7 Deceptively Simple Ways To Increase Your Net Worth

They say a journey of a thousand miles begins with a single step, and that's true of your financial journey as well. Sometimes, you can make the biggest progress towards your goals when you make just a few small changes.

Just like with physical fitness, financial fitness isn't accomplished in a day, so you may need to wait a bit before you see some of these deceptively simple methods start to pay off. But, when they do, you'll be surprised at how easy it all was.

1. Automate your savings

You're likely familiar with automatic bill pay. Did you know you can also set up automatic transfers to your savings account? All you need to do is decide how much you want to transfer to your savings account with each automated deposit, designate the savings account where you want the money sent, and choose the dates you want the transfers to happen.

Putting your savings on autopilot removes the temptation to spend more. And, keeping your money in a savings account that's tied to your checking account can make it easy to access in the event of an emergency.

2. Take advantage of your employer's matching program

If your employer matches contributions to your retirement plan and you don't opt-in, you're literally turning away free money. Instead, you should consider contributing enough of your paycheck to your 401(k) plan to trigger your employer's full matching amount.

3. Get cash back with credit card rewards

If you're able to pay the balance of your credit card in full when it's due, using your charge card to pay for the things you buy anyway can allow you to take advantage of cash back credit card perks without costing you a monthly interest fee.

But this method only works if you can pay your cards off before the end of the billing cycle each month. Otherwise, you may be throwing extra money away on fees and interest charges, effectively decreasing your net worth.

4. Invest windfalls wisely

Receiving a financial windfall can be a somewhat rare but life-changing experience. If you end up with a sudden influx of cash, whether it be from an inheritance, lawsuit payout, or even a lucky lottery ticket, you should ensure that you're using it in a way that will help you reach your long-term financial goals. It's wise to have a plan.

That means investing your money wisely by tucking it into your emergency savings or an account with a high interest rate.

5. Diversify your income

In today's world, it's smart to have multiple sources of income to mitigate your risk of job loss. Having multiple income streams, even when some of them are on the smaller side, can not only help with job security, but it can also help you pad your bank account.

For example, if you've started consulting on the side solely to build and maintain relationships in your field, you can tuck away any extra money you earn in a high-yield savings account.

6. Open a high-yield savings account

High-yield savings accounts typically offer higher interest rates than traditional savings accounts, making them a great place to stash any cash you may be saving for a rainy day. Unlike riskier investments that may require a higher level of financial understanding or carry a potential for loss, using a high-yield savings account is a relatively safe way to increase your net worth, as it is backed by the Federal Deposit Insurance Corporation (FDIC).

Best of all, using one is easy, and after you set your account up (and maybe schedule some automated transfers to help it grow), you won't really need to do anything else.

7. Open a Health Savings Account (HSA)

A Health Savings Account (HSA) can be set up through your employer, allowing you to make pre-tax contributions to your account before the money ever hits your bank account. This can help you grow your net worth, as the money set aside isn't subject to Medicare or payroll taxes, allowing you to keep more of your hard-earned cash.

Not only that, but you will have the opportunity to grow the money in your HSA even further by investing it, which could help with your long-term plans, especially when it comes to retirement.

Bottom line

While we often think that increasing our net worth involves years of complex financial planning, there are some small ways that you can achieve your goals right now. From taking on side jobs to earn extra income to automating your savings, there are numerous small ways to make a significant difference.

All you need to do is decide which of these methods will work best with your short and long-term goals before getting started.

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