Recently, I went back to work at a bank and since being there I’ve been doing a lot of research on building a financial portfolio. Working at a bank has opened my eyes and caused me to become more motivated in finding ways to save and make money. Here’s how you can start:
Five simple ways you can save and make money that will grow your wealth in the long run.
Use High Yield Savings Accounts
This is a savings account that pays better-than-average interest rates than your local banks. These high yield savings accounts are mostly online banking companies that don’t have a brick and mortar structure. They have minimum fees and no minimum balances to open an account. Some people don’t like the idea of not having “easy” access to their money but I’m here to tell you that, that can be a good thing. When you don’t have an easy way to access your funds, you’re less tempted to spend the money and allow it to grow.
Here are a few tips to help you find the right high yield savings account for you. First, always do your research when deciding on which banking company is right for you. Consider things such as, is there a minimum deposit or balance requirement, any fees, does the company have a mobile app, or how accessible is my money, etc?
Write down your financial goals and what you want to accomplish with your money can be a great motivator. Do you have a savings account? How much money do you want to retire with? Do you want to buy a house with money down? Do you want to buy a car with money? All of these questions and more, you should be able to answer. If not, take the time to discuss with your spouse or write them down.
For more information on High Yield Savings Accounts check out: Bankrate.com
Below are a few examples of the most popular banks that offer high-interest rates saving accounts.
Ally Bank– 1.85%
Synchrony Bank– 1.85%
Marcus by Goldman Sachs– 1.85%
I personally opened an account with Ally and Synchrony bank. This is one of the steps working toward my personal goal of retirement and saving for the future. A great idea to help you decide which bank is best for you is to write down the pros and cons for each bank you come across. Then compare the differences and similarities to see which one works best for you. For example, What I LOVE about Ally bank is they have an easy-to-use mobile app that I can have access to on my phone whenever I want to see the growth of my money.
Use Investment Apps to help you save
One of the investment apps that I use is called Acorns. This is an Investing app (for both iPhone and Android users) that encourages you to invest your spare change, using a system called roundups. Acorns monitor your bank account and automatically invests the change from your daily purchases.
Let me explain…
If you spend $2.89 at the store, the app will round up to the next dollar, adding 11 cents to your Acorns account.
It does so by debiting your account once your roundups reach $5 or more and then deposit the money into your Acorns investing account.
You can also set up monthly deposits, where you can schedule to add money to the Acorns account. The app will allow you to select how conservative or aggressive you would like to invest. It also breaks down what holdings your investments are in. Withdrawals from the account take about 3-6 business days which is a great deterrent from using it as quick cash but a good resource for emergencies.
My husband started using this app late last year and has already saved almost $700 from this app. He had to actually take money from this app because of an emergency which came in handy. Ever since then we started telling every single one of our friends and family about it.
Side note: When you refer someone, you and the person both get an extra $5 towards your Acorns! And if you make a purchase through companies associated (located under the Find Money tab) with Acorns, they will deposit money in your account.
Consider cutting cable
In my last post, I talked about why we cut the cable and how we started saving over $2,000+/yearly. With upgraded Internet & phone, Netflix and Hulu LiveTV, we are paying WAY LESS than the $200/month we used to pay. Now we use our smart TV and Amazon Fire Stick to stream my favorite TV shows and movies.
Cutting cable has been the best decision we made to save money and paying for shows that we actually watch. You can’t beat that. I literally cut my cable bill in half and SAVED TONS of money in the process and you can too.
As I stated earlier, My husband and I are always looking for ways to save, cut costs, earn money and build our financial future. Budgeting and communicating has helped us tremendously in our finances now and into the future.
Reduce your bills
My brother recently told me about this app (for both iPhone and Android users) and I’m so excited to share it with you guys. TrueBill is an app that helps lower your bills such as cable, cell phone, or subscriptions you may have forgotten about in your banking account. You do have to connect your online banking account and online (Utilities) accounts, so they can negotiate on your behalf. I mean, who doesn’t like someone else fighting for a discounted price on my behalf?!
By using this app, I saved about $100 with my internet, cell phone and my husband had a subscription he forgot about, all saved our money each month. This app is helpful when you signup for things and forget about them, it helps you cancel and/or save money on your behalf.
Use apps that pay
Ibotta is an app (for both iPhone and Android users) that gives you cash back on everyday purchases you make at the grocery stores. Every $20 you make gets deposited into your bank account. Money saved is money earned.
Bonus: Credit Karma
Credit Karma is a website you can check your credit score for FREE. Sign up and Credit Karma monitors anything with your credit. If there is something funny on your report, you can dispute it and sometimes get it removed, which helps boost your credit score. In the grand scheme of things, a better credit score helps to save you TONS of money for vehicles, buying a house or RVs.
This is what my husband and I did when we bought our home. I had a lot of Student loan debt, and a car payment, that we eventually paid off and was able to do that living off of one income. At this time, because of that, I now have no credit which is something that you can start to improve on.
These tips helped us save and make money, even through the storm we just went through. It has helped us and I’m in this Debt free Journey along with you guys. I’m learning and growing and want to do better as family. What are you doing to help grow your finances?