2020 Destroyed Your Personal Cash Flow. Here’s How to Rescue It

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If you’re like most of us, 2020 did a number on your cash flow.

What is cash flow, you ask? We’re so glad you asked! Cash flow refers to the money that’s constantly moving into and out of your bank account.

Your paychecks (assuming you have work) flow in, and your payments (for food, housing and everything else) flow out.

For many of us, the COVID-19 pandemic has torn a hole in our finances, mucking everything up. Whatever has your cash flow bottled up, we’ve got six suggestions for improving it, one step at a time.

1. Stop Paying Your Credit Card Company

Credit card debt will destroy your cash flow. And the truth is, your credit card company doesn’t really care. It’s just getting rich by ripping you off with high interest rates. But a website called AmOne wants to help.

If you owe your credit card companies $50,000 or less, AmOne will match you with a low-interest loan you can use to pay off every single one of your balances.

The benefit? You’ll be left with one bill to pay each month. And because personal loans have lower interest rates (AmOne rates start at 3.49% APR), you’ll get out of debt that much faster. Plus: No credit card payment this month.

AmOne keeps your information confidential and secure, which is probably why after 20 years in business, it still has an A+ rating with the Better Business Bureau.

It takes two minutes to see if you qualify for up to $50,000 online. You do need to give AmOne a real phone number in order to qualify, but don’t worry — they won’t spam you with phone calls.

2. Get Paid Every Time You Buy Groceries

Grocery shopping was never exactly pleasant. But these days, it’s a downright struggle — wondering about your personal safety, maintaining six feet of distance from other customers, etc. Shouldn’t you have something to show for it?

A free app called Fetch Rewards will reward you with gift cards just for buying toilet paper and more than 250 other items at the grocery store.

Here’s how it works: After you’ve downloaded the app, just take a picture of your receipt showing you purchased an item from one of the brands listed in Fetch. For your efforts, you’ll earn gift cards to places like Amazon or Walmart.

You can download the free Fetch Rewards app here to start getting free gift cards. Over a million people already have, so they must be onto something…

3. Make Sure You’re Not Overpaying

Here’s another way to improve your cash flow: Stop overpaying for things.

Wouldn’t it be nice if you got an alert when you’re shopping online at Target and are about to overpay? That’s what this free service does.

Just add it to your browser for free, and before you check out, it’ll check other websites, including Walmart, eBay and others to see if your item is available for cheaper. Plus, you can get coupon codes, set up price-drop alerts and even see the item’s price history.

Let’s say you’re shopping for a new TV, and you assume you’ve found the best price. Here’s when you’ll get a pop up letting you know if that exact TV is available elsewhere for cheaper. If there are any available coupon codes, they’ll also automatically be applied to your order.

In the last year, this has saved people $160 million.

You can get started in just a few clicks to see if you’re overpaying online.

In this illustration, a car drives on a road that's between mountains and water.

4. Knock $540/Year From Your Car Insurance in Minutes

Speaking of overpaying for things, when’s the last time you checked car insurance prices?

You should shop your options every six months or so — it could save you some serious money. Let’s be real, though. It’s probably not the first thing you think about when you wake up. But it doesn’t have to be.

A website called Insure makes it super easy to compare car insurance prices. All you have to do is enter your ZIP code and your age, and it’ll show you your options — and even discounts in your area.

Using Insure, people have saved an average of $540 a year.

Yup. That could be $500 back in your pocket just for taking a few minutes to look at your options.

5. Add $225 to Your Wallet Just for Watching the News

This is a historic time for news, and we’re all constantly refreshing for the latest news updates. You probably know more than one news-junkie who fancies themselves an expert in respiratory illness or a political mastermind.

Research companies want to pay you to keep watching. You could add up to $225 a month to your pocket by signing up for a free account with InboxDollars. They’ll present you with short news clips to choose from every day, then ask you a few questions about them.

