If your coronavirus payment has already been spent, we totally get it. At first it felt like hitting the jackpot, but bills for rent, groceries and a steady supply of masks quickly nudged our bank balances back to where they started.
You might be in line for additional stimulus money this year, but the newest proposal is stalled in the Senate and it’s wise not to count on it just yet.
So if that’s your situation, here are seven financial moves to make immediately:
1. Stop Making Minimum Credit Card Payments
If you’re carrying credit card balances, you know the drill — the stress, the sky-high interest rates and the nagging feeling you’ll never get free.
And honestly, your credit card issuer isn’t looking out for you. They’re profiting from steep interest charges. But there’s a service called AmOne that can help.
If your credit card balances total $50,000 or less, AmOne can connect you with a lower-rate personal loan you can use to consolidate and pay off all of your cards.
The upside? You’ll only have one monthly payment to handle. Because personal loans usually come with lower interest, you’ll be on a faster path out of debt. And bonus: no credit card payment this month.
AmOne won’t make you stand in line or talk to your bank. Worried about qualifying? It’s free to check online. It only takes a couple minutes and could shave years off your repayment timeline.
2. Stop Overpaying for Homeowner’s Insurance
There’s a good chance you’re wasting money right now — and it might be on something you don’t even think about much: your homeowners insurance.
You don’t actively dwell on it. You just know you need it, so you assume you’re stuck with your policy, right?
Not so. The reality is you’re likely paying too much. Fortunately, an insurer named Lemonade makes it easy to see how much you could be saving.
Lemonade’s coverage can start as low as $25 a month. And saving money doesn’t mean skimping on protection — Lemonade helps ensure you have the coverage you need.
Just answer a few simple questions about your home to get started.
3. Trim Your Cell Phone Bill to $15/Month
With everything going on, the last thing you should stress about is affording your phone service.
Cell plans can be pricey; the big carriers often charge premium prices and costs seem to keep rising.
One provider is cutting costs, though. During these shaky economic times, a budget wireless carrier called Twigby introduced three new smartphone plans with some of the lowest prices around, beginning at $15 per month.
It worked for Zak Wilson. He used to pay Verizon about $180 a month for two lines. After switching to Twigby, his combined monthly bill fell to $60.
With Twigby you design the plan you want. Every plan includes unlimited texts, and you select how many minutes and how much data you need. Plans also come with free Wi‑Fi calling and texting.
Twigby runs on both Sprint and Verizon networks. You can keep your existing phone, and new users get 25% off their first six months.
4. Earn $225 Watching Short Videos
If someone told you you could earn money while watching clips on your laptop, you might be skeptical.
It 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. They send short surveys regularly that you can fill out while watching a cooking clip or catching up on tabloid fodder.
No, InboxDollars won’t replace a full-time paycheck, but it’s something simple you can do while lounging on the couch tonight.
Unlike many other rewards platforms, InboxDollars pays in cash — not points or gift cards. The site has already paid its users millions.
Signing up takes just about a minute, and you’ll instantly receive a $5 welcome bonus to begin.
5. Receive Up to $500 in Free Stock
If you think you need a lot of cash to begin investing, you’re not alone. The truth is you don’t need much — and you can even snag free stock valued up to $500 if you know where to look.
Whether you have $5, $100 or $800 to spare, you can get started investing with Robinhood.
Robinhood is well-known by now. Beginners and experienced traders like it because it doesn’t charge commissions, and you can trade stocks without fees. Plus, the app is very user-friendly.
The best part? When you download the app and fund your account (which takes only a few minutes), Robinhood deposits a free share of stock into your account. The stock’s value is random — it could be worth anywhere from $5 to $500 — giving your portfolio a helpful boost.
6. Reevaluate Your Car Insurance
When did you last shop around for car insurance? You’re probably paying far more than necessary on your current plan.
If it’s been over six months since you compared quotes, it’s time to look again.
By checking rates on a digital marketplace like SmartFinancial, you could find policies for as little as $22 a month — potentially saving more than $700 a year.
It takes just a minute to get multiple quotes, letting you compare top offers side‑by‑side. In one minute you could discover a savings of $715 this year. That’s serious money back in your pocket.
If you haven’t refreshed your car insurance in a while, see what a new policy could save you.
