8 Steps to Start Improving Your Finances Today

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iStock

Feel like your financial future is quickly spiraling out of control? Instead of panicking, take immediate action. Here are eight tips to help you grow your bank account, save cash, cut unnecessary expenses, and improve your overall financial situation today.

1. SET A BUDGET.

This might seem like a no-brainer, but setting a personal budget is the first—and most necessary—step to taking control of your finances. By taking stock of your annual expenses (and curbing them where necessary), you’ll know exactly how much you should save to reach your financial goals. Word to the wise: Spending needs vary from person to person, so it’s hard to offer blanket budgeting advice. However, experts do generally recommend spending less than 30 percent of your total income on rent, utilities, and other housing-related expenses.

2. EAT IN.

If you like to frequently eat out or go to bars, you’re not alone: In 2015, sales at restaurants and bars soared past those at grocery stores for the first time since the government started tracking these figures in 1992. Not surprisingly, this habit costs us big bucks. According to recent figures, the average American spends $232 per month on meals prepped outside the home. If you start cooking your own meals today (feel free to splurge on the occasional night out for special occasions), you’ll easily be on track to saving more than $2000 per year.

3. CANCEL AN UNUSED MEDIA SUBSCRIPTION.

Let’s be honest: How often do you really take advantage of multiple streaming video platforms, watch the extra cable channels you pay for, or read several monthly magazines? Choose just one subscription to cancel today, and wait for the money to slowly start trickling in. The amount may seem minor, but it adds up over time: Paying $8 per month for three years for access to an internet video service comes to nearly $300.

4. SET A FUN SAVINGS GOAL.

Saving up money for something you really want—say, a European vacation—can actually help you conserve your funds in the long run. According to one recent study conducted by French brain researchers, focusing on a delayed reward actually helps you resist minor temptations that might detract you from reaching your goal. If you’re excited enough for your prospective trip, you’ll be more likely to forego wasteful impulse purchases. So go ahead—choose today as the day you start eyeing flights to Italy. Then keep up the good habits once you get back.

5. TAKE ADVANTAGE OF FREE EVENTS.

In 2012, the average American family spent $2827 on entertainment. It’s fun to treat yourself to a movie every now and then, but if you skim your city’s newspaper, you’ll realize there are plenty of activities, ranging from film screenings to museum exhibits, that local groups or organizations offer for free. While making your weekend plans, consider an activity that doesn’t cost you anything. Your wallet will thank you—and a few of your cash-conservative friends likely will, too.

6. WATCH YOUR WALLET ON WEEKENDS (AND PAY DAY).

Wondering why your bank account’s not as full as you’d like it to be? It might be because you go overboard on the purchases when you’re not at your desk, or when you’re feeling flush with cash: According to one poll of Americans’ spending habits, we spend the most during weekends and payday weeks. If you’re trying to take immediate control of your finances, try capping your expenses during these periods.

7. TACKLE YOUR DEBT HEAD-ON.

In 2014, the typical U.S. household had amassed more than $15,000 in credit card debt. Meanwhile, in 2015, the average college graduate with student loans had to pay back more than $35,000. If you’re one of these people, try sitting down today and forming a plan to tackle these debts head-on.

There are two main strategies for busting your debt: the debt snowball and the debt avalanche. With the debt snowball, you focus on your smallest debts first (while continuing to make the minimum payments on all the others). With the debt avalanche, you sort your debts from highest interest rate to lowest and tackle those with the highest rates first (again, while continuing to make the minimum payments). Choose the one that makes the most sense for your unique financial situation.

8. SHOP AROUND FOR BETTER DEALS ON BASIC LIFE EXPENSES.

If you’re spending too much on rent and utilities, try finding a better bargain. By perusing real estate ads, comparing health insurance packages, or asking a customer service rep about pricing options, you’ll get an improved sense of whether you could realistically lower any “necessary” day-to-day expenses.

Take Advantage of Amazon's Early Black Friday Deals on Tech, Kitchen Appliances, and More

Amazon
Amazon

This article contains affiliate links to products selected by our editors. Mental Floss may receive a commission for purchases made through these links.

Even though Black Friday is still a few days away, Amazon is offering early deals on kitchen appliances, tech, video games, and plenty more. We will keep updating this page as sales come in, but for now, here are the best Amazon Black Friday sales to check out.

