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Maximizing Your Savings: 10 Strategies For Growing Your Money Fast

10.11.2022 by admin // Leave a Comment

fast cash, 10 tips for fast cash, short on cash

You need cash quick, more cash than you get in your paychecks. First, you need to getting back to the basics and boostrap your budget. But, you’ve already done that. Now what? You need to make fast cash by increasing the amount of money you bring in. Here are some tips on how to start earning fast cash today.

New Checking or Savings Account Bank Bonuses

Bank bonuses for setting up new savings or new checking accounts have started to come back. Nerdwallet has a list of the best bank bonuses available now. Weigh the pros and cons (I always look at if direct deposit is required for example) to better understand which offer best suits you. When banks run promotions, start to consider moving your emergency fund around to take advantage.

If you don’t have enough cash to do this right now, calculate how long it will take you to raise this cash and then check if you’ll meet the deadline of the promotion. Whether you’ll meet the deadline or not, immediately starting putting that cash into a high yield savings account that doesn’t have the bonus promotion. That way, you’ll leave options open to take advantage of the bank bonus later and start generating some interest.

High Yield Savings Accounts

High yield savings accounts remain far from inflation levels; however, the interest rates on high yield savings accounts have started to creep up. Personally, I use Marcus, and as of Oct 10, 2022 they offer an APY of 2.15%. This rate is significantly higher than the rates offered even in the first half of 2022. Recently, every few weeks the interest rates have been increasing so every month check in on the latest interest rates across several banks.

Bank Referral Bonuses

Not only are high yield savings accounts offering higher yields than the last few years, some are also offering referral bonuses. I referred a friend to Marcus and am making an extra 1% interest for 3 months (and they get an extra 1% too!). Right now, I am getting 3.15% APY on the money I have in my savings account.

Sell Clothes You Don’t Wear Anymore

A quick way to get cash is to sell clothes that are just sitting in your closet. Start listing clothing now now, before everyone starts doing this and marketplaces get flooded. You can use Poshmark to list your clothes, or send higher end items to TheRealReal. Really think about what you clothes you own and if you’ll wear it. For example, I’ve worked from home for years but used to have business travel so I have a decent work wardrobe. Now, I haven’t traveled since before covid and realistically will not be traveling often in the future. It’s hard to part with the clothes I “may need” in the future but many are really better off sold at this point.

Sell Electronics and Household Items You Don’t Use

Have old electronics or household items stuffed in closets that you don’t use anymore? Sell them. Facebook Marketplace, Craigslist are good places to list electronics and household items. Some companies, like Apple, will give you money for old electronics they made, although the “cash” is sometimes given in the form of a gift card.

Sell Gift Cards You’ll Never Use

Gifted a gift card you’ll never use? Sell it for cash with Card Cash. They will not pay you the full value so getting fast cash through selling gift cards only makes sense if you’ll never use it.

Look for Class Action Lawsuits You Qualify For

I have never actively sought these out, but when Facebook notified me in the app that I could qualified for a settlement in IL I signed up. I figured since it was in the Facebook app itself it was legitimate. In the past, I would have ignored it thinking what’s the point it’ll probably be $10 in the end but it was only a few clicks so I filled out the information. I ended up getting a check for $397.

Turn Your Skills Into Cash

Think about your skill set and how you can monetize, especially if you have a niche skill set or a skill set currently in high demand. Can you become a freelance writer? Be an advisor to a startup or company? Create downloadable invites / table signs to sell on Etsy? There are plenty of opportunities to earn money, know your niche and figure out a way to monetize it.

Audit Your Dividends

Own dividend stocks? Where are those dividends going? If they’re set to auto-invest, you may want to stop auto-investing your dividends in the short term and take the cash. With high yield savings accounts and Treasury bill yields increasing, there may be a time soon when it’ll make sense not just to use your dividends in these investment vehicles but also sell your dividend stocks and get the yield with minimal risk.

Do A Quick Tax Checkup

If you have realized capital gains losses, after getting used to paying taxes the last few years due to capital gains, you may actually get a tax refund this coming year. And, if you have unrealized losses consider selling some and doing tax loss harvesting. It’s hard to “sell at the low” but you don’t know if it’s the low and if it’s no longer a great investment the money is likely better off in another investment.

