With so many of us feeling the pinch at the moment, finding ways to maximize the money that we have is a smart way to both protect and grow our bank balance. With just a few small changes, you may be surprised at just how much harder your money can work for you.From better investments to shopping hacks, we round up some of the simplest ways to get more bang for your buck.
Better Banking
Taking some time to work out how well your bank is working for you is the first step in easily optimizing your reserves. If you have savings or are usually in credit in your checking account, check that the interest rates being offered by your current bank are competitive. Are any charges you’re paying higher than you’d pay with a different bank? Are the online tools available useful and functional?Switching banks is easier than ever before, and - even better - some banks will now even pay you to open an account! If you’re looking for the
best bank in the USA, then be sure to assess things like accessibility, customer service, and the number of physical branches when making your choice. Finding out whether the bank will charge you to use an ATM, as well as checking their anti-fraud credentials, is a good idea, too.
Smart Investing
You can
start investing even if you don’t have much money to play with. One of the best ways to do this is to simply make small contributions to your employer’s retirement fund. You can set the amount you’d like to put in per month, which is also beneficial from a tax standpoint. Plus, some employers will match your contribution, helping this investment to grow over time.Micro-investment platforms are also becoming increasingly popular; these allow for the investment of very small sums of money, which can add up to a significant amount. Be sure to check carefully before investing that the platform or broker is legit before committing any funds.
Shopping Cash-Back
You may be able to
get cash back on your weekly grocery shop, which could equal hundreds of free dollars a year for purchases you would have made anyway. There are a range of cashback sites around now, so have a look at the one which would work best for you and offer you the best rates. Many have introductory deals, which make them extra attractive. Typically, to get your cash back, all you need to do is enter your usual shopping site via the cashback portal, and you’ll receive an amount that represents a percentage of your total spend.It’s not just groceries that you can earn cashback on: from pet food supplies to cosmetics to insurance and even holiday bookings; this is an easy way to make your money go further.
Credit Card Balance Transfer
If you have a bit of debt, you’re probably spending more on monthly interest charges than you need to be. Switching the debt to a 0% interest card can buy you some time without charges to clear the outstanding amount. Though it’s tempting to use the extra wiggle room that the temporary lack of interest charges provides, resist if you can - getting rid of the debt will save you a bundle in interest fees over the course of a year.
Car Sharing
Sign up for a platform or app that’ll let you offer rides to make some money on journeys you’re already taking! Usually, you’ll be asked to input some personal information and then enter the details of the journey you’re planning; other members can then request a lift and will contribute to gas.
Car sharing is both a thrifty and eco-friendly way to get from A to B, and if you set up a weekly arrangement with the same folk wanting to go to the same destination as you to work every day, it could be a lucrative one, too!Safety is paramount, however. Choose a reputable platform that puts safety first, and ensure you read and follow the safety guidelines carefully.
Ask for a Discount
Whether you’re buying a new appliance for your kitchen or a techy gift, it’s always worth asking the retailer or company if they’re prepared to offer you a discount. You may be surprised by just how easy it is to get an extra 10% or $25 knocked off the price if the representative thinks there’s a chance you’ll go elsewhere otherwise. If you can’t get any money off, ask about having a freebie thrown in, such as a gratis memory stick for that techy gift or six months of free insurance for your kitchen appliance. Sometimes it really is as simple as simply asking for what you want.
Hacks for a Happier Bank Balance
All of the above tips can be quickly actioned and may add up to big savings. Even committing to trying just a couple of hacks on this list can get your money working hard on your behalf, which means that you’ll be better able to save - or splash out - on more of the things you love!-