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12 Simple Secrets to Help You Boost Your Bank Account

Make these simple money moves to keep your financial goals on track.

By Cat Lafuente

Edited by Michael Kurko

Updated Jan. 22, 2025

Are you just starting on your journey to financial freedom? Perhaps you're fresh out of college or just looking for ways to get ahead financially. Either way, the road ahead may seem daunting and fraught with pitfalls.

Don't sweat it, though, as most folks have to start where you are now. And the good news? There are little things you can do that have a big impact on your bottom line.

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Sign up for your company's 401(k) plan

Arguably, the best and easiest thing you can do to achieve your financial goals is to sign up for your company's 401(k) plan — the earlier, the better.

The idea is that if you save consistently for decades, you'll have a significant chunk of change waiting for you when you retire.

Even if you don't think you can afford it, start small. Even contributing 3% can start you on the path to financial freedom.

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Work with a financial advisor

You don't need to be a financial wizard to get your investments and savings in order, so hire a financial advisor instead.

It's their job to know how to maximize your money and exactly what kind of accounts you need to hit your financial priorities.

Many financial advisors don't require a fee as they're paid out of your investments. That means it will cost you nothing upfront.

Create a budget

If you don't have enough to get the attention of a financial advisor, you can still get a hold of your finances by creating a budget.

This helps you track what you're spending money on, identify ways in which you're wasting it, and make it easier to save money without stressing.

If you're not sure where to start, there are plenty of great budgeting apps out there to give you a leg up.

Get a free stock valued between $5 to $200

Secret: You don't need thousands of dollars to buy thousand-dollar stocks or create a diverse portfolio.

Robinhood offers a method of investing called “fractional shares.” On its own, one share of a single stock could cost a lot of money, making it difficult to diversify. Robinhood allows you to buy pieces of stock instead, so you have the option to build a diverse portfolio quickly.

Let’s say you want to invest $250, as an example.

With that amount, you could build a relatively diverse portfolio with an investment of $50 in a big tech stock, $50 in a retail stock, $50 in an energy stock, $50 in a manufacturing stock, and $50 in a bank.¹ This content is for informational purposes only, you should not construe any such information as legal, tax, investment, financial, or other advice. To get stock reward, new customers need to sign up, get approved, and link their bank account. Stock rewards shares cannot be sold until 3 trading days after the reward is granted and the cash value of the stock rewards may not be withdrawn for 30 days after the reward is claimed. Stock rewards not claimed within 60 days may expire. See full terms and conditions at <a href="https://robinhood.com/us/en/support/articles/open-account-pick-your-stock/">rbnhd.co/freestock</a>. Fractional shares are illiquid outside of Robinhood and are not transferable. Not all securities available through Robinhood are eligible for fractional share orders. For a complete explanation of conditions, restrictions and limitations associated with fractional shares, see the Fractional Shares section of our Customer Agreement. Robinhood Gold is offered through Robinhood Financial LLC and is a membership offering premium services available for a fee.

Even better news? Add a Robinhood Gold membership, and you’ll get access to 4.00% (as of 12/27/24) APY² Annual Percentage Yield. Rate valid as of April 12, 2024. To earn interest, a cash balance is needed. If you have a margin balance, there is no cash balance to earn interest. Interest rates for cash sweep and margin investing can change at any time. Fees may reduce interest earnings. on your uninvested cash³ Interest is earned on uninvested cash swept from your brokerage account to partner banks. Partner banks pay interest on your swept cash, minus any fees paid to Robinhood. As of Nov 15, 2023, the Annual Percentage Yield (APY) that you will receive is 1.5%, or 5% for Gold customers. The APY might change at any time at the partner banks' or Robinhood's discretion. Additionally, any fees Robinhood receives may vary and are subject to change. Neither Robinhood Financial LLC nor any of its affiliates are banks. All investments involve risk and loss of principal is possible. Robinhood Financial LLC (member SIPC), is a registered broker dealer. and the ability to buy and sell stocks 24 hours a day, 5 days a week.

Open and fund a Robinhood account and earn up to $200 in stock

Invest in the stock market

This is crucial if you want to build wealth, as checking and savings accounts don't give you nearly the same return on your investment. Neither does making stacks of cash under your proverbial mattress.

As with budgeting, there are also easy-to-use investing apps that can help you get started. Just don't treat apps like a casino and research carefully.

Write your goals down

Do you have a bucket list vacation that you dream about? Or maybe you want to retire early and travel the world?

As lofty as these goals may be, they are attainable. Writing them down or making a vision board can help you see the goal you want to achieve.

This also serves as a reminder when you want to spend money on something else and can help you beat back temptation and focus on the prize.

Break your goals into steps

If your goals are too intimidating or seem impossible, try breaking them into smaller steps so they become more achievable over time.

For example, instead of landing a job that pays you more money, focus on sending your resume out once a week.

Or, instead of saving 20% of your income, commit to saving any amount at all. Either way, that's progress you can take to the bank.

