Does your bank account need a lifeline?
Coronavirus cases are back on the rise, leaving many Americans with the financial burden of the pandemic.
Now is a good time to let your finances clean up and rebuild some income – just in case your budget takes a financial hit in the uncertain future.
Here are 13 ways – from making money to saving money – to increasing your income so you can shore up your finances this weekend.
1. Stop spending too much on debt
High interest debt from credit cards and personal loans can take a heavy toll on your bank balance, especially if you only make minimum payments each month.
If you want to get rid of your debt as quickly as possible, your best bet is to take out a debt consolidation loan. You will trade in all of your current debt (credit cards, loans, everything) for a single monthly payment at a lower interest rate.
You can borrow money without collateral at rates as low as 5.95%. Depending on the amount of interest you pay on your current debts, consolidating them could save you thousands of dollars and help you free yourself from debt years earlier.
2. Earn up to $ 225 in Apple or Ford shares
You will get a full share of a stock worth up to $ 225 when you open an account with this famous investing app.
The app makes investing easy and accessible to everyone by charging no fees through its easy-to-use platform.
Go for ready-made funds designed to meet your investment goals, or choose individual stocks yourself – you won’t pay any commission on trades (that’s investor parlance for “that’s a good one.” case ”).
When you sign up for a free account, you get free stock chosen at random from the brokerage’s most popular companies. The luckiest 1% get a share worth between $ 50 and $ 200. Most users get a share worth between $ 2.50 and $ 10 – and that’s $ 10 closer to your $ 1 million!
3. Save money every time you shop online
If you do most of your shopping online – and nowadays, who doesn’t – you probably go to the same website over and over again. You know which one.
But Amazon doesn’t always have the best prices, and no one has time to check the prices in every store.
So, just download a free browser extension that will automatically find you deals and promo codes every time you shop online.
You can also set price drop alerts for your favorite products, so if they’re on sale you’ll be the first to know. Installation only takes a moment and could save you hundreds of dollars a year.
4. Reduce the cost of your auto insurance
If you have a car and aren’t looking for cheaper insurance every six months, you might throw away more $ 1,100 per year, according to an analysis.
Comparing the rates of several insurance companies may seem like a lot of work, but some websites do the trick for you and can get you a better deal in three minutes.
Just answer a few quick questions and you’ll get the best quotes from hundreds of auto insurers, making sure you find the lowest price available for the coverage you currently have.
5. Get paid $ 10 to save your coin
It’s as easy as saving money: this roboadvisor app lets you invest change while you shop.
Here’s how it works: let’s say you buy a coffee for $ 2.25. Swipe your card and the app automatically rounds the purchase to $ 3 and sticks the remaining $ 0.75 into your investment wallet. Like an overloaded piggy bank.
You don’t have to think about stocks or picking up loose change fluff in your pocket. Just connect all the debit and credit cards you use to your account, and the app automates everything for you. Also, when you sign up through this link, the service adds a $ 10 bonus to your account as soon as you make your first investment. It’s like filling your entire punch card with coffee!
6. Turn your hobby into a lucrative side business
Everyone has a hobby: what’s yours? You can use it to score side gigs and supplement your income.
The world’s largest online marketplace for digital services, it’s super easy to get paid to do what you love, whether you love to draw, write, or even voice.
It’s kind of like using a dating site: you just create a profile outlining what you’re bringing to the table, and people will find you based on what they’re looking for.
Once you start finishing gigs and racking up positive reviews, you can increase the price of your services and earn even more money.
7. Refinance for a cheaper student loan
Payments on federal student loans have been on a long hiatus, but if you have private student loan debt, you’ve always been required to pay your regular monthly minimum.
The good news is that right now, interest rates on private student loans are incredibly low – as low as 1.89% in some cases – and refinancing your loan can save you a lot of money.
Refinancing allows you to pay off your current debt with a new loan at a lower interest rate. Your monthly payment will go down and you will have more money to spend on other things.
You can find quotes from multiple lenders within minutes, so you can shop around and make sure you’re getting the best rate possible.
8. Switch to a high deductible health plan and HSA
If you’re in relatively good health, and your medical expenses usually don’t go beyond checkups and exams, a high-deductible health plan could save you money.
Your deductible is the amount you pay out of pocket before your insurance covers the rest. The higher the deductible, the lower your premiums will be.
Also note that switching to one of these health plans will make you eligible for a Health Savings Account (HSA), a tax-advantaged account for medical expenses. The funds in the account grow tax-free and, as long as the money is used for qualifying health care expenses, it can be withdrawn tax-free.
To purchase a high deductible health insurance plan, use a free online service that will help you find the right policy at the lowest rate.
9. Eliminate your housing costs with a life flip
What are you doing with all this pandemic downtime? If you have the skills, why not try a live-in flip?
You can buy a building to renovate with an ultra-low mortgage rate, move in and renovate the place, then flip it for a profit that rivals a year’s mortgage payments.
Timing is the key. You can pay a lower long-term capital gains tax on your profits – rather than the higher short-term gains tax – as long as you live in the house for at least a year.
Mortgage rates are always near their historic lows, which means you may never pay less for a home loan. Try to collect and compare at least five mortgage offers to find the best rate.
Of course, flipping isn’t just for homes. Today, you can make money buying and selling all kinds of things, including furniture, appliances, and photography equipment.
10. Get rid of private mortgage insurance
If you have a regular conventional mortgage and have made less than 20% down payment, you are probably familiar with private mortgage insurance.
PMI protects the lender in the event of your mortgage default – and it could cost you up to $ 2,000 per year. So how do you let go of this?
If you manage to make payments that will bring you down to 80% of the original mortgage balance, you can request that the PMI be removed. You can also refinance a new home loan that is less than 80% of the home’s value.
Even if you can’t waste PMI, you can refinance and reduce your monthly payment by hundreds of dollars, thanks to today’s dramatically low mortgage rates.
11. Stop paying so much for home insurance
If your home insurance bill seems high, you may be able to lower it by shopping online for a better rate.
Simply go online and compare quotes from hundreds of insurers for free, in just two minutes.
Answer a few basic questions and you’ll instantly see the best deals available in your area.
You could save almost $ 1,000 per year on your home policy by comparing rates, while still maintaining the same level of coverage you currently have.
12. Get paid when businesses behave badly
When companies do the wrong thing, they get sued – and sometimes their customers are compensated.
Check ClassAction.com to see if you are eligible for a refund for any products or services you have purchased in the past that have been falsely advertised, defective, or for which you have been overcharged.
Recent regulations have involved companies like Apple, Tesla, Juul, and others. Many class action claims can be completed online in a matter of minutes, although it may take up to a year to receive your refund.
Eligibility criteria will vary depending on the lawsuit, but in some cases you may not even need a receipt to be reimbursed. If proof of purchase is required and you cannot find your receipt, be sure to check your bank and credit card statements.
13. Collect the forgotten funds
You know where all your money is, right?
In fact, people are moving on and forgetting about money in old accounts all the time. It is so common that Americans currently have more than 40 billion dollars in the unclaimed funds that await them.
Is any part of this yours? Look for MissingMoney.com, which will show if you left money in an old checking or savings account, or if you are entitled to unclaimed life insurance policies from deceased relatives. (You’ll want to be a lot more careful when purchasing your own life insurance policy.)
You should also check with the IRS if you are missing any tax refunds. You can change your previous tax returns for up to three years if you were entitled to a refund but failed to claim it.
This article provides information only and should not be construed as advice. It is provided without warranty of any kind.