Kitchen

Instant Pot/Amazon

- Instant Pot Duo Plus 9-in-115 Quart Electric Pressure Cooker; $90 (save $40) 

- Le Creuset Enameled Cast Iron Signature Sauteuse 3.5 Quarts; $180 (save $120)

- KitchenAid KSMSFTA Sifter with Scale Attachment; $95 (save $75) 

- Keurig K-Mini Coffee Maker; $60 (save $20)

- Cuisinart Bread Maker; $88 (save $97)

- Anova Culinary Sous Vide Precision Cooker; $139 (save $60)

- Aicook Juicer Machine; $35 (save $15)

- JoyJolt Double Wall Insulated Espresso Mugs - Set of Two; $14 (save $10) 

- Longzon Silicone Stretch Lids - Set of 14; $13 (save $14)

HadinEEon Milk Frother; $37 (save $33)

Home Appliances

Roomba/Amazon

- iRobot Roomba 675 Robot Vacuum with Wi-Fi Connectivity; $179 (save $101)

- Fairywill Electric Toothbrush with Four Brush Heads; $19 (save $9)

- ASAKUKI 500ml Premium Essential Oil Diffuser; $22 (save $4)

- Facebook Portal Smart Video Calling 10 inch Touch Screen Display with Alexa; $129 (save $50)

- Bissell air320 Smart Air Purifier with HEPA and Carbon Filters; $280 (save $50)

Oscillating Quiet Cooling Fan Tower; $59 (save $31) 

TaoTronics PTC 1500W Fast Quiet Heating Ceramic Tower; $55 (save $10)

Vitamix 068051 FoodCycler 2 Liter Capacity; $300 (save $100)

AmazonBasics 8-Sheet Home Office Shredder; $33 (save $7)

Ring Video Doorbell; $70 (save $30) 

Video games

Nintendo

- Legend of Zelda Link's Awakening for Nintendo Switch; $40 (save $20)

- Marvel's Spider-Man: Game of The Year Edition for PlayStation 4; $20 (save $20)

- Marvel's Avengers; $27 (save $33)

- Minecraft Dungeons Hero Edition for Nintendo Switch; $20 (save $10)

- The Last of Us Part II for PlayStation 4; $30 (save $30)

- LEGO Harry Potter: Collection; $15 (save $15)

- Ghost of Tsushima; $40 (save $20)

BioShock: The Collection; $20 (save $30)

The Sims 4; $20 (save $20)

God of War for PlayStation 4; $10 (save $10)

Days Gone for PlayStation 4; $20 (save $6)

Luigi's Mansion 3 for Nintendo Switch; $40 (save $20)

Computers and tablets

Microsoft/Amazon

- Apple MacBook Air 13 inches with 256 GB; $899 (save $100)

- New Apple MacBook Pro 16 inches with 512 GB; $2149 (save $250) 

- Samsung Chromebook 4 Chrome OS 11.6 inches with 32 GB; $210 (save $20) 

- Microsoft Surface Laptop 3 with 13.5 inch Touch-Screen; $1200 (save $400)

- Lenovo ThinkPad T490 Laptop; $889 (save $111)

- Amazon Fire HD 10 Tablet (64GB); $120 (save $70)

- Amazon Fire HD 10 Kids Edition Tablet (32 GB); $130 (save $70)

- Samsung Galaxy Tab A 8 inches with 32 GB; $100 (save $50)

Apple iPad Mini (64 GB); $379 (save $20)

- Apple iMac 27 inches with 256 GB; $1649 (save $150)

- Vankyo MatrixPad S2 Tablet; $120 (save $10)

Tech, gadgets, and TVs

Apple/Amazon

- Apple Watch Series 3 with GPS; $179 (save $20) 

- SAMSUNG 75-inch Class Crystal 4K Smart TV; $998 (save $200)

- Apple AirPods Pro; $199 (save $50)

- Nixplay 2K Smart Digital Picture Frame 9.7 Inch Silver; $238 (save $92)

- All-New Amazon Echo Dot with Clock and Alexa (4th Gen); $39 (save $21)

- MACTREM LED Ring Light 6" with Tripod Stand; $16 (save $3)

- Anker Soundcore Upgraded Bluetooth Speaker; $22 (save $8)

- Amazon Fire TV Stick with Alexa Voice Remote; $28 (save $12)

Canon EOS M50 Mirrorless Camera with EF-M 15-45mm Lens; $549 (save $100)

DR. J Professional HI-04 Mini Projector; $93 (save $37)

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9 Things Invented By Accident

These sugary summer treats were an accidental invention.
These sugary summer treats were an accidental invention.
Daniel Öberg, Unsplash

Not every great invention was created according to plan. Some, in fact, were the result of a happy accident. In November 2020, the pharmaceutical company AstraZeneca announced that the COVID-19 vaccine it had developed in partnership with Oxford University was 90 percent effective when administered in a dosing regimen they had discovered thanks to some “serendipity.” This wasn't the only unintentional discovery in history, of course. From penicillin to artificial sweeteners, all nine of the everyday items below were invented entirely by accident.

1. Penicillin

On September 28, 1928, Scottish scientist Alexander Fleming discovered that a petri dish of staphylococcus bacteria that had been inadvertently left out on the windowsill of his London laboratory had become contaminated by a greenish-colored mold—and encircling the mold was a halo of inhibited bacterial growth. After taking a sample and developing a culture, Fleming discovered that the mold was a member of the Penicillium genus, and the rest, as they say, is history.

