No matter what your current financial situation is, you can always improve it. Whether it’s making more money, spending less, or shopping around, there’s always an area that can be fine-tuned so you can get closer to reaching your financial goals. To help you with that, below are seven ideas for improving your financial well-being.
1. Check your credit
It is important to know that your credit is in good standing. A few years ago my wife opened a fraudulent account in her name and the only reason we found it was because we checked our credit regularly. We ended up cleaning up his credit report, but it could have been worse if we hadn’t been paying attention.
I use a site called Credit Sesame that will give you your credit score for free almost instantly with a credit report CARD with a letter grade that shows your utilization. Be sure to check your credit at least a few times a year to make sure there is no fraud and that your credit is in good standing.
2. Earn money by completing small tasks
One way to make extra dough quickly is to run errands in your spare time. While there are tons of opportunities online, here are some good ones to check out.
Survey Junkie will pay you to take surveys and has an A+ rating with the Better Business Bureau. This site is great because they will pay you instant cash via Paypal.
Swagbucks will pay you cash for everything you do every day, like surfing the web, watching videos, and more. They have paid out over $194 million to their members.
3. Rent a room in your house
Do you have an extra bedroom that you hardly ever use? If so, you might want to consider renting it out to make some extra money.
Airbnb is a website where you can list a room in your home for rent to short-term guests. There are millions of travelers who use Airbnb to search for rooms to rent instead of staying in a hotel.
The returns on this can be amazing. My friend Steve and his wife make over $1,000 a month renting out their spare room.
4. Save money by using a robot
There’s a free tool called Trim that will cancel your unused subscriptions, find cash back with you, and reset your accounts for you. The average person saves $30 per bill. All you do is sign up, set up an account, and their robotic assistant will email you ways to save money.
It’s actually really cool and easy to use.
5. Get paid to drive people
If you enjoy meeting new people and need a way to earn money, driving for Lyft is worth checking out. You work the hours you want and the pay is decent. My friend Ryan makes about $800 a month flipping people.
Right now, Lyft is offering a $250 sign-up bonus, which is pretty sweet.
6. Open a high-yield savings account
Tired of not working on your savings? Well, those days are over. Check out CIT Bank. They paying up to 3.25%which is more than traditional banks and is insured by the FDIC.
They have a $100 minimum to open an account, and best of all, there are zero maintenance fees.
7. Refinance your high-interest debt
If you have credit card debt at all, then DON’T ignore this option. With an average credit card interest rate of around 15%, this can save you a ton of money in the long run.
One of my favorite companies is Upgrade because they can help you refinance your credit card debt down to 5.99% so you can pay off your debt faster.
Loans through Upgrade have APRs of 5.99%-35.89%. All loans have an origination fee of 1.5% to 6%, which is deducted from the loan funds. Lowest rates require Autopay. For example, if you take out a $10,000 loan with a 36-month term and an APR of 17.98% (which includes an APR of 14.32% and a one-time origination fee of 5%), you’ll end up with $9,500 in your bank account and have a monthly obligation of $343.33 fee Over the life of the loan, your payments will total $12,359.97. Your loan APR may be higher or lower, and your loan offers may not have multiple terms. The actual interest rate depends on the credit score, credit history, term of the loan and other factors. Late payments or subsequent charges and fees can increase the cost of your fixed rate loan. There is no fee or penalty for paying off the loan early.