While 2022 taxes are a ways away, it may be worth doing your taxes early next year to get that tax refund.

Fast Cash Summary

Remember, patience is key during times like these. The average bear market lasts 289 days, you can’t count on stock market gains for extra cash like you could the past few years. And, while unemployment numbers are still low, job stability feels less certain.

Even if you don’t need the cash right now, it’s best to have extra on hand. Liquidity is key and unfortunately inflation may not have a soft landing. Use these tips above to generate fast cash and help pay some bills as well as increase your emergency fund.

Categories // Smart Spending Tags // Saving, Saving Money Tips

How to Save Money in Your 20s

07.13.2020 by admin // 6 Comments

saving money in your 20s, how to save money in your 20s, how to start saving money in your 20s, how to spend money in your 20s

Saving money in your 20s will help you achieve financial stability. A lot of people in their 20s are dealing with student loan debt and aspiration for days of having a strong financial cushion and achieving their dream lifestyle. While it’s easy to think that financial planning may be pointless at this stage, the baby steps taken now will create a financial foundation. Increasing your income is most important, but spending less than you make is a close second. Increase your income, be smart with your spending, save money and invest are the recipe for success. Here are tips on how to save money in your 20s to set the stage for a strong financial future.

Increase Your Income

It’s not about what you make, it’s about what you spend is true. However, it’s a lot easier to save money when you make more money. Your lifetime earnings are decided in the first decade of your career. As a result, increasing your income in your 20s is especially important.

There are several ways to increase your income. First, hustle at your job and create a plan to double or triple your salary. This plan may include strategic networking to get promoted or switch industries, identifying what you need to do advance your career, get another degree and / or expand your skill set. Second, build additional streams of income. In order to begin generating passive income, you need to have money first. To build wealth quicker, start a side hustle in addition to your day job. As your income increases, keep your spending flat. This will allow you to save even more money in your 20s.

See Also: 10 Pieces of Career Advice for Young Professionals

Save Money In Your 20s by Being Frugal

Now that you’ve focused on making more money, how do you avoid spending your entire paycheck? Control your expenses. Do you make more money than your friends? Doesn’t matter, spend as if you make less. Consistent saving and investing, especially in your 20s, can be an effective way to accumulate wealth. The more you save in your 20s, the less you have to save later in life due to compounding. See how even small savings amounts can add up over time with this compounding interest calculator.

In your 20s, this means being frugal for a few years. You don’t have to be frugal forever. The longer you’re able to live frugally like you lived in college the easier your finances will be. Being frugal also doesn’t mean never having fun. You don’t have to cut back in all areas either, the single most important expense is housing.

Save Money On Housing And Live with Roommates

Some of the best ways to save money in your 20s include being smart with housing. Housing is likely the largest expense in your 20s. Once you sign a lease, you’re stuck with that expense until your lease ends. Don’t become “house poor.” Experts say housing should be no more than 30% of your gross income and that includes all housing expenses. However, this doesn’t mean you should spend 30% of your gross income. The less you spend on housing the more money you’ll have available to save, pay down debt and spend on other things you enjoy. Want to live in a certain location? You may have to settle on the amenities and living with roommates.

The most sure way to save money on housing is to live with roommates. Not only are you able to spend less per month on rent, you’re also able to split utility bills, and split buying the furniture. It’s expensive to furnish your first place. Splitting these costs will save you a ton of money the first few years and enable you to start building a savings cushion. Bringing your own lunch can save $7 / day or $140 / month. Being smart with your housing can save you hundreds a month and thousands a year.

Buy A Used Car or Skip The Car Altogether

The next biggest cost you’ll likely have is transportation. Sometimes, a car is unavoidable. You need it to get to your job and back. But, with remote working increasing, public transportation and rideshares becoming more available can you skip the car for a year or two for a little inconvenience?

Before you buy a car, do the math. Can you use public transportation, bikes and ride shares? How much will this cost you per month? Then, compare this to how much it’ll cost you to own a car. Don’t forget, the money you spend on a car could have been invested and earning you more money or paying down debt. Car expenses also include maintenance, gas, parking, insurance and depreciation. If you can, skip the car. If not, spend as little as you can on a car in your 20s. You can always get a nicer car when you have more money.