2. Corn Flakes

The two Kellogg brothers—Dr. John Harvey Kellogg and his younger brother (and former broom salesman) Will Keith Kellogg—worked at Battle Creek Sanitarium in Michigan, where John was physician-in-chief. Both were strict Seventh-day Adventists, who used their work at the sanitarium to promote the austere dietary and moralist principles of their religion (including strict vegetarianism and a lifelong restraint from excessive sex and alcohol) and to carry out research into nutrition, and the impact of diet on their patients. It was during one of these experiments in 1894 that, while in the process of making dough from boiled wheat, one of the Kelloggs left the mash to dry for too long and when it came time to be rolled out, it splintered into dozens of individual flakes. Curious as to what these flakes tasted like, he baked them in the oven—and in the process, produced a cereal called Granose. Some later tinkering switched out the wheat for corn, and gave us corn flakes.

3. Teflon

Polytetrafluoroethylene—better known as PTFE, or Teflon—was invented by accident at a DuPont laboratory in New Jersey in 1938. Roy Plunkett, an Ohio-born chemist, was attempting to make a new CFC refrigerant when he noticed that a canister of tetrafluoroethylene, despite appearing to be empty, weighed as much as if it were full. Cutting the canister open with a saw, Plunkett found that the gas had reacted with the iron in the canister’s shell and had coated its insides with polymerized polytetrafluoroethylene—a waxy, water-repellent, non-stick substance. Du Pont soon saw the potential of Plunkett’s discovery and began mass producing PTFE, but it wasn’t until 1954, when the wife of French engineer Marc Grégoire asked her husband to use the same substance to coat her cookware to stop food sticking to her pans, that the true usefulness of Plunkett’s discovery was finally realized.

4. Slinky

In 1943, naval engineer Richard T. James was working at a shipyard in Philadelphia when he accidentally knocked a spring (that he had been trying to modify into a stabilizer for sensitive maritime equipment) from a high shelf. To his surprise, the spring neatly uncoiled itself and stepped its way down from the shelf and onto a pile of books, and from there onto a tabletop, and then onto the floor. After two years of development, the first batch of 400 “Slinky” toys sold out in just 90 minutes when they were demonstrated in the toy department of a local Gimbels store in 1945.

5. Silly Putty

At the height of World War II, rubber was rationed across the United States after Japan invaded a number of rubber-producing countries across southeast Asia and hampered production. The race was on to find a suitable replacement—a synthetic rubber that could be produced inside the U.S. without the need of overseas imports, which eventually led to the entirely unexpected invention of Silly Putty. There are at least two rival claims to the invention of Silly Putty (chiefly from chemist Earl L. Warrick and Scottish-born engineer James Wright), both of whom found that mixing boric acid with silicone oil produced a stretchy, bouncy rubber-like substance that also had the unusual ability of leaching newspaper print from a page (an ability that changing technology has now eliminated).

6. Post-It Notes

Pexels, Pixabay

In 1968, a 3M chemist named Dr. Spencer Silver was attempting to create a super-strong adhesive when instead he accidentally invented a super-weak adhesive, which could be used to only temporarily stick things together. The seemingly limited application of Silver’s product meant that it sat unused at 3M (then technically known as Minnesota Mining & Manufacturing) for another five years, until, in 1973, a colleague named Art Fry attended one of Silver’s seminars and struck upon the idea that his impermanent glue could be used to stick bookmarks into the pages of his hymnbook. It took another few years for 3M to be convinced both of Fry and Silver’s idea and of the salability of their product, but eventually they came up with a unique design that worked perfectly: a thin film of Spencer’s adhesive was applied along just one edge of a piece of paper. After a failed test-market push in 1977 as Press ’N Peel, the product went national as the Post-It note in 1980.

7. Saccharin

In 1878 or '79 (sources differ), Constantin Fahlberg, a chemist studying the properties of oxidized coal tar at Johns Hopkins University in Baltimore, Maryland, discoveredwhile eating his meal one evening that food he picked up with this fingers tasted sweeter than normal. He traced the sweetening effect back to the chemical he had been working with that day (Ortho-sulfobenzoic Acid Imide, no less) and, noting its potential salability, quickly set up a business mass producing his sweetener under the name Saccharin. Although quickly popular (and equally quickly controversial), it would take the sugar shortages of two World Wars to make the discovery truly universal.

8. Popsicles

The first popsicle was reportedly invented by 11-year-old Frank Epperson in 1905, when he accidentally left a container of powdered soda and water, with its mixing stick still inside, on his porch overnight. One unexpectedly cold night later, and the popsicle—which Epperson originally marketed 20 years later as an Epsicle—was born.

9. Safety glass

Safety glass—or rather, laminated glass—was accidentally discovered by the French chemist Édouard Bénédictus when he knocked a glass beaker from a high shelf in his laboratory and found, to his surprise, that it shattered but did not break. His assistant informed him that the beaker had contained cellulose nitrate, a type of clear natural plastic, that had left a film on the inside of the glass. He filed a patent for his discovery in 1909, and it has been in production (albeit in various different forms) ever since.