3 Easy Money Hacks That Make Living On Your Own More Fun And Affordable

Oct 5, 2023

As college students embark on a new semester, recent graduates are often moving into their first apartments. Living independently comes with increased expenses, but it also offers freedom and choices. To make the most of this newfound freedom, it's crucial to save money on essential expenses like housing, transportation, and utilities, allowing more room for entertainment, dining out, or travel. Here are three simple ways to cut costs on necessities and have more for leisure activities:

1. Elevate Your Credit Score Through Utility and Streaming Payments:

  Establishing utility and telecommunications accounts in your name can serve a dual purpose – not only do they provide essential services, but they can also help boost your credit score. Experian Boost™ is a free service that can raise your credit score by linking to select bills (such as cell phone, internet/cable, utilities, and now even Netflix) and reporting your on-time payments to Experian, one of the major credit bureaus. Maintaining a good credit score opens doors to better loan terms, lower APRs, and other financial advantages, making it easier to qualify for advantageous credit cards and loans.

2. Earn Cash Back on Grocery Shopping:

  Groceries are a recurring expense, but with the right credit card, you can earn cash back on these purchases. Many credit cards offer substantial cash back rewards at supermarkets, often up to 6%. By utilizing a grocery rewards card, you can significantly stretch your grocery budget, potentially earning over $100 annually in cash back. CNBC Select has evaluated various rewards cards to identify the best options based on your spending habits.

3. Optimize Your Savings Account:

  Smart financial choices can help your savings work harder. Consider switching from a traditional savings account to a high-yield savings account, even though interest rates have decreased to around 1%. This rate still surpasses the meager returns offered by standard savings accounts. For example, if you had $2,000 in a Varo Savings Account with a 3.00% APY, you would earn over $60 annually, compared to just 10 cents in a traditional account. Varo also offers a checking account with no minimum balances or monthly fees. Similarly, you can explore high-interest checking accounts like the Alliant Credit Union High-Rate Checking Account, which offers a 0.25% APY with easy-to-meet requirements like opting for paperless statements and setting up a recurring monthly electronic deposit.

By implementing these strategies, you can manage your finances more efficiently, save on essential expenses, and have extra funds for enjoyable activities and experiences.

To learn more about this useful tip, read the full article here!

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