Save Money on Food and Drinks

There are ways save money on food and drink and still have fun. You can still go to restaurants and bars and save money in your 20s. Take advantage of happy hour specials. Go over a friends house and have a drink before heading to the bar. When you get to the bar, limit yourself to one drink. Invite people over to watch sports instead of going to a bar. Take advantage when there is free food at events. Bring your lunch. Set a monthly budget for eating out and going to bars. There are plenty of ways to continue to enjoy eating out and also save money.

Eat at home for all other meals and bring your lunch. Planning your meals and using coupons on groceries will save money. Don’t order takeout and instead save your eating out money for when you go out with friends.

Limiting spending on food and drinks is a great money move in your 20s because it starts developing discipline around spending money. It’s hard to say no to always going out with friends and spending money on food and drink but it adds up. But, this is small amounts of money compared to later on. If you can’t say no to going out to save money, how are you going to do when you’re invited on $1,000+ vacations? Practice saving money here and the discipline will spill over to other areas.

Be Frugal With Your Vacation Spending

The best time to travel is in your 20s when you have less responsibilities and more time. This is also when you have the least amount of money so how do you best balance this? Save money in your 20s by taking road trips. Rent a house with friends to reduce spending on lodging. Split a hotel room with 3 other friends to reduce costs even more. There are also plenty of ways to save money on travel, you don’t have to give up travel entirely.

Another option? Work for a global company and take advantage of traveling for your job. It’s much cheaper to spend 2 extra nights in Europe when you’re flying there for work than paying for an entire Europe trip. At minimum, sign up for every single travel loyalty program. This way, you can accumulate points to use for free nights, free airfare and free car rental days. You can also get a good rewards credit card and redeem for free travel.

Limit Spending on Clothing

When you first graduate college you will need to spend some money on clothing. Your college wardrobe won’t suffice for a professional wardrobe, attending weddings, etc. Spending money on clothes in unavoidable. You can continue wearing free t-shirts for a while at home, at the gym and on weekends but at some point you will want to upgrade there too. When you do spend money on clothing, take advantage of sales. Also take advantage of shopping second hand like on Poshmark and even sharing clothes with your roommates if you can. To start to build a wardrobe, buy 1-2 nice things a year like a good pair of black heels and a nice leather black tote.

Take Advantage of Company Benefits

Salary is important, but don’t forget about job benefits. Job benefits include vacation time, health insurance and 401(k) match benefits but did you know there may be more benefits to help you save money? In college you were able to get discounts with your college ID. Post college, look for ways to use your company ID to save money. Some health insurance plans offer money towards a gym membership every year. Depending on the industry and area, companies may offer free or discounted food, free gyms on-site, discounts on auto insurance, discounts on personal travel and more. Look at your internal company site to learn more about perks offered by your company.

Track, Manage and Reduce Your Spending

Now that you have those saving money tips, know how you are spending your money today. Can you use any of the tips above to save money? You must spend less than you make in order to save money in your 20s. To do this, you need to understand where you’re spending your money. When you just graduate, you’re adding a lot of new expenses. For the first few months, track every expense and see where you’re spending your money. Don’t change any behaviors, only add tracking what you spend and follow how you normally spend your money. At the end of the month look back at what you spent your money on. Do the same for the following month. Are you spending more or less money than you are making? Were all those purchases necessary? How did your spending change month to month?

Create a Budget

Saving money in your 20s starts with having a budget. Create a budget that works for you and isn’t too restrictive, otherwise you’re less likely to follow it. There are plenty of apps like Mint which make this process much easier. First, input your regular bills like rent, electricity, internet, etc. These are all of the bills you must pay. There may be ways to decrease these bills later, but for now put what you pay today. Set aside money for the things that bring you happiness and finally add in everything else. Be realistic too – you’ll need clothes and you’ll be invited to a lot of weddings in your 20s.

It’s ok if your budget is imbalanced when you first add everything together. Budgets take multiple iterations to get right. Keep shifting around numbers until you’re able to balance your budget. If you find that no matter how much shifting you can’t find ways to save money with your current income though then you need to start looking at ways to make more money.

