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!