1. Hire a wealth manager (even if you’re not wealthy)
Everyone always talks about “investing” their wealth, but visiting the financial planner at your bank feels a little old fashioned. Plus, who wants to waste a Saturday doing that?
We found a company that will act as your personal financial manager, and the best part is that you don’t even have to leave the house.
Welcome to banking in your sweatpants.
Facet Wealth is an online financial planning service that is perfect for people who want top-of-the-line financial advice without the high fees.
Facet Wealth offers custom financial planning and investment management with plans tailored to your individual needs and goals, all at a flat rate. That includes everything from saving up for your dream vacation to kicking off your retirement plan, Facet Wealth has got you covered.
Most importantly, each of Facet Wealth’s Certified Financial Planners (CFPs) is a fiduciary, which means that they’re required by law to put your interests above anything else. That means you’re in safe hands.
2. Let this company be your piggy bank
I love collecting spare change in a mason jar. Those nickels and quarters really add up, and can mean a huge chunk of change in the long run.
Recently, I’ve started doing the same thing with my debit transactions as well using an app called Acorns.
Here’s how it works: when you use your card to buy a coffee for $2.50, Acorns rounds the transaction up to the nearest dollar — $3.00 — and invests the extra $0.50 into a portfolio you have selected.
Eventually, all of those little transactions will add up to a nice chunk of change, and your change will be growing as you invest it.
And another perk of using Acorns? There’s no minimum set-up fee, it’s free for college students and you get a $10 sign-up bonus.
Free money to start investing? I’ll take it.
3. Get this company to pay your bills this month
Yes… all of your bills.
If you were planning to use the $1,000 you saved to pay down some of your debts, that’s great — but if you’ve got sky-high interest rates, there’s a better way to go about it.
You can instead use Fiona to pay off up to $100,000 of debt this month. You’ll answer a few quick questions, and within minutes you’ll be matched with all of the lenders who want to give you a loan to consolidate your debt.
You get to pick the loan with the best terms, and you’ll end up with one payment and one interest rate to keep track of. And with interest rates starting as low as 3.84%, you may be able to save thousands of dollars in interest payments.
The best part? It’s completely free to check online and it won’t impact your credit score to see if you qualify.
4. Call in an expert to help you handle your credit
It’s great to have some cash set aside for “someday” — maybe that’s a house or a new car — but there’s another big factor involved in making your money work for you is your credit score.
A company like Credit Sesame will provide you with a free credit score, as well as their free credit monitoring service. You’ll be able to view your credit reports whenever you want, including your spending accounts and wherever you owe money (like your monthly bills). No more missed payments or late fees.
If you’ve got the savings in your account but your credit is still in the red, don’t worry. Credit Sesame will help you assess your credit report and walk you through the steps you can take to improve your credit score. Some Credit Sesame customers have even seen credit score improvements of up to 300 points.
Killer savings and a credit report that’ll make lenders swoon? Now that’s worth the effort.
5. Stop paying too much for car insurance
You’ve saved up the cash for something fun, and the last thing you want to do is throw it away on bills.
But you can’t just stop paying your car insurance, can you? Turns out, you can. Or at least stop paying crazy premiums — which means more money in your pocket instead of the auto insurance company’s.
You should be shopping for car insurance every six months.
Yes, we know that sounds like a lot. But with the average driver spending around $2,500 on car insurance, can you really afford not to shop around?
Fortunately, Assurance makes it easy to compare rates in just a few minutes.
Assurance is a great tool to help you find the best insurance company for your situation, with the lowest possible rates. After filling out a brief survey, Assurance will show you quotes online. You’ll be able to choose an insurance policy that offers big discounts on policies with the same coverage you currently have.
Finding a great insurer that’ll bring your costs way down means more money in your pocket, meaning you can work your way toward your next $1,000 in savings. At the end of the day, you get to control your finances — not the other way around.
6. Protect your family, just in case
Sorry, it's not something any of us ever wants to think about, but how would your family get by if you were suddenly out of the picture?
That probably won’t happen anytime soon — you've got a lot more living to do. But it’s smart to be prepared. Taking out a life insurance policy is a great way to make sure your family will be financially secure if something happens to you.
If you’re worried that setting up life insurance will be time-consuming, pricey and maybe even a bit awkward, don’t be. Quotacy lets you compare insurance rates without sharing your personal data.
In just minutes, Quotacy will give you three rates customized to fit your needs. Depending on your age and your home state, you can pay less than $7 a week for a policy offering your loved ones $1 million in financial protection. If that doesn’t give you peace of mind, nothing will.