Set a Savings Goal and a Retirement Savings Goal

You want to save money in your 20s, but how much? Give yourself a goal for how much you money you want to save per month. It doesn’t have to be a high number – you can start with even $5 a paycheck and increase it. Use this money to start building your emergency fund, so if any emergencies arise you have cash to cover it. You can find a calculator here to help identify how big your emergency fund should be. And, don’t forget to save enough money for retirement to get your employer match if they offer it at minimum. This graph from Business Insider shows the difference of saving $100 / month for retirement starting at 25 verse 35. The person who started at 25 ends up saving $73,000 more by age 65 solely by starting 10 years earlier. Only $12,000 of that difference is additional contributions, $61,000 is from compounding interest.

One trick to avoid cutting spending is to move more of your saving towards your 401(k) contributions. 401(k) contributions are pre-tax, so you’ll reduce the amount of taxes you owe in your budget. Once you’ve identified how much money you want to save, or can save, automate it! One of my favorite money saving hacks is to automate your savings. Take these steps to automate your savings and watch your savings grow.

Where Do You Put the Money You’ve Saved?

Where should you put the money you’ve saved? Money saved in your 20s should first be held in a high yield savings account as part of an emergency fund. Unfortunately, there have been interest rate cuts across the board including high yield savings accounts, so you won’t make much money here. But, it is better than nothing. Nerd Wallet shares here the top 10 best high yield savings accounts. You can also look for banks offering sign up bonuses.

See Also: How To Invest Money In Your 20s

How to Save Money in Your 20s Summary

How to save money in your 20s can be summed up in a few simple steps. Increase your income and keep your spending flat, saving the difference. Be frugal for a few years. This includes living with roommates and spending as little as possible on transportation. For all other expenses prioritize what brings you happiness and cut back spending in other areas. Set a savings goal and stick to it. Yes, saving money in your 20s is harder than saving money in your 30s. Your salary is lower and you don’t own much yet, increasing your initial expenses. But, your lifestyle expectations are also the lowest. The more you can save when you’re young the easier it is as that savings will continue to generate passive income for you. Set yourself up for success by saving money in your 20s.

Here are more smart money moves to make in your 20s.

Categories // Start Here Tags // Money in Your 20s, Saving, Saving Money Tips

2023 Passive Income Opportunities: 10 Ideas to Boost Your Earnings

05.17.2020 by admin // 2 Comments

Ways to make passive income, passive income ideas 2020, passive income 2020, top 10 passive income investments

Passive income is a great way to earn money without having to actively work for it. Whether you’re looking to supplement your current income or achieve financial freedom, there are many opportunities to earn passive income in 2023. From earning interest through high yield savings accounts to participating in Employee Stock Purchase Plans (ESPP), the options are endless. Below are the best passive income ideas for 2023, each with the potential to help you boost your earnings.

Use A Cash Back or Rewards Credit Card

One very easy way to start a passive income stream is to get a cash back or rewards credit card. This doesn’t mean spending additional money. What it does mean is to generate dollars, or rewards points, from the money you are spending anyways. If you need extra cash in your pocket, choose a rewards credit card that allows you to redeem points for cash. If you don’t need the cash, the credit card can help reduce your spending because you can now use points to buy things. Instead of spending more money, save the money you would have spent.

Put Your Emergency Fund and Savings In A High Yield Savings Account

Every dollar you save, whether for investing or for an emergency fund, should be generating additional income for you. Any money you have saved for an emergency fund or for investing later should be held in a high yield savings account. While the high yield interest rates don’t yet match inflation rates, most interest rates are now at or above 3.30% APY. Not sure where to put your money? Nerd Wallet shares the top 10 best high yield savings accounts.

Buy Short Term Treasury Bills

A Treasury bill, also known as a T-bill, is a short-term debt obligation issued by the U.S. government. Treasury bills have different maturity time frames including 3 month, 6 months, 9 months, a year and longer fixed timeframes. Treasury bills are considered some of the safest investments because they are backed by the U.S. government. Short term treasury bills are easy to buy are now above 4.30% APY.

Open Up A New Bank Account And Get A Signup Bonus

Bank bonuses have finally started returning. Usually there are conditions like a minimum deposit amount, setting up direct deposit or holding the money in the account for a set amount of time. Make sure you understand the terms and conditions when deciding what new accounts to open. Money Crasher’s has a list of 31 bonuses banks are running now, with bonuses up to $300!

