Are you brainstorming for more ways to cut costs? Check out the tips below and pull a few fast tricks to grow your savings even more today.
1. Move your savings account to an online bank.
Not only is it harder to visit the local bank during this pandemic, taking your savings account to an online bank will give it more interest. Online savings accounts can earn over 2% interest annually with the same FDIC protection.
2. Use rebates and discount apps.
Get more out of your online shopping experience by downloading deals apps like Ibotta, NerdWallet, and Ebates. Connect your credit cards, shop for deals, and enjoy the cash back!
3. Edit your subscriptions.
Look at your monthly credit card bill and audit your subscriptions. Streaming services, paid apps, and gym memberships are only useful if you use them. Otherwise, you are wasting your money. Never pay money for a service that you do not, or rarely, use regardless of how small the cost is. Even the smallest bill adds up.
4. Boost your 401k contribution.
Remember that these contributions are pre-tax, so even the smallest increase will translate into several hundred dollars extra in savings annually, without taking any hit to your paycheck.
5. Look for low or no fee mutual funds
Mutual funds can be good investments but you have to be mindful of the fees. Often, they charge fees straight out of your pocket. Why pay a lot when you can look for several funds with no fee at all, or at least those with lower fees? Lowering fund fees means more money savings for you.
6. Work on your credit score.
A high credit score can lead to better credit offers, which means more savings and lower interest rates. If you get a reduction of $10 or more in fees every month, it adds up very quickly.
7. Use the free FICO tracking offered by credit cards.
This can save you at least $15 monthly compared to purchasing scores and tracking via a third party. Free is always better for your wallet!