And the more available credit you have, the better your score. The sooner you pay, the more available credit you have.So if you’re paying the balance down sooner, your interest charge will be less. Many credit card companies use the average daily balance to calculate your interest. You’re lowering the amount of interest you’ll pay.But there are definite advantages to paying it as soon as the bill is available. If you’re curious what other money-saving apps are out there, check out this articlefrom Newsweek.Ī lot of us wait until the due date to pay our credit card. Interested in Ibotta? You can get a browser extension for your online shopping or add the app to your phone. These apps often allow you to comparison shop, too, so you find the best deal. Some, including Ibotta, allow you to connect your bank account so you can easily transfer the money saved. Many allow you to shop online, on your phone or in the store to earn your cash back. These apps partner with major retailers to offer discounts and incentives. Speaking of saving money at the store, you can extend the savings beyond grocery stores with apps like Ibotta. You can then us the app to browse your digital coupons and select relevant ones. Many include an app you can download to your phone. They almost certainly have a reward program available. Some, like My Hannaford Rewards, use your shopping habits to build exclusive discounts.Ĭheck the websites for the stores you frequent. It takes a little time for the app to “learn” you and offer up relevant coupons. The savings can really add up with grocery store rewards programs (at the time of this writing, the author has saved $249). Just remember to decline a debit card when you open it. If you’re paid multiple times a month, it’s helpful to split the amount between your checks.įollow the same process to set up a “protected” account. Once you have the total, set up automatic transfers into that account. Then, calculate how much you’ll need to cover all of your bills each month (don’t forget memberships and subscriptions). Then when it’s time to book the trip or make the purchase, you have cash on hand to do so.Ĭontact your financial institution or use their online application to open a new checking account. Set up an account and make it inaccessible via debit card to eliminate the temptation of dipping into it for something else. Locking money away for future expenses – including vacation – is another great plan. Nothing comes out of this account unless it’s paying a bill. One way to prevent that? Do what Jen does: use a separate checking account. Running out of money before all the bills are paid is a sure path to financial hardship. Find out if they offer a rate discount for autopay and, if so, how you set it up. Because when you’re not taking advantage of every savings opportunity, that’s what happens.Ĭontact every financial institution at which you have a loan or mortgage. And before you decide that a few dollars isn’t worth it, ask yourself if you’d be willing to throw a $10 bill in the garbage each month. Setting up autopay on your loans can carve off anywhere from a few to a few hundred dollars in interest payments. Only 23% of all consumers report they use autopay for as many bills as they can.* Savings don’t have to be huge to make an impact. They can set up an automatic transfer for you. You can also set up a recurring transfer in online banking or contact your financial institution. They will likely have a form for you to submit so they know which account and routing number to apply to the transfer. Automatic transfers also make saving feel less restrictive if you’re not making the transfer yourself, you don’t feel like you’re losing out on spending money.Ĭontact your Human Resources department. Making the transfer automatic eliminates the chance you’ll forget or accidentally spend the money you want to save. Want the easiest way to start (and keep) building that savings account? Follow Christina’s advice and set up automatic deposits. Account Management AUTOMATE DEPOSITS INTO SAVINGS
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |