While class action rebates may be a way to earn extra money, it will not solve all of your financial troubles if you are in need of freeing up extra money each month. While living paycheck to paycheck is not ideal, it’s a reality for many people, so it’s important to get ahead of the game and try and make a few tweaks in your finances in order to adapt better financial moves. With a few smart money moves you can free up extra money and be on the right track for financial success.
Monitor Your Credit
These days you just never know who your information can have, as we often hear about card info being captured at the gas pump or if you leave your card out for too long while paying a bill, not to mention having a store or credit bureau be compromised and your info falls into the wrong hands. While some may be out of your hands, that doesn’t mean your credit should go ignored. By pulling your full credit report at least once a year you can make sure that accounts are up to date and accurate and reviewing your credit score on your monthly credit card statements you can watch for any drastic drops.
Build an Emergency Fund
Much like your credit info getting out of your control, sometimes life happens without notice, so it’s a good idea to be prepared for any unexpected expenses that occur so that you don’t have to put on a credit card and throw your budget out of whack. By saving up a few months’ worth of expenses and not touching in an account, you can give yourself a nice cushion. I know it can take a while to save up for this, but it’s a good step to becoming financially independent.
Don’t Miss Out on Free Money
We spend our hard-earned money so why get a little back if you’re able to. With a rewards credit card you can earn points or cashback on purchases that you were going to make anyways, so might as well avoid leaving free money on the table. At work, check to make sure you’re taking advantage of company-matching retirement contributions, otherwise not taking full advantage could be missing out on thousands of dollars every year, and just think about how much that could add up to if you think of that missing money growing over the next few decades.
When it comes down to it, if you’re spending more than you can afford there needs to be changes made. Whether it is reducing the amount of times you overspend on going out to dinner when you could go grocery shopping and prepare meals at home, or finally cutting the cable cord and getting rid of the channels you don’t watch anyways and just keep your streaming service for around $10 a month that has the best shows anyways. Every little bit helps that you can free up and put towards more important areas, especially if you’re lacking in paying off debt or saving for retirement.