Grow Your $$: 11 brilliant ways to build wealth after 40

Set up an automatic savings plan

Often, the best way to save money without fail is to set it up automatically, as you would with a 401(k). This way, the money gets moved without you having to think about it.

In time, you might not even notice that it's gone. You can then use the savings to meet your priorities.

Again, some apps can help you get started, such as rounding up change and saving it or allocating a flat monthly deposit.

Shop smarter across the board

If you don't strategically plan out your shopping trips — be they to the grocery store or the clothing store — there's a good chance you're spending too much money.

So make a list no matter where you're going and stick to it. Also, look for sales and don't buy what you don't need.

Signing up for a bulk warehouse membership such as Costco is another way to save, as buying in bulk is almost always a better deal. Finally, opt for generic brands, which are usually cheaper.

Shop around for insurance

It's tempting to sign up for your home and auto insurance and let auto-renew handle the rest.

However, if you do that, you're potentially missing out on cheaper plans — which may have better benefits, too.

So take the time to shop around when your plan is up for renewal. This may also apply to health insurance depending on your plan, needs, and options.

Earn up to a $300 bonus and grow your money with up to 3.80% APY

This powerful combination checking + savings account from SoFi® allows you to earn up to a $300 bonus with direct deposit and grow your money with up to 3.80% APY.⁴ New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/2026. See full bonus and annual percentage yield (APY) terms at <a href="http://www.sofi.com/banking#1">sofi.com/banking#1</a>. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC. SoFi members who enroll in SoFi Plus with Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi Plus members are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of Jan. 24, 2025. There is no minimum balance requirement. Additional information can be found at <a href="http://www.sofi.com/legal/banking-rate-sheet">http://www.sofi.com/legal/banking-rate-sheet</a>. See the SoFi Plus Terms and Conditions at <a href="https://www.sofi.com/terms-of-use/#plus">https://www.sofi.com/terms-of-use/#plus</a>.

This is one of the top accounts we’ve seen, and offers like this can be rare. You work hard, and now it’s time to make your money work for you — with SoFi, you can grow your money with hardly any effort!

SoFi has no account fees⁵ We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at <a href="http://sofi.com/legal/banking-fees/">sofi.com/legal/banking-fees/</a> or overdraft fees⁶ Overdraft Coverage is limited to $50 on debit card purchases only and is an account benefit available to customers with direct deposits of $1,000 or more during the current 30-day Evaluation Period as determined by SoFi Bank, N.A.  The 30-Day Evaluation Period refers to the "Start Date" and "End Date" set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the "30-Day Evaluation Period"). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY.  Members with a prior history of non-repayment of negative balances are ineligible for Overdraft Coverage. and additional FDIC insurance up to $3 million on deposits is available through a seamless network of participating banks.⁷ SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC’s regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at <a href="http://sofi.com/banking/fdic/sidpterms">SoFi.com/banking/fdic/sidpterms</a>. See list of participating banks at <a href="http://sofi.com/banking/fdic/participatingbanks">SoFi.com/banking/fdic/participatingbanks</a>. Plus, you can receive your paycheck up to 2 days early.⁸ Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.

How to earn up to $300: Sign up and make a direct deposit within the first 25 calendar days of the promotional period, then collect a $300 cash bonus with a direct deposit of $5,000 or more.

SoFi is a Member, FDIC. ⁷ SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC’s regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at <a href="http://sofi.com/banking/fdic/sidpterms">SoFi.com/banking/fdic/sidpterms</a>. See list of participating banks at <a href="http://sofi.com/banking/fdic/participatingbanks">SoFi.com/banking/fdic/participatingbanks</a>.

Open your SoFi account and set up direct deposit

Pay high-interest debt off first

If you have any high-interest debt, such as from credit cards or a personal loan, prioritize paying it off over other debts.

Don't fall into the trap of only making the minimum payment each month, as that will keep you in more debt for longer.

Speaking of credit cards, if your financial goals involve travel, sign up for a travel credit card with rewards. Just be sure to pay the balance off each month in full.

Utilize your local library

It's common knowledge that if you read a lot of books, borrowing them from the library will save you money as they're free with a library card.

But that's not all your local library offers. They also may have free streaming content, museum passes, musical instruments, and more.

Libraries also often offer professional development courses and seminars, which can save you money and help you hit those financial goals.

Visit your primary care doctor annually

What does going to the doctor have to do with your financial priorities? A lot, actually, as this gives you the chance to stop smaller issues from becoming bigger, far costlier problems.

For example, you can screen for conditions like pre-diabetes and stop things from progressing. This will keep you healthy, which in turn means you can work, continue making money, and live your best life.

Supercharge your investments: See what could happen if you add fine art to your investment portfolio

Bottom line

Saving to achieve your financial goals can be scary at first. However, with patience and consistency, you can make smart money moves that will turn your financial dreams into a reality.

Also, know that your financial goals may change over the life course as you move up in your career and grow older as a person. So be flexible and open to the possibilities.

More from FinanceBuzz:

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