Want to grow your savings? Here are some financial tactics that can boost your balance in short order…
1. Get Your Paycheck Early
Counting down the days until payday? Same here.
If you’re fed up with waiting, think about switching to a bank that deposits your pay sooner.
Unlike many traditional banks, Chime doesn’t hold off until the official pay date to give you access to your funds. Once it receives notice of a direct deposit from your employer, it posts the money to your account right away — meaning most people can receive their pay up to two days earlier!
Having your pay a couple of days ahead of schedule could be the difference between borrowing from relatives — or worse, resorting to a payday loan.
2.Knock Up To $715/Year Off Your Car Insurance in Minutes
When was the last time you shopped around for car insurance? It’s likely you’re paying way more than necessary on your current plan.
If it’s been more than six months since your last insurance comparison, it’s time to take another look.
Using an online marketplace like SmartFinancial could reveal rates as low as $22 per month — potentially saving you over $700 a year.
It takes just a minute to get multiple quotes, so you can compare the best offers side-by-side. In only sixty seconds you might shave $715 off your expenses this year. That’s a meaningful amount back in your pocket.
If you haven’t checked your car insurance recently, find out how much you could save with a different policy.
3. Lower Your Credit Card Bills
Did you know about 20% of consumers have an error on their credit report that could be dragging down their score? Those lowered scores affect every part of your financial life.
A poor credit score can force you to pay higher interest on credit cards month after month. But that’s not all — you’ll often be subject to a credit check when signing a lease, renting a car with a debit card, or buying a new phone.
That’s why we recommend starting with a look at your credit score — especially from a source that alerts you to issues you should address.
Even better if the service is free.
The credit report card fromCredit Sesame does exactly that, and it won’t cost you a cent.The report outlines outstanding debts and any delinquencies.Plus, it tells you precisely which actions to take to quickly raise your credit score.
4. Invest Your Spare Change — and Get a $5 Bonus
If you’d like your money to work for you without much effort, consider opening an investment account with Acorns.
You can begin with a tiny amount — even $5 — and accumulate spare change using its “round-up” tool. That means if you spend $10.23 at the store, 77 cents is transferred to your Acorns account.
From there, the app handles the investing for you.
The concept is that you won’t miss the digital loose change, and those automatic contributions add up quicker than you’d expect. The earlier you begin, the more you could potentially grow your balance. For instance, Savinly reader Dana Sitar managed to save at a pace that would let her tuck away $420 annually.
At that rate, you could accumulate $1,000 in about two and a half years — without trying too hard.
But the flexibility is key: Acorns lets you pick your own rhythm, so if you want — and can afford — to reach $1,000 sooner, you have that option.
The app costs $1 per month for balances under $5,000, and you’ll receive a $5 bonus when you enroll.
5. Invest in Real Estate (Even If You’re Not Wealthy)
Interested in real estate investing without the headaches of being a landlord? There’s a platform that helps you do just that.
And you don’t need a huge nest egg. You can begin with a minimum of just $500. Fundrise takes care of the operational work for you.
With theFundrise Starter Portfolio, your funds are allocated across two portfolios that back private real estate projects across the United States.
This isn’t an opaque investment — you can view the specific properties in your portfolios, such as a collection of townhomes in Snoqualmie, Washington, or an apartment complex in Charlotte, North Carolina.
You can generate returns through quarterly dividend distributions and potential appreciation in share value, similar to stocks. Cash flow generally comes from interest payments and property income (for example, rent).
(Keep in mind: All investments carry risk. While Fundrise has made quarterly distributions since at least Q2 2016, neither dividend nor principal payments are guaranteed.)
You’ll be charged a 0.85% annual asset management fee and a 0.15% annual advisory fee.
