You're on a budget, saving money, and trying to do all the smart financial things. But there are a few next-level money moves you can make today that can help you build wealth.
Whether you're looking to reduce your spending further, maximize your savings, or invest in the future, here are 15 underrated ideas to contribute to your financial well-being.
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.
Get a high-yield savings account
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If your hard-earned dollars are still languishing in an account with an interest rate that starts with zero, it's time to switch banks. Rates on savings accounts are frequently topping 4.00% — sometimes more.
For money you plan to park for safekeeping (like your emergency fund), a high-yield savings account makes it easy to earn passive income.
Want to learn how to build wealth like the 1%? Sign up for Worthy to get ideas and advice delivered to your inbox.
Check your subscriptions
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We're all guilty of letting subscriptions we no longer need or want drain our bank accounts. Do a purge every few months and cancel the offerings you don't use.
And if you just signed up for a service with a free trial, set a reminder in your phone to cancel the subscription before you get charged.
Shop around for insurance
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Insurance companies know that applying for insurance coverage is time-consuming and annoying. They bet that you'll put up with rate increases rather than go through the trouble of getting quotes.
If your company raises your rates, don't hesitate to look for the best car insurance rates that fit your needs and budget.
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 <p>Clients who are able to stay with the program and get all their debt settled realize approximate savings of 46% before fees, or 25% including our fees, over 12 to 48 months. All claims are based on enrolled debts. Not all debts are eligible for enrollment. Not all clients complete our program for various reasons, including their ability to save sufficient funds. Estimates based on prior results, which will vary based on specific circumstances. We do not guarantee that your debts will be lowered by a specific amount or percentage or that you will be debt-free within a specific period of time. We do not assume consumer debt, make monthly payments to creditors or provide tax, bankruptcy, accounting or legal advice or credit repair services. Not available in all states. Please contact a tax professional to discuss tax consequences of settlement. Please consult with a bankruptcy attorney for more information on bankruptcy. Depending on your state, we may be available to recommend a local tax professional and/or bankruptcy attorney. Read and understand all program materials prior to enrollment, including potential adverse impact on credit rating.</p>
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.
Rent or borrow expensive stuff
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If you need an expensive gown, a power washer, or a snowboard for a one-time event or project, don't fork out the money to buy it if you can rent it instead. Ask a friend or use peer-to-peer lending apps like Yoodlize to borrow what you need.
Make an extra mortgage payment
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This is a great strategy, especially if you get paid biweekly. Based on how biweekly paychecks fall, two months of the year will give you three paychecks instead of two.
If you use them to make two additional mortgage payments, you will cut six years off of your 30-year mortgage.
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Take care of your physical health
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This doesn't sound like financial advice, but it is. Healthcare accounts for about $5,400 of the average American household's annual spending.
While we can't control every aspect of our health, eating healthy, drinking water, getting regular exercise, and limiting your alcohol and tobacco consumption are great first steps to help you spend less of your money at the doctor's office.
Ask for a discount
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Asking for a discount may feel uncomfortable, but you may be surprised at how often companies will give you one for all kinds of reasons.
This can include a first-time customer discount, a loyal customer discount, a markdown on damaged or open-box items, etc. Remember — if you don't ask, the answer is no.
Educate yourself on finances
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Knowing the ins and outs of personal finance makes you more likely to make good money moves (like saving for retirement and following a budget) and less likely to fall into traps like payday loans or credit card debt.
With hundreds of books, podcasts, YouTube videos, and blogs on the internet, you can find nearly anything you'd want to know about money with a quick search.
Save your "savings"
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Every store loves to tell you how much you "saved" by shopping its sales, but how many times do you actually put the money you didn't spend into a savings account?
This can add up quickly, and you shouldn't feel the pinch if you were planning to spend the money anyway.
Apps that round up purchases to an even dollar amount and save the difference, like Acorns or Qapital, can automate the process.
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 account (member FDIC), you can earn 1% cash back on up to $3,000 in debit card purchases each month!2 <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.
Apply for a Discover Cashback Checking account today
Automate everything
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Say goodbye and good riddance to late fees. The more you can automate paying your bills, saving, and investing, the better off your finances will be.
This means you only have to decide once (when you set up the payments), and you don't have to rely on your willpower each time a bill is due.
Calculate prices in hours of work
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The next time you consider making a big purchase, calculate how many hours of your life (based on your hourly wage) you had to work to earn it.
This is a very revelatory exercise as it helps you determine whether what you're spending your money on is worth the effort.
Separate checking and savings accounts
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It's easy for money to wander between accounts if they're linked. If you're seriously committed to growing your savings, stash it in a different bank than you use for your checking account.
This makes it harder to get to, though not impossible when you truly need your emergency fund.
Contribute enough to get your employer's 401(k) match
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If your employer matches your 401(k) contributions, do all you can to put in enough to get the whole match. This money is free for the taking and could be the best return you'll get on your investment dollars.
Ask for a raise
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Inflation has pushed prices up, but it has pushed wages up as well. If your pay has stagnated and your job performance is good, gather your courage and ask your boss for a raise.
Put together a few talking points beforehand on how you've benefited the company and brought value as an employee so you can make a case for yourself.
And remember — even if the boss says no, you're not getting paid any less than you are now.
Check your credit report often
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The items on your credit report (inquiries, payment history, number of accounts, etc.) determine your credit score, which in turn determines the interest rate banks will offer when lending to you.
The difference between a good credit score and a great one can translate to thousands of dollars over the life of a loan, such as a car note or mortgage.
Ensure that your credit report is error-free so you can get the best rates possible and avoid throwing away money.
Bottom line
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Despite what you might think, many smart money moves are measured in millimeters, not miles. Small, consistent financial wins add up quickly, boosting your peace of mind and helping you get ahead financially.
There's no need to be overwhelmed by a lengthy financial to-do list; choose one or two from this list that you can try today.
Up To 5% Cash Back
Discover it® Cash Back
Current Offer
Discover will match all the cash back you’ve earned at the end of your first year.
Annual Fee
$0
Rewards Rate
Earn 5% cash back on everyday purchases at different places you shop each quarter like grocery stores, restaurants, gas stations, and more, up to the quarterly maximum when you activate. Plus, earn unlimited 1% cash back on all other purchases.
Benefits
- $0 annual fee
- Intro APR on purchases and balance transfers
Drawbacks
- Requires you to activate the highest-earning category each quarter
- Not accepted as widely overseas as Visa or Mastercard
- INTRO OFFER: Unlimited Cashback Match for all new cardmembers–only from Discover. Discover will automatically match all the cash back you’ve earned at the end of your first year! There’s no minimum spending or maximum rewards. You could turn $150 cash back into $300.
- Earn 5% cash back on everyday purchases at different places you shop each quarter like grocery stores, restaurants, gas stations, and more, up to the quarterly maximum when you activate. Plus, earn unlimited 1% cash back on all other purchases.
- Redeem your rewards for cash at any time.
- Apply and you could get a decision in as little as 60 seconds. No annual fee.
- Start shopping and earning rewards in minutes with your digital card, before your physical card arrives in the mail, if eligible.
- Get a 0% intro APR for 15 months on purchases. Then 18.24% to 27.24% Standard Variable Purchase APR applies, based on credit worthiness.
- Terms and conditions apply.
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