Right now, most of us are staying inside, only stepping out for essentials like groceries or a quick walk.
And that’s exactly what we should be doing — what we must be doing — to help flatten the COVID-19 curve. Still, we get it: cabin fever is real. There are only so many plank challenges you can share on Instagram before your core cries mercy.
That’s why we put together a short 24-minute money challenge. It’s ideal for anyone grounded at home and feeling uneasy about the economy and their own finances. Spend 24 minutes on this and you’ll walk away feeling accomplished.
Ready to dive in? When you finish, pass it to a friend — hopefully they’ll stop tagging you in that endless plank contest.
1. Stop Overpaying on Recurring Bills (2 Minutes)
Monthly bills feel permanent, right? Like unavoidable expenses you just accept.
Not so fast.
Chances are, you can shave costs from several of your regular payments, freeing up cash for more important needs during this stressful stretch.
Car insurance is the simplest one to tackle first. Experts recommend comparing policies every six months, but let’s be honest — how often do any of us actually do that?
If it’s been longer than six months since you shopped around for car coverage, it’s time to check again.
Using a digital marketplace like SmartFinancial, you might find rates as low as $22 per month — potentially saving more than $700 annually.
It only takes a minute to get multiple quotes so you can compare the best offers side-by-side. Yep — in about 60 seconds you could be on track to save roughly $715 this year. That’s real money back in your wallet.
If you haven’t priced out car insurance recently, see how much you could reduce your rate with a new policy.
2. Let This Site Handle Your Credit Card Balances (2 Minutes)
If you carry credit card debt, you know the stress: sky-high interest, nagging payments, and the fear you’ll never be free.
Meanwhile, your card issuer is content to keep collecting interest. But now is a smart time to act. A service called AmOne can help.
If your total credit card balances are $50,000 or less, AmOne can connect you with a lower-interest personal loan to consolidate those debts.
The upside? You end up with a single monthly payment. Personal loans often carry much lower interest (AmOne rates start near 2.49% APR), helping you pay off balances sooner.
You don’t need to visit a bank or wait on hold — you can do everything online from your couch. Worried about eligibility? It’s free to check.
Spend two minutes to see if you can speed up your debt payoff by years.
3. Score a $5 Amazon Gift Card for 5 Short Surveys (10 Minutes)
As we minimize outings, many of us will likely place more Amazon orders. That means we’re following social distancing correctly — but it could dent our budgets.
To soften the blow, grab a free $5 Amazon gift card from MyPoints.
MyPoints is a market research platform that pays you to answer brief surveys about products and services you use. In return, you receive gift cards. Everything’s mobile-friendly, so you can participate from your phone.
So far, MyPoints has awarded users more than $236 million in gift cards.
To get a $5 Amazon card, sign up and finish your first five surveys. Then, while you’re relaxing on the couch watching shows, take a few extra surveys to keep earning.
4. Finally Tackle Life Insurance (5 Minutes)
Buying life insurance is something many of us keep meaning to do. You worry about how your loved ones would manage without your income — who would cover the bills, or how the kids would be supported?
With life slowed down, it’s a great moment to cross this off your list.
A company called Bestow makes the process quick — roughly five minutes — and premiums can start around $20 a month.* Plans are adjustable or cancelable anytime. And the peace of mind that comes from knowing your family is protected is invaluable.
If you’re under 54 and want a speedy quote without a medical exam, aggressive sales pitches or leaving the couch, get a free quote from Bestow.
You’ll sleep easier once you’ve finally handled this.
5. Scan Your Credit Report for Mistakes (3 Minutes)
By now you know how vital your credit score is — it affects major purchases down the road like a home or car. But when was the last time you reviewed your report?
There could be an error dragging your score down. The FTC found that one in five reports contain mistakes.
With extra time available, check your report for free at Credit Sesame. It reveals your credit score and helps you spot inaccuracies. If you find a mistake, Credit Sesame can assist with disputing it.
Salome Buitureria, a working mother in Louisiana, discovered a big error through this method. By using Credit Sesame, she corrected the issue and took steps that lifted her credit score from 524 to nearly 700.*
Want to take a look? Signing up and reviewing your report only takes about three minutes.
6. Open an Investment Account With Just $1 (2 Minutes)
There’s no denying the markets have been volatile lately, but don’t automatically panic. If you already have investments, consider staying the course.
Markets fluctuate — sometimes steeply — but historically they trend upward over long stretches.
If you haven’t begun investing and have a little spare cash, you can start very small. You don’t need thousands to begin; some platforms let you start with $1.1
We recommend Stash because it offers hundreds of stocks and funds to build a portfolio, while simplifying choices by grouping options around your goals. Want to play it safe for now? Fine. Want to try moderate or aggressive approaches? That’s an option too.
Stash allows fractional-share investing, so you can buy pieces of expensive stocks and funds you otherwise couldn’t afford.
Sign up now (it’s a two-minute process) and Stash will give you $5 after you deposit $5 into your investment account. Monthly plans start at $1.2
*LikeBuitureria,60% of Credit Sesame members see some improvement in their credit score; half see at least a 10-point gain, and one-fifth experience at least a 50-point rise after 180 days.
Credit Sesame does not guarantee any specific results, and some users may see declines. Score changes depend on many factors including timely bill payments, low balances, limited credit inquiries, sound financial planning and improved credit habits.
1For securities priced above $1,000, fractional purchases start at $0.05.
2You’ll also incur standard fees and expenses associated with ETFs in your account, plus fees for certain ancillary services charged by Stash and the custodian.
The Penny Hoarder is a Paid Affiliate/partner of Stash. Investment advisory services offered by Stash Investments LLC, an SEC registered investment adviser. This information is provided for educational purposes and isn’t investment, legal, accounting or tax advice. Investing carries risk.
*Bestow: Policies are issued by Bestow Life Insurance Company, Dallas, TX on policy form series BLI-ITPOL. Bestow life products may not be available in every state. Policy limitations or restrictions may apply. Not offered in New York. Our application asks lifestyle and health questions to determine eligibility to avoid requiring a medical exam. Prices begin at $10/month based on an 18-year-old male rated Preferred Plus NT for a $100k policy for a 10-year term. Rates will vary after underwriting review.
