We all work hard for our money. Seeing only scraps of it in your bank account at the end of the month can be really disconcerting, leaving you wondering where it all went. The journey to mastering our finances seems to be a never-ending one, with only 43% of men and 31% of women considering themselves financially knowledgeable.
The least we can do is use every dollar to its full potential. This way, you’ll have more left over for when you’ll inevitably need it. We’ve all made plenty of mistakes in the past with our money but looking back at them is a pointless ordeal. Instead, we should look at ways to maximize our current income and secure our financial future.
Here are five tips that will help you save more – without working more.
Track Your Spending
There’s a reason more and more banks, companies, and app developers are creating spending trackers. Knowing exactly where your money goes is a good way to find out where it shouldn’t go.
Services such as Mint and YNAB allow you to upload your receipts or simply create a link to your bank account. From there, you can get a detailed overview of your spending habits, as well as advice on how to better handle your money.
Set up an Automatic Transfer to Your Savings
Come payday, putting cash aside can be difficult knowing that you’re not supposed to spend it any time soon. With an automatic transfer, the bank does it for you. It’s a great way to have more accountability to save. Just think of how quickly the numbers will add up.
Take Advantage of Online Offers
You’ve probably come across a few ways to make cash online in your spare time. Some are worth it, while others offer fairly minimal rewards for the amount of work required. Since we’re only focusing on ways to maximize your money without extra work, we’ll skip the “work online” route this time.
That said, it’s worth taking a look at the countless offers available on the web that can help you save money. Whether it’s a free beauty kit, a $10 gift card or a box of goodies, every item gained is money saved. You can check this website daily for a compiled list of all the best online freebies and offers to make use of.
Use a Rewards Credit Card
Credit cards can be the death of your finances, but some offer more unique structures that can help you earn instead of burn money. The Citi Double Cash Card, for example, offers a 1% return on your purchases and an additional 1% once they’re paid off. It’s basically free money for doing something you’re already doing.
For 18 months, you can benefit from a 0% annual fee and a 0% APR. It would be wise to take your returns and put them towards a savings account. Be sure to do some research and find rewards cards such as this one, as it’s a great way to earn through something that you have to do.
Create an Investment Portfolio the Easy Way
You don’t need to be a Wall Street entrepreneur with a coke white Lamborghini to be a good investor; nor do you need a thousand dollar-plus budget. With investment apps such as Stash, all you need is $5 and a few minutes of time. The coaching tool helps you choose from the hundreds of stocks, bonds, and funds to build your portfolio.
It’s important to see your money as more than just a means of sustaining your lifestyle. Using it as a tool to make more money will help you save for the future and live comfortably knowing that your financial independence is secure. We know you can do it.