Open Up A Certificate of Deposit

A CD (certificate of deposit) locks up your money for a set period of time but guarantees a return. If you’re just starting out and have fully funded your emergency fund a 12 or 18 month CD is a good place to start (assuming the rates are higher than a high yield savings account). It’s good investment to start with as you get to learn about illiquid investments but you know when you’ll be able to take the money out and it won’t be held for long. Don’t have a preferred bank? Here are the best rates for CDs right now.

Invest in the Stock Market

Stocks are a way to build wealth passively. Stocks are a type of investment that represents ownership in a company. Investors buy stocks that they think will go up in value over time. Investors don’t make (or lose) money until they sell the stocks they buy. There is no guarantee that the stocks investors buy will go up in value. This is true in any market, although it is more often talked about when there is a lot of market volatility. Don’t worry if you only have a little amount of money to invest. You can open up a trading account on Robinhood with $0 and can buy fractional shares of a company. Starting June 9th you can buy fractional shares of top companies on Charles Schwab with as little as $5. If you’ve never invested in the stock market before learn how to start investing.

Invest in Dividend Stocks

Dividend stocks are stocks that offer a discretionary distribution of profits. When researching stocks you’ll know if a stock is a dividend stock if you see a yield greater than 0. Dividends are paid out on a monthly, quarterly or yearly basis. Investors need to own the stock on the ex-dividend date in order to receive the dividend payment. Stocks that pay dividends typically provide stability to a stock portfolio but do not outperform high quality growth stocks according to Investopedia.

Invest in Real Estate Investment Trusts (REITS)

Think of a REIT like a mutual fund for real estate. REITs is a type of company that allows investors to pool their money to invest in real estate. In order to be considered a REIT, the company is required to pay out at least 90% of their taxable income back to their investors. That is what usually makes REITs a great investment to generate passive income. It’s important to be aware that in these tough times tenants may not be able to pay rent so before you invest in a REIT know who their top tenants are and what risks they may have in their portfolio. Already several retailers have announced bankruptcies such as J.Crew and Neiman Marcus. Investors should understand if the REIT they are investing in has exposure to these businesses or other retailers that may be at the brink of bankruptcy. Learn more about investing in REITs here.

Participate In An Employee Stock Purchase Plan (ESPP)

ESPP is a benefit offered by some publicly traded companies to their employees. ESPP is the ability to purchase company stock through payroll deductions at a discounted rate.

The effort required is minimal and requires enrolling in ESPP and selling the shares to realize gains (or losses). You have a guaranteed return if you sell the day you receive the shares. If you decide to hold the shares for longer, and the shares increase in value, it will help you accumulate wealth. Companies can offer a maximum discount of 15% on company shares. With current savings accounts interest rates at best at 1.3% APY, and average stock returns at 5-7% a year, but not guaranteed, this is a great deal.

See Also: Why You Should Participate In Your Employee Stock Purchase Plan

Participate In A 401(k) Company Match

A 401(k) company match isn’t money you’ll be able to touch until you retire, but it’s another way to generate income without extra effort. 401(k) plans are retirement savings plans sponsored by employers that allows employees to contribute to their retirement savings pre-tax. Many employers also offer to match or partially match employee contributions. Learn more about 401(k) plans including tax benefits, employee company match and accelerating funding your retirement.

Invest in Startups

According to Fortune, while the number of U.S companies continues to grow, the number of U.S. companies that are traded on stock exchanges has plunged 45% since peaking 20 years ago. Additionally, new companies have been completely disrupting traditional business models but many of these companies aren’t yet public. If you only invest in public companies, you are limiting your investment options more so than previous generations.

See Also: How to Start Investing in Startups

Additional Ways to Increase Your Income

Often you’ll see blogging, investing in real estate and flipping items on eBay referred to passive income streams. Yes, these are all ways to make more money. However, all of these options require a lot more time and effort to see the payoff. Becoming a landlord isn’t just buying the real estate, getting a tenant and collecting a check. A passive income stream is truly a set it and forget it. If you’re willing to put in more effort, learn about how to make money fast with a side hustle.

What are ways passive income ideas you’ve used in 2023?

ultimate list of passive income ideas, passive income ideas in 2020

Categories // Invest, Side Hustles Tags // Extra Income, Investing, Passive investing, Saving

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