Easy Way to have an Extra $5,000 to your Bank
By: Jennifer P., Published: Apr 6, 2020 | Related: Credit Card Rewards
Having an extra $5,000 a year in a bank account would mean a lot to many people. It would allow you to travel, start investing, and maybe even pay off some debt. Now, you're probably thinking that this is impossible to do, but it is possible. You just need to understand how to do it. To help you achieve this goal, here are six tips to help you save and make more money. In 365 days, you will have $5,000 in your account.
Earn Cash Back from Shopping Online
You lose money every time you shop online if you do not take advantage of cashback savings. Cashback programs can help you earn up to 20% cashback on your online purchases. Several sites like Swagbucks will give you money simply to shop. The site has paid out more than $200,000,000 is cashback rewards. You will even earn a $5 bonus when you sign up and make your first purchase.
Improve Your Credit Score
Having a good credit standing can save you thousands of money. According to one study, the average 35-year old male with a good credit score can save $274,918 in his life when compared to a man with bad credit. Why raising your credit score may seem difficult, it's somewhat easy to do. First, get your credit score. Credit Sesame will give you your credit score and let you see what's on your credit report, free of charge. The website will also offer tips on how to improve the score. A recent FTC report states that 20% of Americans have a mistake on their credit report. Fixing these errors can impact your credit score.
Develop the Skills You Need to Make Money
Earning money is another is another way to make an extra $5,000 a year. Completing surveys is another way to earn money. Some bloggers have attributed reducing their debt to the extra money they earn from completing surveys. There are several survey sites that will pay you to complete a survey. Opinion Outpost and Survey Junkie are two other these sites. Opinion Outpost allows you to earn money for taking surveys. You can redeem the points for a cash payout through Paypal. SurveryJunkie has more than 5,000 members. It also has an A+ Better Busines Bureau rating. All of these sites are free to join. You will need to complete a basic profile. The amount of money earned for each survey does vary, the more targeted surveys tend to pay more.
Get Money Back on Price Drops
One bonus to shopping with a credit card is price protection. Price protection allows you to get a refund if something you previously purchased decreases in price. Most people don't have the time to monitor price changes. Paribus will do the monitoring for you. Paribus is a software that monitors the prices of your purchases. Should your purchase decrease in price, Paribus will automatically file an adjustment claim for you. Signing up for the program is quick and easy.
Get Returns on Your Investments
Investing may seem intimidating if you are a beginner. You need to find the right brokerage, find the right investments, and know what types of accounts will work best for you. If you want to take the complexity out of investing, consider Betterment. Betterment focuses on helping you achieve your investment goals. The app then recommends an investment approach that works for you. You can begin investing with as small as $1. Betterment's fees can be as low as .25% a year (the fees on average are about .63%).
Refinance to Pay Off Your Debts Faster
Your credit rating can determine your interest rates. On average, American's spend $8,037 dollars on interest each year. Refinancing or consolidating your debt will help you save money each month. Again, searching for a lower interest rate will depend on your credit score and income. Sofi allows you to refinance student loans and consolidate student debt. It's important to note that the average borrower has a 700-credit score and $100,000 median income. Credible lets you compare rates from several top lenders.
There are a few of the things you can do that will help you earn or save an extra $5,000 a year. It will take some effort, but you can achieve this goal.