Feb. 27 is officially No-Brainer Day.
I know what you're thinking: "Wow, the perfect holiday for me!" I said exactly the same thing.
Let's start with the definition of "no-brainer." It's doing something that is simple, easy, obvious or totally logical. So don't do the activities that require in any mental work.
How does that apply to your finances? I thought you'd never ask.
Here are a few financial no-brainers in honor of No-Brainer Day:
1. Spend less than you earn. Yes, this is a no-brainer. Unfortunately, many people don't practice it. Start reducing expenses by category. Look at each to see if you can reduce or eliminate costs.
2. Pay off credit card debt. Another obvious no-brainer. Pay off your credit cards, especially the high-interest-rate cards. If you can, transfer your balances over to zero-interest offers. Just be careful if you don't get it paid off before the offer expires. You don't want a rate that's 15 to 20 percent!
3. Save 10 percent or more. This is an easy rule of thumb and a complete no-brainer. Save 10 percent or more of everything you earn. Proceed to Step 4 for your no-brainer way to do it.
4. Automate your savings. I wrote about the no-brainer way to do this in a previous post. Turn on automatic transfers from your checking account to your savings or brokerage account or directly deduct them from your paycheck.
5. Get all the match in your 401(k). This is a no-brainer. Why on Earth would you turn down free money? You'd have to have no brain to miss out on this.
6. Don't buy anything at full price. I don't often mention frugality in my articles, but never pay full price for anything. The vast majority of items have some type of sale at some point. If not, just ask for one! You might get it.
Remember, on Feb. 27, don't strain your brain. Do the simple financial stuff that doesn't require too much mental heavy lifting.
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