Turn 1 Hour Into a 1,000 Dollars

In All by Brian Imrich

Let’s get right to work and get to the weekend!  Here are four easy money moves you can make to turn one hour of your time into $1,000 of extra spending cash:  

First, move $15,000 that is just sitting idle in your bank savings account to an online savings account.  As I write this, the difference in interest rates between your bank and an online account is quite likely to be 2%.  Over the course of the next year, that’s $300 in additional cash created by taking 10 minutes and about 20 clicks of your mouse.  

Online Savings ($15,000): $300

Second, stop using your bank’s Visa credit card cause that’s just what you’ve always done and apply for a cash back credit card.  The Citi Double Cash card earns you 2% cash back on all purchases with no annual fee. Over the course of the next year, spending $15,000 in total, that’s an additional $300 in cash created by 10 minutes and about 20 clicks of your mouse.

Cash Back Card ($15,000 spent): $300

Third, let automation fuel wealth creation.  Set up an automatic transfer of $25 per month from your idle checking account to your newly opened online savings account.  You won’t miss the $25 and it will be out of sight/out of mind.  Over the course of the next year…10 minutes…you get it!

Automate Savings ($25 per month): $300

Fourth, grind this one out and pick up the phone.  Call your cable company OR cell phone provider and do the “I am going to cancel, if I don’t get a better deal” dance.  Thirty minutes spent on the phone, although it may spike your blood pressure, should result in a 10% annual savings. On a $1,000 a year phone bill, that’s a $100 saved.  

Dreaded Provider Dance (10% per year): $100

Little improvements in the often overlooked areas of your wallet can add up quickly.  When it comes to spending/saving, most advice books take you to the extremes.  In some cases, the extreme is likely necessary, but for many, rather than being overwhelmed by what may seem like a huge project, take an hour and turn it into a $1,000.   

Happy Friday!