These 8 simple steps can help better your finances in less than a day (2024)

The Mint app has shut down as of Jan. 1, 2024. For alternatives, check out CNBC Select's ranking of the best budgeting apps.

Time is one of the most precious assets you have, which is why you (probably) would rather avoid spending it on making a budget or filing your taxes or doing any other number of tasks related to maintaining healthy finances.

But you don't have to spend a weekend cooped up with spreadsheets to take better control of your money. Below, CNBC Select shares nine simple, easy actions you can take to better your finances along with a rough estimate (based on our own experience and judgment) of how long each one takes.

Time to open a savings account: 15 minutes

An emergency fund is your financial safety net. Without it, any unexpected expense, such as car repairs or a medical bill, can throw your budget into a state of chaos.

Experts generally recommend having between three and six months' worth of basic living expenses in your emergency fund. This figure may seem unrealistic (particularly if you're already having trouble making ends meet), but it's okay to start small and grow your emergency savings from there. Even a few hundred dollars can make a huge difference sometimes.

The best place to keep your emergency fund is a high-yield savings account. Signing up is a quick process, plus you'll get to take advantage of compound interest on savings accounts. Here are some of CNBC Select's favorite savings accounts to look into:

Time to create your first budget: 2-4 hours

Budgeting apps make the process of organizing your cash flow as simple as it can get. For example, Mint, CNBC Select's favorite free budgeting app, allows you to connect your bank and credit card accounts and neatly categorizes your expenses. You can set (and track) goals and create alerts for big transactions, exceeding the budget, and more.

Creating a budget and making sure your expenses don't outpace your income can take a few hours. But once you're done, all you need is to check it regularly to make sure you're staying on track. That said, you can always adjust your budget if your financial situation changes — for example, if your income increases or you take on a new loan.

Time to sign up for a credit monitoring service: 5 minutes

Your credit is another essential part of your financial life. It affects whether you can get approved for credit cards and loans — from a car loan to a mortgage — and at what terms. It can also play a role when you're applying to rent an apartment or for a job.

The system behind credit scores can sometimes be as clear as mud, but our beginner's guide to credit scores can help you grasp the fundamentals. Once you understand them, you can make your credit work for you.

One of the most important aspects of maintaining good credit is keeping an eye on your credit reports. CNBC Select's top pick among the best credit monitoring services that you can get for free is CreditWise® from Capital One. You'll receive an updated VantageScore credit score from TransUnion weekly. You can use the service even if you're not a Capital One customer — just download the CreditWise app.

If you want to go beyond simply checking your credit score and do something to raise it instead, consider signing up for Experian Boost™. Created by one of the three major credit bureaus, this service connects your telecom and utility accounts to your Experian credit report, ensuring your on-time payments will help raise your credit score with the reporting bureau.

Time for brainstorming: 1 hour

Whether you're saving for a down payment or your next vacation, let your goals inspire you and help you stick to your budget. Maybe you're trying to become debt-free, open a business or increase your income. Consider which goals you can achieve in the short term and which ones require a longer game plan. Brainstorm the steps you need to take and let them dictate your financial decisions.

Subscribe to the CNBC Select Newsletter!

Money matters — so make the most of it. Get expert tips, strategies, news and everything else you need to maximize your money, right to your inbox.Sign up here.

Time to set up an automatic transfer: 5 minutes

One of the best ways to supercharge your savings is to automate them.

Automating your savings means having a portion of your paycheck automatically sent to your savings account. Alternatively, you can set up regular transfers from your checking account. This cuts down the chances of spending money you meant to save since it's less accessible in your savings account. Plus, you might even feel less guilty splurging every once in a while as you'll know you've already taken care of your saving goals.

Time to set up 401(K) contributions: 10 minutes

It's generally recommended to invest 15% of your income in a retirement account, including any employer contribution. At the very least, you want to maximize your employer match to avoid leaving money on the table.

If your employer doesn't offer a 401(k) plan, you can still take steps to hit your retirement savings goals. Look into individual retirement accounts (IRAs). These personal savings plans may allow you to deduct contributions on your taxes. CNBC Select picked Charles Schwab IRA as the best overall IRA and Fidelity Investments IRA as a great choice for beginners.

Time to automate credit card payments: 5 minutes

Credit cards can be an incredible tool to build your credit and earn rewards on your spending. Most of the time, however, these benefits are only worth it if you never carry a balance and avoid interest charges.

If you have credit card debt, make paying it off a priority. Next, get in the habit of using your credit cards like you would a debit card. Only charge what you can afford to pay for right now. Set up automatic payments to always pay off your card in full every month.

Even better, to avoid being hit with a large balance when the statement posts, pay your credit cards more often than once a month. For example, you can check your card accounts weekly and pay off all the posted charges.

Once you're used to treating your credit cards this way, you'll be able to take full advantage of rewards. When used responsibly, rewards credit cards can yield hundreds of dollars in cash back or travel rewards every year.

CNBC Select picked the Chase Freedom Unlimited® as the best cash-back credit card, thanks to its generous rewards of 6.5% cash back on travel purchased through Chase Travel, 4.5% cash back on drugstore purchases and dining at restaurants (including takeout and eligible delivery service), and 3% on all other purchases (on up to $20,000 spent in the first year). After your first year or $20,000 spent, enjoy 5% cash back on travel purchased through Chase Travel, 3% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service, and unlimited 1.5% cash back on all other purchases.

Time to sign up for an investment app: 15 minutes

One area of your financial life that may seem especially overwhelming is investing. It's not as straightforward as, say, savings accounts where your returns are predictable and pretty much guaranteed. And there's definitely a lot to learn for a novice investor.

Luckily, you can always start small with just a few taps on your phone. With investing apps, anyone can get access to the stock market and build their wealth in an affordable way. Beginners can get their feet wet micro-investing through an app like Acorns, which allows you to invest spare change.

Maintaining your financial health requires patience and consistency, but setting the foundation for good money habits can take less than a day if you put your mind to it. After that, all that's left to do is to stay on track and continue growing your personal finance knowledge.

Catch up on CNBC Select's in-depth coverage ofcredit cards,bankingandmoney, and follow us onTikTok,Facebook,InstagramandTwitterto stay up to date.

Read more

For rates and fees of the American Express® Gold Card, click here.

Results may vary. Some may not see improved scores or approval odds. Not all lenders use Experian credit files, and not all lenders use scores impacted by Experian Boost.