3 Money Saving Tips

No this is not a get rich quick scheme, I am simply here to share information that helped me get a handle on my finances and relieve some stress that I had when dealing with my own finances.

I am going to share 3 WAYS to be able to grow your money and help you save for the future. By the end of this article, you should have enough information to be able to grow your money much faster with very little effort.

NUMBER 1 : A BETTER SAVINGS ACCOUNT

Chances are that if you have a checking account at a bank, you might also have a savings account. Now once a month, that savings account pays you an interest for holding your money in there and depending on the bank you might be getting an APY of 0.01 - 0.25%. Pretty cool huh? So depending on the amount of cash you have saved, you might be earning a few cents every month.

What if you had the chance to switch your savings account so that instead of earning a few cents a month, you can earn a few dollars a month? Right away, that may not seem something that you would want to take the time to do to earn a dollar or two a month, but over time those few dollars add up and can be beneficial for creating your wealth.

A HIGH YIELD SAVINGS ACCOUNT usually has an APY ranging from 0.5% - 1.0% and sometimes more. The best part is that these accounts are online and it only takes a few minutes to sign up and start saving more.

NUMBER 2: CASH BACK CREDIT CARDS

There is a huge stigma against credit cards and how we are taught to avoid them as much as possible but if done correctly, a credit card can help you so much.

I will make this one simple... By applying for a 2% cash back credit card with NO ANNUAL FEE, you can basically receive a 2% discount on everything you buy. Now the rule of thumb is to only purchase what you are able to pay off within that month which for me is usually bills, groceries, and gas. By ONLY focusing on using my credit card for things I NEED TO BUY I am able to budget it correctly so that the monthly balance is always paid off on time.

Every month, I can look back at my credit card account and I have a $0 balance due and more than $10 added each time to my CASH BACK BALANCE. Money that I would not have gotten had I paid for everything with my debit card.

NUMBER 3: INVESTING

For me, investing was the scary one. I had no idea where to begin and I did my fair amount of research before jumping in. However, I can sit here confidently and say that it was the best thing that I had ever did and it made me the most financially responsible for the future.

Stocks, Bonds, ETF's, RET's, etc. It's all a bit confusing but I will simplify this for you in a way to go do your own research and get started for free. Start with any of the free stock trading apps that allow you to invest with as little as $1

By consistently investing on my own, I have been able to take ahold of growing my money and feeling much less stressed.

Again, I would do as much research in this area until you feel comfortable enough and do not be afraid to start small.

Hope you enjoyed this information, Happy Wealth Building!

-Ruben Dorame