I know we’ve all heard this saying, “Make your money work for you”, but how many of us even know what in the heck that means?!? Sit tight because I’ve done the work for you and I’ll share a few tips right here!
How to make your money work for you Tip#1: Put your savings in an online interest earning account. You are losing money by leaving it in a traditional savings account. Google it and see for yourself. (I’m not paid to advertise but if you want to know which account I use, give me a call.)
Tip#2: Pay down your debt. Stop putting it off and just do it. Skip some things you would ordinarily spend your hard earned dollars on and pay off your debt instead. It’s liberating!
Tip#3: Read the paper/enews/whatever and become aware of what is going on in the financial world. We tune in to the wacky world of politics and get all bent out of shape. Change the channel to absorb the financial news so you can make some decisions about how to make your money work for you!
Tip#4: YOU KNEW THIS WAS COMING…Buy a home NOW! But seriously, if you are considering buying a home, now is the time. The Fed keeps pushing down interest rates and as every runner knows, for every downhill, there is an uphill climb ahead. So jump on and lock in at a low interest rate. Now is the time!
And if you have a home to sell first, no worries, because we’re still in a low inventory market which means there’s less competition when we get yours listed. Price it to sell, find your future home and potentially lock in at a lower interest rate than you may have now! Definitely a lower rate than if you wait too long.
Make your money work for you with the current low interest rate environment. Call your lender and find out what it would take for you to purchase now. If you need a recommendation for an awesome lender, I can point you in the right direction, so give me a call.
Do you have any other financial tips to share with me? Please email me email@example.com and let’s chat about it!