Once you start independently dealing with your finances, you may come to realize that school did not do an adequate job at preparing you for how to properly handle your money. While you may know the Pythagorean Theorem, you may not understand ways to grow your money, manage your money, reduce debts, and more.
In fact, according to the National Foundation for Credit Counseling over 75% of American adults agreed that they could benefit from more personal financial information. If you are a part of this percentage of Americans, then you are not alone! Managing your own finances can be difficult which is why so many people need additional information about the matter.
How to Manage Your Finances and Save Money
There are very simple and easy ways you can manage your finances better, improve your economic education, and even be able to strengthen your financial situation from these tips!
Increase Your Money Without Any Risk
Many people think that just because they have the right practices in place, that means they are doing them in the best way. However, that is not always the case! Take saving for example. While some people opt for a traditional savings account (that earns virtually no interest), others are saving their money in a smarter way!
Debit cards like Aspiration allow you to earn up to 16 times more than the average interest on the money within your account and earn up to 5% cash back!
These types of card accounts can provide peace of mind knowing your money is not only insured by the FDIC with military level encryption, but you are also taking control of your money.
Check Out This Home Insurance Possibility That Could Save up to $690/Year
It is a little-known tip that you can actually save more by comparison shopping when it comes to your homeowner’s insurance policy. The reason that this gets overlooked is because many Americans know that they need it, but don’t understand what “it” actually entails!
That is why companies like Policygenius provide free tools to find out how much you may be overpaying. It even provides cheaper alternatives, and exclusive discounts! Users have reported an average of up to $690 a year in savings from using this tool.
Investing in Top Companies with just $1
Loads of people don’t have extra available amounts of money just lying around that they can dedicate towards investing. That is why micro-investing has been gaining in popularity in recent years. Micro-investing is when you invest very small amounts of money, like $1, compared to traditional investing that can be a lot more of a burden on your wallet.
One of the easiest ways to micro invest is through apps like Robinhood. Apps often include rewards like a sign-up bonus and are free to use. Other apps may require subscriptions but even then, they can be as inexpensive as $1 a month.
Be Smart About Your Car Insurance
Just like homeowner’s insurance, many people know that they need this type of insurance, but don’t take the time to understand it. This often leads to the same problem of people overpaying for their insurance policy.
That is why free tools like Gabi have been created! You can compare top companies head-to-head to see which insurance option would be the most affordable for the policy that best fits you. You can see if any other companies are providing a cheaper alternative that has the same coverage level and deductibles as your current insurance plan. Users have reported saving hundreds of dollars a year based on the results of their comparison!
Up to $1 Million in Life Insurance with Rates Starting at $16 a Month
The prospect of life insurance can be bittersweet to think about. You don’t want to think about an untimely end, yet you want to make sure that your loved ones will be able to manage if anything were to happen to you. However, many people skip this insurance policy because they think that they cannot afford it.
That is a common misconception that people have! Companies like Bestow offer policies with up to $1 million in life insurance with rates starting at just $16 a month. These companies also typically offer free quotes so you can get an idea of what your life insurance policy would look like and how much it would cost. The cost of making sure your family is secure is priceless, but if it were to have a price, it is more affordable than you may think.
Earn Extra Cash by Watching Cooking Videos Online
Earning extra money doesn’t have to take a lot of effort. Websites like InboxDollars offer some extra cash for users to watch videos and answer a few questions about the video afterwards.
While this source of money won’t be enough to cover your full-time source of income, you can make money while lounging in your PJ’s on the couch. These websites typically pay their users in either cash, points, or gift cards. You can even find websites that offer sign up bonuses as well!
Better Handle Your Credit Card Bills
Credit card debt can be extremely stressful. The more stress than you feel, the more overwhelming that this debt becomes. Luckily, websites have been created to help. You can use tools like AmOne to help figure out the best course of action when it comes to your debt.
If you owe less than $50,000 to credit card companies, then you will be able to get matched with a low-interest loan that can be used to pay off all of your balances. This is known as debt consolidation. This gives you the opportunity to only worry about one bill each month, which can help you get out of debt faster. You can also use tools online like NerdWallet to see what loan options you may pre-qualify for!
You are not alone if you feel overwhelmed when it comes to financial literacy. Schools did not prepare countless Americans when it comes to handling their money. However, it is never too late to learn! In the age of technology, information is readily available at your fingertips. You can find the best way to manage finances for your situation. Hopefully, this guide helped provide you more clarity about how to manage your finances wisely!