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.
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 Cost
$8.33/month (billed $99.99 annually); $14.99/month (billed monthly) – get 50% off your first year with code CNBC50
Free trial
7-day free trial is available before subscribing
Standout features
Net worth tracker, investment portfolio tracking, goal creation and progress tracking, budgeting and expense tracking
Categorizes your expenses
Yes, but users can modify
Links to accounts
Yes, bank and credit cards, as well as IRAs, 401(k)s, mortgages and loans
Availability
Offered in both the App Store (for iOS) and on Google Play (for Android); web version also offered
Security features
Utilizes industry-leading security practices, according to Monarch’s website
ProsEasy-to-navigate money-tracking dashboard, including a net-worth trackerEasily syncs to your bank, credit cards and other financial accountsUsers can add collaborators for freeSeven-day free trialCons Subscription is pricier than competitorsRecommendations in the “advice” tab are genericYou Need a Budget (YNAB)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)
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.
Categorizes your expensesLinks to accounts
Yes, bank and credit cards
Availability
Offered in both the App Store (for iOS) and on Google Play (for Android)
Security features
Encrypted data, accredited data centers, third-party audits and more
ProsOffers a 34-day free trial, and college students get 12 months freeDesigned to help you get out of debtYNAB website claims average user saves $600 in their first two months and $6,000 in their first yearSyncs to your bank accounts and credit cardsUsers can set goals, customize spending categoriesOffers educational resources, such as budgeting advice and free, live workshopsPersonal customer supportSecurity features include encrypted data, accredited data centers, third-party audits and moreConsCosts $109 per year or $14.99 per monthCustomer reviews note that it takes longer to set up than other appsPay 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?
A Self Financial survey found that nearly 86% of respondents in 2024 had at least one paid subscription that went unused each month. There’s a good chance someone in the room at admin night is paying for something they aren’t using.
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 MoneyCost
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.
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
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
Availability
Offered online and on both the App Store (for iOS) and on Google Play (for Android)
ProsAllows you to easily view and cancel unwanted subscriptionsOffers a free versionA+ from Better Business BureauConsNonrefundable bill negotiation fee can be up to 60% of savings Premium pricing variesTrim by OneMainCost
Free. Bill negotiation service costs 33% of any savings you receive.
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.
Availability
Trim is not available in the Apple Store or Google Play. Users communicate with agents via SMS text or Facebook Messenger.
ProsFree service with a user-friendly interfaceCan identify and cancel streaming services, gym memberships and phone, internet and cable billsUses 256-bit SSL encryption and two-factor authentication for added security.ConsNo mobile app Limited customer service optionsRespond 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?
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)
UFB Portfolio Savings offered by Axos Bank®, a Member FDIC.
UFB Portfolio Savings offered by Axos Bank®, a Member FDIC.
Annual Percentage Yield (APY)
$0, no minimum deposit or balance needed for savings
No monthly maintenance or service fees
Overdraft fees may be charged, according to the terms; overdraft protection available
Pros & consStrong APY on savings balancesNo minimum deposit or balance required for savingsNo monthly feesFree ATM card with unlimited withdrawalsFree transfers between direct deposit accountsOnline and SMS banking availableMobile check depositsSecurity features include fraud and anti-virus protection, SSL encryption for connection, automatic logouts after inactivityPotential overdraft fee, though overdraft protection is offeredCertain types of withdrawals and transfers may be limited$10 excessive transaction fee per transaction over 6/monthNo physical branch locationsMarcus by Goldman Sachs High Yield Online Savings
Goldman Sachs Bank USA is a Member FDIC.
Annual Percentage Yield (APY)Minimum balanceMonthly feeMaximum transactions
At this time, there is no limit to the number of withdrawals or transfers you can make from your online savings account
Excessive transactions feeOverdraft feeOffer checking account?Offer ATM card?ProsStrong APYNo minimum balance or depositNo monthly feesNo limit on withdrawals or transfersEasy-to-use mobile banking appOffers no-fee personal loansConsHigher APYs offered elsewhereNo option to add a checking accountNo 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.
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.
There’s also Experian Boost, which is a free tool that helps you instantly raise your FICO Score. It scans your bank account for on-time payments on things like your cell phone, utilities, rent and insurance to add them to your Experian credit file.
Experian Boost®CostAverage credit score increase
13 points, though results vary
Credit report affectedCredit 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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