You just have to answer honestly, and InboxDollars will continue to pay you every month. This might sound too good to be true, but it’s already paid its users more than $56 million.

It takes about one minute to sign up, and start getting paid to watch the news.

6. See if You Can Get More Money From This Company

Here’s the deal: If you’re not using Aspiration’s debit card, you’re missing out on extra cash. And who doesn’t want extra cash right now?

Yep. A debit card called Aspiration gives you up to a 5% back every time you swipe.

Need to buy groceries? Extra cash.

Need to fill up the tank? Bam. Even more extra cash.

You were going to buy these things anyway — why not get this extra money in the process?

Enter your email address here, and link your bank account to see how much extra cash you can get with your free Aspiration account. And don’t worry. Your money is FDIC insured and under a military-grade encryption. That’s nerd talk for “this is totally safe.”

In summary: Take these six steps and watch your cash flow improve.

Mike Brassfield (mike@thepennyhoarder.com) is a senior writer at The Penny Hoarder.

This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.

Source: thepennyhoarder.com

The Top Financial Resolutions for 2021

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Have you made your resolutions yet? It can feel a little daunting trying to figure out what you need to focus on, so we made it easy: These are the resolutions everyone else is taking on in 2021, according to a survey by Wallethub, and you should, too. Plus — how to accomplish them.

1. Make A Realistic Budget And Stick To It

This one sounds familiar, right? Oft-regarded as Old Faithful when it comes to New Years’ resolutions, it holds that title for good reason. Having a budget you can actually stick to will set you up for financial success, no matter what your goals are.

It’s easy to slip away from our good financial habits as the year goes on, so it’s particularly important to find a budgeting system that works for your lifestyle and won’t be hard to maintain.

We recommend the 50/30/20 method. It’s simple, yet effective, and has a bit of a cult following, too! Here’s how it shakes out:

50% of your take-home income every month covers your fixed expenses — rent, utilities, groceries, minimum debt payments, etc. 30% goes towards the things you can live without, but don’t want to (like food delivery, a Netflix subscription and travel). Finally, the last 20% of your monthly income is dedicated to your financial goals.

2. Look For A Better Job: Make up to $69/Hour

The most surefire way to achieve your financial resolutions and stay within that budget you made is to earn more money.

2020 made that really hard for most people. Which is why finding a better job, that you actually enjoy — and will pay you more — is a top resolution for 2021.

But what if you could create that higher-paying and more rewarding job? There’s an idea…

Can you open an excel spreadsheet? Does earning $69 an hour sound appealing? How about the freedom to work remotely while helping others succeed?

Those are the perks of working as a bookkeeper, says Ben Robinson, a CPA and business owner who teaches others to become virtual bookkeepers through online courses called Bookkeepers.com.

You don’t have to be an accountant or even really good at math to be successful in this business. In fact, all you need are decent computer skills and a passion for helping business owners tackle real-world problems. The ability to stay moderately organized is helpful, too.

You can make up to $69 an hour, according to data from Intuit, the creator of QuickBooks, and you have no commute. It’s a great opportunity for parents who want a part-time job, recent college grads or anyone who wants to bring in real money working from home.

Robinson shares what it takes to be a virtual bookkeeper, plus tips for making this career work for you in his free class at Bookkeepers.com. If you stick with the classes, you could be running your own business in just a few months.

3. Pay Off Credit Card Debt: Wipe Out All Your Debt by Tomorrow

2020 was actually a good year for paying down credit card debt — Americans did more of it this year than they ever have.

But there’s still work to be done, which is why paying off credit card debt is one of the top financial resolutions this year.  Because if you still have credit card debt, you know. The anxiety, the interest rates, the fear you’re never going to escape…

And the truth is, your credit card company doesn’t really care. It’s just getting rich by ripping you off with high interest rates. But a website called AmOne wants to help.

