When life gets busy, the last thing you probably care to deal with is canceling an unused subscription, budgeting, making appointments or paying surprise bills. But procrastinating can make the chore feel more daunting and perpetuate the cycle of not wanting to do it at all.
So, how do you bypass the intimidation of starting? You throw a party.
No, seriously. Recently, people have taken to social media to share their experiences with “admin nights” — gatherings of friends to tackle the administrative life tasks they’ve been delaying. The idea is that the group will hold you accountable while they also work on similar assignments. The Wall Street Journal reported on the concept in November, and since then, people have taken to social media to share their experiences.
If getting your finances in order has been on your to-do list, here are some action items to consider and the tools that can help at your next admin night.
Create a budget
An admin night is the perfect excuse to swap budgeting tips with friends. It’s a low-pressure way to get a better handle on your spending, and you can learn what money habits work for others.
For automating budgeting, we personally love apps like Monarch and You Need A Budget (YNAB). Monarch’s interface is easy to navigate and the app offers a 7-day free trial. Meanwhile, YNAB focuses on the zero-based budgeting method, which requires assigning a “job” to every dollar so nothing goes unaccounted for.
Monarch
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Cost
$8.33/month (billed $99.99 annually); $14.99/month (billed monthly) – get 50% off your first year with code CNBC50
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Free trial
7-day free trial is available before subscribing
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Standout features
Net worth tracker, investment portfolio tracking, goal creation and progress tracking, budgeting and expense tracking
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Categorizes your expenses
Yes, but users can modify
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Links to accounts
Yes, bank and credit cards, as well as IRAs, 401(k)s, mortgages and loans
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Availability
Offered in both the App Store (for iOS) and on Google Play (for Android); web version also offered
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Security features
Utilizes industry-leading security practices, according to Monarch’s website
Pros
- Easy-to-navigate money-tracking dashboard, including a net-worth tracker
- Easily syncs to your bank, credit cards and other financial accounts
- Users can add collaborators for free
- Seven-day free trial
Cons
- Subscription is pricier than competitors
- Recommendations in the “advice” tab are generic
You Need a Budget (YNAB)
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Cost
34-day free trial then $109 per year ($9.08 per month) or $14.99 per month (college students who provide proof of enrollment get 12 months free)
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Standout features
Instead of using traditional budgeting buckets, users allocate every dollar they earn to something (known as the “zero-based budgeting system” where no dollar is unaccounted for). Every dollar is assigned a “job,” whether it’s to go toward bills, savings, investments, etc.
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Categorizes your expenses
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Links to accounts
Yes, bank and credit cards
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Availability
Offered in both the App Store (for iOS) and on Google Play (for Android)
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Security features
Encrypted data, accredited data centers, third-party audits and more
Pros
- Offers a 34-day free trial, and college students get 12 months free
- Designed to help you get out of debt
- YNAB website claims average user saves $600 in their first two months and $6,000 in their first year
- Syncs to your bank accounts and credit cards
- Users can set goals, customize spending categories
- Offers educational resources, such as budgeting advice and free, live workshops
- Personal customer support
- Security features include encrypted data, accredited data centers, third-party audits and more
Cons
- Costs $109 per year or $14.99 per month
- Customer reviews note that it takes longer to set up than other apps
Pay a credit card bill
Make paying your credit card a task you do at admin night. Even if you already have autopay set up for the month, paying your credit card twice a month can actually boost your credit score.
And, while you’re at it, this would be a good time to chat with friends about any credit card hacks they use. How are they cashing in points or miles? Is there a credit card someone’s using that you think would fit your dining out or travel habits?
Cancel a subscription
You can either spend time manually canceling unused subscriptions or use a service like Rocket Money or Trim to help you identify and cancel them.
Rocket Money can be used for free to identify potentially unwanted subscriptions but you’ll have to upgrade to the premium version to have the service cancel them for you. Trim features a bill negotiation feature, so if you have a monthly payment you can’t get rid of but would love to save money on (like your Wi-Fi bill or phone bill), you can use Trim to help lower the monthly cost.
