Ultimate Guide to Saving Money

When you install the Rakuten (formerly Ebates) Chrome (or Safari) browser “button”, it will open up a world wide web of cash back possibilities. As you shop online, if there is an opportunity to get some cash back, the Rakuten button will alert you. Just click the button to activate the rewards.

Some deals are up to 40 percent cash back. Set it and forget it. Rakuten works on autopilot to get you free money.

Want even more cash back opportunities?

3. Collect Free Money with a High Yield Savings Account

Are you leaving money on the table when it comes to your savings account? Would you rather earn 15X more interest than what the typical interest rate pays?  It is within reach when you deposit money into a high yield savings account. You will earn a higher interest rate.

The FDIC reported that the national APY for a savings account was 0.09%. If you had $1,000 deposited, you would earn a whopping 90 cents per year … less than a buck.

With a 1.55% APY:

• $1,000 in savings = $15.50 a year in free money.
• $5,000 in savings = $77.50 a year in free money.
• $15,000 in savings = $232.50 a year in free money.

What would happen if you didn’t take a few minutes to open an account with a high APY?

With a 0.09% APY:

• $1,000 deposited = $0.90 a year in free money.
• $5,000 in savings = $4.50 a year in free money.
• $15,000 in savings = $13.50 a year in free money… less than what you would make with just $1,000 deposited with a high-yield savings account..

If you blindly open a savings account, you are leaving money on the table in the form of interest lost on a low APY.

Let’s remedy this. Choose a bank with a high APY.

Best High-Yield Savings Accounts

CIT Bank

The higher your banks APY, the more money they pay you to bank with them. So don’t settle for an average APY of 0.08%. CIT’s Savings Builder account offers soaring interest rates that are at least 10X the national average. Check out CIT’s live banner below for the current Savings Builder APY.

5. Cash-Back on Everything

OK, we’re on our fifth and final hack. By now, you incorporating all of these tactics and strategies will have a multiplying effect that can literally save you thousands of dollars a year, if you are just average. Now, we are going to kick it up a notch by recommending you use credit cards to your advantage, whether they are cash-back cards or travel rewards cards.

Credit cards are a tool to help you reach your financial goals. Use them to your advantage. We are not recommending piling up new debt and buying things you cannot afford. However, if you buy stuff online, use a cash-back card, get Rakuten cash-back rewards and let Dosh work its magic.

You might not be in a position to do this, but a father used to put his son’s college tuition on a Discover cash-back card. If tuition, room and board came up to $25,000, then he made a cool $500 with a 2% cash back reward.

Cash Back Cards

With cash back cards, you earn points for every dollar you spend. Generally the incentives are 1-2%, but it can go higher, especially during an introductory offer.

Some recent offers over on Credit Land included:

• 5% cash back rotating categories
• 1.5% back on every purchase + a one-time bonus of $150
• 2% cash back on everything.

Travel Cards

With cash back credit cards we speak of points, but with travel credit cards we speak of miles. Whether points or miles, we are referring to the same thing: Rewards. When looking at travel cards, keep in mind 100 miles equates to about $1 in travel benefits.

You might be thinking, why would I get a travel rewards card, I don’t fly much. These rewards cards are not frequent flyer programs. They build up cash rewards that can be used for travel. Some cards will pay you cash back. Some cards will give you 2X miles when you use your card at grocery stores, restaurants or gas stations.

Having said that, some travel cards are linked with airlines that will give you certain privileges, like getting your entire family’s first checked bag for free. That’s a $200 round trip savings for a family of 4. Keep that $200 in your savings account!

When looking at a travel credit card, there are a lot of options. Look for one with a high sign-up bonus. You will get the most miles through the sign-up process.

How to make money with your credit card

If you want to make money with your credit card, and build your savings even faster, you can never go into credit card debt.

The key here is to pay off your balance every month. You do not want to be in a position where you are paying 15-20% interest on balances just to chase 2% in cash back. That makes no sense, and it goes against all we teach.

6. Spend Money Strategically with a Budget

For some, budgeting is a four-letter word. That’s a shame. We mentioned above how finances contributed to a lot of stress, worrying, and loss of sleep. Budgeting can help erase a lot of that.

A budget is simply a plan that will move you toward financial freedom. List all expenses and compare them to how much money you earn. Then craft a plan to spend less than you earn.

Commit to your plan. It is your roadmap to a better future. Every month should get easier for you as you figure out where you can cut spending. At the same time, you will benefit from all of the hacks you implemented.

So far in this post, we have shown you ways to cut expenses, ways to save money through cash back apps, and how to earn a higher interest rate on your savings. But, now, we are going to focus on changing how you handle money to save more, and live life with a peace that comes through financial security. It all starts with a decision.

Free Workshop – Join our free Simplify Money Workshop

The *only* way to save money is to spend less than you earn. That means you need to decrease your expenses or increase your income.

What’s more? We’ve got a bunch of free money-hacks to share with you:

• Hacks to lower your monthly bills
• Hacks to spend less on debt
• Hacks to start investing
• Hacks to increase your income by $20/month (with no extra effort)

This workshop has everything you need to accomplish the cardinal rule of personal finance: keep your income over your expenses.

Join our free 5-day Simplify Money Workshop, and start growing your wealth today.