Wouldn’t it be nice to get rid of those black money clouds that are frustrating you? Rising debts, deteriorating credit scores, surging expenses are cutting your savings?
Of course you will. And that’s definitely possible – with some smart financial moves and tweaks to your spending habits, you can forge a path that leads you toward a solid financial future.
Just because these are long term strategies doesn’t mean you can’t start today. Do these movements to help prepare yourself for life.
1. Stop paying your credit card company
If you have debt on a credit card, your credit card company will continue to accrue interest until you pay it off in full. And unless you win the lottery or get some windfall of money, it can be difficult to do so.
But a website called AmOne wants to help. Because the sooner you pay off your debt, the sooner you can prepare the rest of your money for a more stable life.
If you owe your credit card companies $50,000 or less, AmOne will match you with a low-interest loan that you can use to pay off each of your balances.
Benefit? You will have one bill left to pay each month. And since interest rates on personal loans are low (AmOne rates start at 2.49% APR), you’ll be out of debt. who – which Much faster. Plus: no credit card payments this month.
AmOne keeps your information confidential and secure, which is probably why after 20 years in the business, it still has an A+ rating with the Better Business Bureau.
It takes two minutes to see if you qualify for up to $50,000 online. You need to give AmOne a real phone number in order to qualify, but don’t worry – they won’t send you spam emails with phone calls.
2. Focus more on raising your credit score
It’s easy to forget your credit score when you’re faced with more pressing problems wreaking havoc on your finances. But by letting your credit score slide, you can create more problems in the future. Your dreams of owning a house, buying a car or even getting a new job can be spoiled with a bad outcome.
So first things first – check your credit score and your credit report. Use a free site like Credit Sesame.
Within 90 seconds, you’ll have access to your credit score, any debt-laden accounts, and a handful of personal tips to improve your score. You’ll even be able to spot any bugs holding you back (one in five reports has one).
It’s free and only takes about 90 seconds to sign up.
Now that you know where you stand, use those personal tips to raise your score and eliminate mistakes. Whether it’s reducing your use of credit or setting up automatic payments to avoid more late payments, you can make smart decisions now.
3. Invest with long-term goals in mind
Yes, short presses, options, and settings can be exciting. And just like the excitement of gambling in Vegas, you can win big – or lose bigger.
When you aim to set yourself up for life, high-risk investments can set you back. So unless you can afford to lose what you’re putting into volatile investments, don’t.
One of the safest ways to invest for the long term is through traditional stock market investments. Sure, that’s not exciting, but over time the market has gone up an average of 7% every year. That can be a huge part of reaching your long-term goals, and an app called Stash can help you get there.
It allows you to be a part of something that is usually exclusive to the richest – on Stash you can buy pieces from other companies for as little as $1.
That’s right – you can invest in parts of well-known companies, such as Amazon, Google, Apple, and more for as little as $1. The best part? If these companies win, you can too. Some companies even send you a check every three months for your share of the profits, called dividends
Signing up takes 2 minutes, and it’s completely safe. With Stash, all of your investments are protected by Securities Investor Protection Corporation (SIPC) – that’s the industry talk of, “Your money is safe.” 2
Additionally, when you use the link above, Stash will give you a $5 sign-up bonus once you deposit $5 into your account. *
4. Add a little to your emergency fund every week
Preparing yourself for life is not a quick fix from your current predicament. But if you invest in yourself a little bit at a time, you can make a big difference in the future.
By adding a little money to your emergency fund each week, you can build it up slowly without putting too much pressure on your current budget. The recommended amount is three to six months of expenses, so the earlier you start, the better.
If you don’t have an emergency fund already started, consider putting it into an account that gives you a sign-up bonus, high interest earnings, and no surprise fees. We love one called Aspiration which will give you $100 to open an account.
Sure, plenty of debit cards offer year-round sign-up bonuses, but they often require you to jump through hoops with minimal requirements that feel impossible to reach.
But ambition makes it simple. To earn $100, here’s all you have to do: Open an Aspiration account and deposit at least $10. Then prepare and receive three direct deposits of at least $500 each from your salary or government benefits. That’s it! Then just wait for your check.
even better? Your debit card returns you up to 10% cash back on your purchases, and the money you keep there grows 16 times the national average.
Enter your email address here, and link your bank account. And don’t worry. Your money is insured by the Federal Deposit Insurance Corporation (FDIC) and under military-grade encryption. This is a nerd talk about “that’s totally safe.”
5. Cut back on your expenses – even mandatory expenses
Setting yourself up for financial security sometimes means cutting the fun stuff out of your budget. But before you do that – because we all need our Netflix subscriptions right now – cut the bills you can’t live without.
how is that possible? Start with places where you are likely to overpay, such as your car insurance. When was the last time you looked for new quotes? If it was more than six months ago, you can get a lower price now.
The website called Insure.com makes it very easy to compare car insurance rates. All you have to do is enter your zip code and age, and it will show you your options.
By using Insure.com, people saved an average of $489 per year for the same or similar coverage.
Yes. That might be $500 in your pocket just to take a few minutes to consider your options. Think how much that could be in the long run!
Carrie Faber is a staff writer for The Penny Hoarder. Not set for life – yet!
1Not all shares are paid out, and there is no guarantee that dividends will be paid each year.
2It should be noted that SIPC coverage does not insure against potential loss of market value.
For securities over $1,000, the fractional stock purchase starts at $0.05.
*Offer is subject to promotion terms and conditions. To be eligible to participate in this promotion and receive the bonus, you must successfully open an individual brokerage account in good standing, link a Funding Account to your Invest Account and deposit $5.00 into your Invest Account.
The Penny Hoarder is a paid affiliate/partner of Stash.
Investment advisory services provided by Stash Investments LLC, an investment advisory firm registered with the SEC. This material is distributed for informational and educational purposes only, and is not intended to provide investment, legal, accounting or tax advice. Investing involves risks.