janet Stanzak, a certified financial planner with Financial Empowerment in Burnsville, Minnesota.

Read more: It takes just 3 minutes to update 'perhaps the most important document in all of your financial planning'

5 minutes: Check your credit score

This three-digit number can be a factor in whether a lender approves your application for a mortgage, auto loan, or a credit card, and at what interest rate. A good credit score can also make the difference in the rate you qualify for on insurance premiums and the initial costs of renting an apartment, among other benefits.

There are several places where you can get a free look at your score and tips to improve it, including Credit.com and CreditKarma.com. Signing up or logging in to review your credit score should take about 5 minutes.

Read more: 2 ways to check your credit score for free

You really never know what can happen, so it's important to make sure that all of your paperwork is up to date in the event of something unexpected happening to you.
Janet Stanzak
Certified financial planner

10 minutes: Look over your account statements

It's smart to look over your bank and credit card statements. Taking just 10 minutes to do a line-by-line review can help you spot potential problems, like being charged twice for a single item or a fraudulent charge. This review can also be a good nudge to cancel any recurring charges for services you no longer use, Stanzak says.

"From what I see, it's the smaller charges you sign up for, whether it's a subscription you forget to cancel, or an iTunes charge. Those can sometimes go unnoticed, but they add up," she says.

Read more: 5 red flags to watch out for on your financial statements

More from Grow:

Get the Grow Newsletter Every Week
The best money advice you never got, delivered to your inbox weekly.
The best money advice you never got, delivered to your inbox weekly.
 


Twenty/20
acorns+cnbcacorns cnbc

Join Acorns

GET STARTED

About Us

Learn More

Follow Us

All investments involve risk, including loss of principal. The contents presented herein are provided for general investment education and informational purposes only and do not constitute an offer to sell or a solicitation to buy any specific securities or engage in any particular investment strategy. Acorns is not engaged in rendering any tax, legal, or accounting advice. Please consult with a qualified professional for this type of advice.

Any references to past performance, regarding financial markets or otherwise, do not indicate or guarantee future results. Forward-looking statements, including without limitations investment outcomes and projections, are hypothetical and educational in nature. The results of any hypothetical projections can and may differ from actual investment results had the strategies been deployed in actual securities accounts. It is not possible to invest directly in an index.

Advisory services offered by Acorns Advisers, LLC (“Acorns Advisers”), an investment adviser registered with the U.S. Securities and Exchange Commission (“SEC”). Brokerage and custody services are provided to clients of Acorns Advisers by Acorns Securities, LLC (“Acorns Securities”), a broker-dealer registered with the SEC and a member of the Financial Industry Regulatory Authority, Inc. (“FINRA”) and the Securities Investor Protection Corporation (“SIPC”). Acorns Pay, LLC (“Acorns Pay”) manages Acorns’s demand deposit and other banking products in partnership with Lincoln Savings Bank, a bank chartered under the laws of Iowa and member FDIC. Acorns Advisers, Acorns Securities, and Acorns Pay are subsidiaries of Acorns Grow Incorporated (collectively “Acorns”). “Acorns,” the Acorns logo and “Invest the Change” are registered trademarks of Acorns Grow Incorporated. Copyright © 2019 Acorns and/or its affiliates.

NBC Universal and Comcast Ventures are investors in Acorns Grow Incorporated.