If you owe your credit card companies $50,000 or less, AmOne will match you with a low-interest loan you can use to pay off every single one of your balances.

The benefit? You’ll be left with one bill to pay each month. And because personal loans have lower interest rates (AmOne rates start at 3.49% APR), you’ll get out of debt that much faster. Plus: No credit card payment this month.

AmOne won’t make you stand in line or call your bank, either. And if you’re worried you won’t qualify, it’s free to check online. It takes just two minutes, and it could help you pay off your debt years faster.

4. Monitor Your Credit Report

Did your credit score take a dive this year? Or is still stuck at a “fair” grade? Then monitoring any changes on your credit reporting and working to improve your score should be one of your financial resolutions for this year, too.

When it comes to your credit score, it’s important to stay organized and keep tabs on it. After all, it’ll play an essential role in any big purchase you want to make — whether that’s a home or a car.

So if you’re looking to get your credit score back on track — or even if it is on track and you want to bump it up — try using a free website called Credit Sesame.

Within two minutes, you’ll get access to your credit score, any debt-carrying accounts and a handful of personalized tips to improve your score. You’ll even be able to spot any errors holding you back (one in five reports have one).

James Cooper, of Atlanta, used Credit Sesame to raise his credit score nearly 300 points in six months.*** “They showed me the ins and outs — how to dot the I’s and cross the T’s,” he said.

Want to check for yourself? It’s free and only takes about 90 seconds to sign up.

5. Get Insured In Case Of A Catastrophe. You Could Give Your Family up to $1 Million

Talk about a scary year. If a global pandemic didn’t have you thinking about your own mortality, what else could? With that thought in mind, people are adding “buy life insurance” to their list of 2021 to-dos.

Have you thought about how your family would manage without your income if something happened to you? How they’ll pay the bills? Send the kids through school? Now’s a good time to start planning for the future by looking into a term life insurance policy.

You’re probably thinking: I don’t have the time or money for that. But your application can take minutes — and you could leave your family up to $1 million with a company called Bestow.

Rates start at just $16 a month. The peace of mind knowing your family is taken care of is priceless.

If you’re under the age of 54 and want to get a fast life insurance quote without a medical exam or even getting up from the couch, get a free quote from Bestow.

6. Add A Month To Your Emergency Fund

Having an emergency fund is important; you know that. But it’s easy to deprioritize it when things are going fine. And as 2020 showed us, you can lose your job at the drop of a hat, meaning a full emergency fund can be what keeps your lights on.

So prioritize your emergency fund this year. If you don’t have one yet, start by opening an account that will help you grow your money.

One way to do that is with a company called Aspiration. It lets you earn up to 16 times the average interest on the money in your account.

Not too shabby!

Enter your email address here to get a free Aspiration Spend and Save account. After you confirm your email, securely link your bank account so they can start helping you get extra cash. Your money is FDIC insured and they use a military-grade encryption which is nerd talk for “this is totally safe.”

7. Pay Bills Right After Payday

It’s easy to get swept up in the joy that is payday and immediately start buying things you don’t need. But as the final financial resolution on this list, paying your bills right away can help keep the rest of your goals on track.

It means you can avoid late fees on your utilities, which can really add up and destroy your budget. You can pay off your credit card debt without mounting interest charges. And you can prevent any hiccups that would dock your credit score a few points.

Whatever your financial goals are this year, we know you can achieve them! Here’s to making 2021 your best financial year yet.

Kari Faber is a staff writer at The Penny Hoarder.

***Like Cooper, 60% of Credit Sesame members see an increase in their credit score; 50% see at least a 10-point increase, and 20% see at least a 50-point increase after 180 days.

Credit Sesame does not guarantee any of these results, and some may even see a decrease in their credit score. Any score improvement is the result of many factors, including paying bills on time, keeping credit balances low, avoiding unnecessary inquiries, appropriate financial planning and developing better credit habits.

This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.

Source: thepennyhoarder.com