We’ve changed our social routines, our work setups and even our eating patterns. (Personally, I’ve never baked so much banana bread in my entire life.)
We’ve also had to rethink how we manage our money. Those little nuggets of financial advice we grew up hearing? Some of them feel pretty outdated right now.
Here’s which tips have lost their edge — and smarter approaches to help you financially navigate 2020:
Outdated Advice 1: Hire an Adviser to Design the Perfect Investment Plan for You
Financial advisers can be useful, but they often come with hefty fees, which many of us can’t casually afford these days. That said, investing remains important, so finding a way to grow your savings is crucial.
If you haven’t begun investing and have a bit of spare cash, you can start modestly. Investing doesn’t require tossing thousands into full shares. In fact, you can begin with as little as $1.*
We recommend Stash, because it allows you to pick from hundreds of stocks and funds to create your own portfolio. It simplifies the process by organizing options into categories tied to your personal objectives. Want to invest conservatively for now? That’s perfectly fine. Want to take on moderate or aggressive risk? That’s your call.
Also, Stash lets you buy fractional shares, so you can invest in funds you otherwise couldn’t afford.
If you sign up now and finish the short financial goals survey, Stash will credit your account with $5 after you fund it. Subscription plans begin at $1 per month.**
Outdated Advice 2: Don’t Waste Time Watching TV — Hustle Instead
If we said you could earn money while watching clips on your computer, you might think we’re kidding.
Sounds too good to be true, right?
But it’s real. By creating a free account with InboxDollars, you could add up to $225 a month to your wallet. They’ll send you short surveys daily, which you can complete while watching someone bake brownies or catching the latest reality TV drama.
No, InboxDollars won’t replace a full-time salary, but it’s an easy side hustle you can do while lounging on the couch tonight, scrolling on your phone.
Unlike many platforms, InboxDollars pays in cash — no points or store cards. It’s already paid users over $56 million.
Signing up takes about a minute, and you’ll get an instant $5 bonus to kick things off.
Outdated Advice 3: Keep Your Emergency Fund Only for Helping Family
It feels like every day is a storm these days. How are you supposed to stash money into an emergency fund when you’re tapping it monthly?
You still need to prepare for what’s ahead, which is why life insurance matters more now than ever.
Have you considered how your family would cope without your income if something happened to you? How would they cover bills? Finance the kids’ education?
You’re probably thinking: I don’t have the time or money for that, especially right now. But applying can take just minutes — and you could leave your loved ones up to $1.5 million with a company called Bestow.
Premiums start around $20 per month.* The tranquility of knowing your family is cared for is invaluable.
If you’re under 54 and want a quick life insurance estimate without a medical exam or leaving the couch, get a free quote from Bestow.
Outdated Advice 4: Stick with Loyalty Discounts
Some insurers reward long-time customers or returning clients with discounts, which can be a nice reason to stay put.
But while a loyalty reduction might shave a few dollars off your monthly bill, there could be other companies offering identical coverage for far less. We’re talking hundreds of dollars saved annually.
That said, shopping for auto insurance is tedious, which is why we like using a free online marketplace like SmartFinancial. You could find rates as low as $22 per month — saving more than $700 a year.
It takes a minute to receive quotes from multiple insurers so you can compare the best prices side-by-side. Yep — in just one minute you might save $715 this year. That’s real money back into your pocket.
If you haven’t reviewed your car insurance recently, check what a new policy could save you.
Outdated Advice 5: Concentrate on Paying Off One Debt at a Time
Carrying credit card balances can feel oppressive even in normal times. Add a global pandemic and mass layoffs, and stress skyrockets.
And the reality is, credit card companies don’t look out for you. They profit from high interest. But a service called AmOne aims to help.
If your credit card balances total $50,000 or less, AmOne can match you with a low-interest loan to consolidate and pay off all your cards.
The upside? You’ll have a single monthly payment. And because personal loans typically come with lower interest rates (AmOne rates begin at 3.99% APR), you can pay down debt much faster. Plus: No credit card bill this month.
AmOne keeps your details private and secure, which likely contributes to its A+ rating with the Better Business Bureau after two decades in business.
It takes two minutes to see if you qualify for up to $50,000 online. You must provide a real phone number to apply, but don’t worry — they won’t flood you with calls.
Jordan Blake ( [email protected] ) is a staff writer at Savinly.
*For securities priced above $1,000, purchase of fractional shares begins at $0.05.
**You’ll also incur standard fees and expenses reflected in the pricing of the ETFs in your account, plus fees for various ancillary services charged by Stash and the custodian.
Savinly is a Paid Affiliate/partner of Stash. Investment advisory services offered by Stash Investments LLC, an SEC-registered investment adviser. This material is provided for informational and educational purposes only and is not intended as investment, legal, accounting, or tax advice. Investing involves risk.
*Bestow: Policies are issued by Bestow Life Insurance Company, Dallas, TX on policy form series BLI-ITPOL. Bestow Life Insurance products may not be available in all states. Policy limitations or restrictions may apply. Not available in New York. Our application asks lifestyle and health questions to determine eligibility to avoid requiring a medical exam. Prices start 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 based on underwriting review.