Rocket Money
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Cost
The basic plan is free. Rocket Money Premium is $7 to $14 a month with a 7-day free trial. Bill negotiation services cost 35% to 60% of the first-year savings, if the negotiation is successful.
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Standout features
Easily cancel unwanted subscriptions, track your spending and credit score, automate savings and get help lowering bills. Rocket Money Premium includes additional services like net-worth tracking, credit reports and a subscription cancellation concierge service
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Security
Rocket Money accesses transaction data via an encrypted token, uses Plaid API so user credentials are never stored, provides bank-level 256-bit encryption and hosts servers on Amazon Web Services
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Availability
Offered online and on both the App Store (for iOS) and on Google Play (for Android)
Pros
- Allows you to easily view and cancel unwanted subscriptions
- Offers a free version
- A+ from Better Business Bureau
Cons
- Nonrefundable bill negotiation fee can be up to 60% of savings
- Premium pricing varies
Trim by OneMain
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Cost
Free. Bill negotiation service costs 33% of any savings you receive.
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Standout features
Trim finds and cancels subscriptions for free, suggests less expensive auto insurance and offers bill negotiation services for a fee. Trim Simple Savings is a high-yield savings account with a 4% annualized bonus on your first $2,000 in savings.
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Availability
Trim is not available in the Apple Store or Google Play. Users communicate with agents via SMS text or Facebook Messenger.
Pros
- Free service with a user-friendly interface
- Can identify and cancel streaming services, gym memberships and phone, internet and cable bills
- Uses 256-bit SSL encryption and two-factor authentication for added security.
Cons
- No mobile app
- Limited customer service options
Respond to your financial advisor
If you’ve been putting off that email to your financial advisor, admin night is the time to get it done. Brainstorm with friends to get ideas of what you can ask: How do I save for my wedding next year? Is it a good idea to use my 401(k) to buy a house?
Find a financial advisor
On the flip side, if you don’t already have a financial advisor but you’ve been thinking about getting one, this could be an opportunity to begin your research. Does anyone else at admin night use one? You can reference the National Association of Personal Financial Advisors (NAPFA) to search for a professional near you, or see if the institutions you bank with offer this service to customers.
Open a high-yield savings account (and make your first deposit)
- Strong APY on savings balances
- No minimum deposit or balance required for savings
- No monthly fees
- Free ATM card with unlimited withdrawals
- Free transfers between direct deposit accounts
- Online and SMS banking available
- Mobile check deposits
- Security features include fraud and anti-virus protection, SSL encryption for connection, automatic logouts after inactivity
- Potential overdraft fee, though overdraft protection is offered
- Certain types of withdrawals and transfers may be limited
- $10 excessive transaction fee per transaction over 6/month
- No physical branch locations
Marcus by Goldman Sachs High Yield Online Savings
Goldman Sachs Bank USA is a Member FDIC.
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Annual Percentage Yield (APY)
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Minimum balance
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Monthly fee
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Maximum transactions
At this time, there is no limit to the number of withdrawals or transfers you can make from your online savings account
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Excessive transactions fee
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Overdraft fee
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Offer checking account?
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Offer ATM card?
Pros
- Strong APY
- No minimum balance or deposit
- No monthly fees
- No limit on withdrawals or transfers
- Easy-to-use mobile banking app
- Offers no-fee personal loans
Cons
- Higher APYs offered elsewhere
- No option to add a checking account
- No ATM access
Once you open your account, make your first deposit. It’s usually as simple as connecting an external checking account and making a transfer.
Check your credit score
If your friends are the competitive type, make it a fun game to see who has the highest credit score. Most big banks offer a service to easily check your credit score on its app.
Experian Boost®
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Cost
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Average credit score increase
13 points, though results vary
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Credit report affected
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Credit scoring model used
Results will vary. See website for details.
Maintaining a healthy credit score means you can qualify for favorable loan terms, such as low interest rates and no co-signer requirements.
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Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the Select editorial staff’s alone, and have not been reviewed, approved or otherwise endorsed by any third party.
