Thinking of your finances might often feel stressful, especially if you're worried about if you're doing OK financially.
A quick check of your portfolio may show you that where you stand financially is better than you expected.
So before you worry about any negative outlooks, check out some of the surprising reasons why you might be doing better financially than you think.
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 $12 per year with auto-renewal.
Stocks are lower than a year ago
You may have lamented the red ink on your 401(k) reports as stock markets went down, but that also means you can pick up some solid stocks at bargain prices in 2024.
So if you have some cash that’s been sitting on the sideline, now may be a good time to consider getting back into the market with lower prices and start investing.
Rising interest rates boost your savings
Sure, you may be worried about high interest rates if you’re applying for a loan for a home purchase or car purchase. Those rates, however, can be a good thing for your savings.
The high interest rates may allow you to earn more money on the cash you have sitting in your bank or financial institution.
It also may be a good idea to check on moving some of your cash to a high-yield savings account if you want to maximize any additional earned interest.
The housing market is cooling off
You may have been saving for a new home and wondering when you’ll ever be able to use it for a downpayment. After all, prices have been rising, and you may have been priced out of the market in recent years.
But you may have an opening to buy that home you want as the market has begun to cool off, and the pace of increases could start to slow in 2024 and 2025 even if prices don't decrease significantly.
So give that down payment another look and think about what that can buy you in the area you’re currently searching for a home.
Resolve $10,000 or more of your debt
Credit card debt is suffocating. It constantly weighs on your mind and controls every choice you make. You can end up emotionally and even physically drained from it. And even though you make regular payments, it feels like you can never make any progress because of the interest.
National Debt Relief could help you resolve your credit card debt with an affordable plan that works for you. Just tell them your situation, then find out your debt relief options.1
How to get National Debt Relief to help you resolve your debt: Sign up for a free debt assessment here. (Do not skip this step!) By signing up for a free assessment, National Debt Relief can assist you in settling your debt, but only if you schedule the assessment.
Your side hustle paid off
Side hustles are a great way to make extra money and have become a viable option for some people to boost their bank accounts.
Maybe you discovered your love for a hobby, and you’ve been able to monetize it, or you’ve decided to use your free time to pursue another way to make money outside of your 9-to-5 job.
Even a few extra dollars can help if you’ve been able to turn a profit with your side hustle, so focus on your side hustle's successes and what you can do to make your side hustle continue to work for you.
The labor market is strong
Employers added 3.1 million jobs in 2023, indicating a strong job market. And the average hourly wage in the U.S. continues to go up for employees.
Those statistics could be good news for you if you’re looking for a new job. You may be able to find something else with better pay or benefits as wages increase and you won’t have to worry about excessive competition with a low unemployment rate.
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Cancellation of some student debt
The government has already forgiven $168.5 billion in student debt for 4.76 million borrowers.
It canceled almost $6 billion in student debt for public service workers and another $24 billion in loan forgiveness was approved as part of the Public Service Loan Forgiveness program.
So check and see if you qualified for one of these loan forgiveness programs to help you clear off some debt.
You changed jobs
There may have been a bit of an upheaval in your work life; maybe you changed jobs or perhaps even careers. But you wouldn’t be alone. In fact, the dramatic job switch for many workers was given the name the Great Resignation.
One of the biggest reasons employees gave for making a change was increasing pay. So while you may have been nervous about making a change, that switch to a new job could be paying off for you in your bank account.
Tackling your debt
As your career outlook may have switched in the past few years, it may have helped you find or save some extra cash to put towards chances to crush your debt.
Consider the loan payments you may have paid in the past year that have gotten you closer to getting rid of that loan. And consider credit card debt that you may have been able to knock down recently as well.
Working from home helps you save
You may have been able to save some extra cash if you’ve been working from home in recent years.
And while you may miss the office some days, it’s also a good idea to check your bank account and see how the change in your work environment has helped you financially.
Sit down with your budget to see how much you may have been able to save by not spending money on gas or wear and tear on your car because of a commute. You also might want to factor in the cost of things like lunch or coffee that you’ve been able to save.
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!2
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.
Bottom line
Sometimes it may be frustrating to look at your financial portfolio and wonder if you’re better off financially than you were a few months or a few years ago.
But there are surprising ways that you may have been able to save cash and keep your financial portfolio in check.
It’s also a good idea to spend some time focusing on those positives as you continue to get ahead financially.
Lucrative, Flat-Rate Cash Rewards
FinanceBuzz writers and editors score cards based on a number of objective features as well as our expert editorial assessment. Our partners do not influence how we rate products.
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
- Select “Apply Now” to take advantage of this specific 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. 19.74%, 24.74%, or 29.74% 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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