What you do with your money can greatly impact your financial situation throughout your entire life. Making the wrong moves can leave you feeling stuck and cause unnecessary financial burdens.
But when you make smart money moves, you can change your financial situation and make your life that much easier.
Even if you think you are not in a position to do much now, these smart moves will have you ready to move ahead when the time is right.
If you’re over 50, take advantage of massive discounts and financial resources
Over 50? Join AARP today — because if you’re not a member you could be missing out on huge perks. When you start your membership today, you can get discounts on things like travel, meal deliveries, eyeglasses, prescriptions that aren’t covered by insurance and more.
How to become a member today:
- Go here, select your free gift, and click “Join Today”
- Create your account (important!) by answering a few simple questions
- Start enjoying your discounts and perks!
Important: Start your membership by creating an account here and filling in all of the information (Do not skip this step!) Doing so will allow you to take up 25% off your AARP membership, making it just $15 the first year with auto-renewal.
Invest in stocks and real estate
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Making investments now could provide big returns in the future. This can help your retirement savings last longer, help you supplement Social Security benefits, and help combat the effects of inflation.
But investing in stocks and real estate requires knowledge and a strategy. If you rush into investing without an understanding or a plan, you could end up losing money instead. You can start by reading, listening, and learning about investing while putting aside some money to get started with.
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Make your savings automatic
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Making your savings automatic will ensure your savings account grows as it should. Many banks allow you to save a portion of your paycheck when it's deposited. Your employer might offer this as well via a direct deposit form.
Having a portion of your income automatically allocated to savings will eliminate the need for you to manually transfer or deposit your money. If you find it difficult to save money, this is a great option that won't feel like a sacrifice.
Strategize for taxes
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No one wants to pay more in taxes than necessary, but if you don't fully understand how tax laws apply to your situation, you could wind up doing just that.
Learn which tax bracket you are in and how your income, expenses, retirement savings, and investing activities can affect your taxes. And if you are self-employed, it's essential to have a thorough understanding of qualifying business expenses.
Working with an experienced CPA can help you write off expenses that lower your tax bill while still reducing your risk of an audit.
Borrow up to $50k to finally crush your debt
If you have thousands in debt and you’re barely making it paycheck to paycheck, you know how suffocating it is. Debt is always on your mind. It controls your life. And even if you make on-time payments, they’re so expensive that you have nothing left over.
A personal loan could help you get out of this situation and lift your monthly debt burden significantly. You could finally pay off all of your debt at once, get rid of the sky-high interest rates, and slash your debt load to one manageable monthly payment.
AmONE is a marketplace where you can find some of the best personal loans available. They match you with loans up to $50,000 with rates as low as 2.49%. That’s better than most credit cards. And easier than draining your bank account every month. Seeing what you qualify for doesn’t affect your credit score, and if you’re approved, you could get money the next day.
Monitor your credit score
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Your credit score is a major component of your financial health. It's a good idea to know your credit score before applying for any loans or credit cards. This will help ensure you get a fair rate and help determine if you should find ways to pay down debt before taking on more.
Regularly checking in on your credit score will also help you catch mistakes. If a debt is reported in error, it's important to dispute it immediately. Collection accounts and missed payments could result in your paying higher interest rates or even having trouble getting credit.
Consult a financial advisor
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A professional can help you make the most of your money and strategize to help you create and execute a financial plan.
Working with a financial advisor or stockbroker can also help you make smarter investments. Consulting these professionals is especially helpful if you aren't sure which investments best align with your goals.
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Compare lenders and rates
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It's not a good idea to accept the first loan offer you receive. Take the time to compare lenders and interest rates before choosing one. You might find you'll save a lot of money by doing so.
Big loans like mortgages aren't the only types you should compare lenders for. Even comparing credit cards can pay off in the end. Don't forget to read through every credit card's terms and conditions when comparing.
Cancel unused services
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Paying for unused services can be a waste of money. People often pay for these services as part of a bundle. It can make for a great deal as long as you use every included item.
But if you're paying for data or a landline you don't use, take the time to see how much you'd save by unbundling.
Other common unused services include streaming subscriptions and gym memberships. Though these amounts can sometimes feel small on their own, they add up quickly.
Build new revenue streams
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You can only do so much with the income you have. Building new revenue streams will give you more money for saving and investing. If you have the time, you could opt for a second job or start a side hustle.
Time is in short supply for many, which is one reason passive income streams have gained such popularity. Some common passive income streams include affiliate marketing, writing ebooks, and renting out properties.
But do your homework before you get involved; some "passive" income streams do not come without a significant time commitment.
Seek out a higher salary
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You might find you can make more money without doing any extra work. With many employers struggling to fill jobs, now is a great time to ask your boss for a raise. If you have an upcoming performance review, you might also negotiate a higher raise than you typically would.
Of course, it's possible your boss won't approve a raise. But in today's tight job market, some employees have chosen to switch companies. This often results in higher pay as employers want to fill positions.
Earn cash back on everyday purchases with this rare account
Want to earn cash back on your everyday purchases without using a credit card? With the Discover®️ Cashback Debit Checking account (member FDIC), you can earn 1% cash back on up to $3,000 in debit card purchases each month!1 <p>See website for details.</p>
With no credit check to apply and no monthly fees to worry about, you can earn nearly passive income on purchases you’re making anyway — up to an extra $360 a year!
This rare checking account has other great perks too, like access to your paycheck up to 2 days early with Early Pay, no minimum deposit or monthly balance requirements, over 60K fee-free ATMs, and the ability to add cash to your account at Walmart stores nationwide.
Don’t leave money on the table — it only takes minutes to apply and it won’t impact your credit score.
Consider your cost of living
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Cost of living can vary significantly from state to state and even town to town. If relocation has been on your mind, consider factoring in living costs for new areas. Other than housing costs, you should look at food and electricity prices.
Tax laws can also differ in other states. Some may tax your retirement income, while others don't impose a tax on income at all.
Bottom line
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If you want to prepare yourself financially, making these money moves can help. Not everyone wants to pick up another job or take the time to build passive income.
But you can always begin making more with the money you have. Investing wisely and maximizing your worth at work will leave you in a much better financial position this time next year and in the years that follow.
Lucrative, Flat-Rate Cash Rewards
Wells Fargo Active Cash® Card
Current Offer
$200 cash rewards bonus after spending $500 in purchases in the first 3 months
Annual Fee
$0
Rewards Rate
Earn unlimited 2% cash rewards on purchases
Benefits
- Low spend threshold for its welcome offer — $200 cash rewards bonus after spending $500 in purchases in the first 3 months
- Cell phone protection benefit (subject to a $25 deductible)
- Can redeem rewards at an ATM for literal cash
Drawbacks
- Foreign transaction fee of 3%
- No bonus categories
- Apply Now to take advantage of this offer and learn more about product features, terms and conditions.
- Earn a $200 cash rewards bonus after spending $500 in purchases in the first 3 months.
- Earn unlimited 2% cash rewards on purchases.
- 0% intro APR for 12 months from account opening on purchases and qualifying balance transfers. 19.24%, 24.24%, or 29.24% Variable APR thereafter; balance transfers made within 120 days qualify for the intro rate and fee of 3% then a BT fee of up to 5%, min: $5.
- $0 annual fee.
- No categories to track or remember and cash rewards don’t expire as long as your account remains open.
- Find tickets to top sports and entertainment events, book travel, make dinner reservations and more with your complimentary 24/7 Visa Signature® Concierge.
- Up to $600 of cell phone protection against damage or theft. Subject to a $25 deductible.
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