2020年商务英语考试高级阅读材料九

Easy Money Hacks to Level up Your Money

　　David Carlson

　　It’s always a good idea to conduct regular “money checkups” to make sure you are making the most of your money.

　　To make it a bit more interesting, I like to think of this as “hacking” your money. Small changes can make a big difference.

　　My wife and I were leaving hundreds of dollars on the table each year by putting off reviewing our savings account. By making a small change we literally are making $500+ from interest that we were previously missing out on.

　　Ready to level up your money? Let’s walk through the list of money hacks and see which ones will work for your situation.

　　Check your savings account

　　People love to rip on banks for making billions and billions in profits, but there is one specific thing that millions of people are doing that allows them to profit: keeping their savings in low-yield savings account. The average APY of savings accounts is 0.06%. The rate can be as low as 0.01%. Basically you are getting nothing for your money.

　　I was one of those people.

　　Until recently, I had a rock-bottom interest rate on my savings account. The thing was, this was an emergency fund that I was going to keep in cash long-term. It only makes sense to park it in the savings account with the highest yield.

　　As I outlined in my post switching banks made us $500+ a year. By switching from my TCF savings account that paid 0.01% APY to a CIT Bank savings account that paid 2.30% APY, I essentially gave myself a $500+ year bump in cash flow.

　　Even if you have minimal or no savings right now you probably have a goal of building an emergency fund. Banks make enough money, don’t do them a favor by building and keeping your emergency fund in a savings account with a rock-bottom interest rate.

　　Pay attention to credit card rewards

　　Before you even think about taking advantage of credit card rewards you need to make sure you 1) aren’t in credit card debt and 2) don’t put money on your cards that you wouldn’t otherwise spend. If you are in credit card debt it’s important to make paying down that debt a priority. If you tend to charge things to credit cards that you otherwise wouldn’t spend, it probably doesn’t make sense to take advantage of credit card rewards.

　　If you don’t fall in those categories, and you pay off your card in full each month, credit card rewards could be a big win. At the very least you should be getting cash back on every purchase (here’s some of the top cash back credit cards). If you take it a step further, though, some of the travel rewards credit cards can be a big win. Not only do many come with good sign-up bonuses, they also sometimes offer perks like free checked bags.

　　If travel rewards sound like something that would benefit you (I know they’ve saved my wife and I thousands on travel), here’s an overview of how they can help you achieve your travel goals.

　　Want something more specific? Here’s how to save money on United Airlines flights and credit cards for American Airlines Miles.

　　Stop ignoring cash back apps

　　By now you’re probably aware there are a number of cash back apps out there that can save you money. But have you put off actually taking advantage of these money-saving apps?

　　I know I wasn’t on board. It didn’t seem like you could actually save much. But once I saved $20 on a purchase of two pairs of shorts I was hooked.

　　Once you have an account it truly is minimal work. I’ve since saved hundreds with very little effort. Here’s 10+ cash back apps you should consider (including sign-up bonuses if you use our links). I also outlined the exact (super simple) process I go through every time I shop online before pressing “finalize purchase.”

　　Check your subscriptions

　　I’m certain I’m not the first person who has recommended you check your subscriptions. But seriously: have you done it lately?

　　More and more services are becoming subscription-based. If you don’t keep up with what you are subscribing to, you are likely wasting at least some money on services you don’t use.

　　Go through your last few months of your spend data and identify any recurring charges. Is this a service you still use? And even if you use it, is it worth the cost? Or should you be using the service?

　　This is especially important today with so many streaming platforms. I just cancelled one of the streaming platforms I was subscribed to when I realized I had four other streaming platforms that I was also paying for. There’s only so much content you can consume.

　　If you love magazines, here’s a hack for getting free ones (not all magazine titles are included, but there is a wide selection). My wife and I get more than five magazine subscriptions free of charge using this hack.

　　Don’t leave easy money on the table with your employer

　　Not every employer offers “easy money” to its employees, so if you get any of the following perks you absolutely should be taking advantage of them!

　　401(k) or 403(b) match

　　Health Savings Account (HSA) match

　　Employee Stock Purchase Program (ESPP)

　　These are typically perks that should be fully taken advantage of. For example, with a retirement account match you will rarely see another perk where you can get a dollar or fifty cents for each dollar you put into an account. Take advantage of it!

　　Have a financial adviser? Make sure you aren’t wasting money on fees

　　Do you have a financial adviser? Time to see how much they are costing you.

　　I’m a big fan of financial advisers… when they charge for financial advice, not when they charge ongoing fees to manage your assets.

　　The way many financial advisers charge is a percentage of your assets. For simplicity sake, let’s assume they charge 1% of assets. If you have $300,000 worth of investments that your financial adviser manages, you would pay $3,000 a year to your adviser. This is why many advisers will only work with clients with a minimum amount of assets.

　　I don’t think it’s worth paying that, though. I think financial advisers can give great advice, but I think that advice is what people should be paying for, not ongoing asset management. I am not a Certified Financial Adviser and I cannot give individual investment advice, but I think a majority of people can keep it simple when it comes to investing and do just fine. If needed, get a CFP to analyze your portfolio, but have them do it for a one-time fee. There is no need to pay them ongoing, regular, maintenance fees, especially when these can easily reach thousands of dollars a year.

　　Honorable mentions

　　Cut the interest rate on your debt through refinancing or negotiating with the debt holder.

　　Keep track of your income and expenses automatically using Tiller.

　　Plan your Meals.

　　Do salary research to see if you are getting paid fairly (and have a conversation with your manager if you are not).

　　I hope you enjoyed these money hacks, and I would love to hear any money hacks you would add to the list!

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