Five Step-by-Step Ways to Bank Extra Cash

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Five Step-by-Step Ways to Bank Extra Cash

A little extra cash can make a huge difference, especially if you are one of the many Americans living paycheck to paycheck. More money can mean eliminating financial stress, reducing debt, and setting you up to enjoy long-term goals like vacations or shopping trips. So, what is the trick to putting more money in the bank? Here are five simple things you can do to check in on your financial health and even bank extra cash each month.

Cut Back

Review your budget and consider about which expenses you can slash. Maybe you can save a few dollars each month by switching to a lower cable package or trading your cable for a streaming service. If your spending habits include regular coffee runs and lunches, consider saving money by making your coffee at home before you head out the door or meal prepping for easy lunch options. While it may seem insignificant, remember that every dollar saved is a dollar back in the bank.

Monetize Everything

There are so many ways to earn money while doing your normal daily activities. For instance, if you spend time blogging or have a large following on social media, you can make some extra change by running advertisements on your site. Also, check out cashback apps like Ibotta, Shopkick, or Rakuten to earn money on items you already plan to purchase. 

Side Hustle

Sift through the plethora of flexible work options, from delivering food via Uber Eats or blogging. Online side hustles from virtual assistant work to freelance writing gigs are the perfect option for those individuals who want to limit their time away from home.

Build a Nest Egg

Make sure you are making the most of your money. Consider switching banks to put your money in a high-yield savings account and shop around to find the best rates. If you can handle having your money tied up for a bit, a CD or money market account can help you get a good return on your money.

Use What You Have

Get the most out of your current job. Volunteer to pick-up overtime hours if offered by your employer. Also, ask for a raise: Demonstrate your value as an employee and ask for compensation that aligns with your contributions. 

Even the smallest habit change can pay dividends in the long term. Follow these five steps to watch your savings grow over time.

If you are struggling to manage debt, you have numerous options to pay it off, including enrolling in a debt consolidation program. Reach out to your local credit agency or financial advisor to learn more.