Banks are always talking about making your money work for you, and what that really means is financial planning. What is the best way to maximize your funds? Should you really be investing in that? There are numerous ways to make your money work for you, but it is all based off your personal money habits and lifestyle. That’s why we created a list of some of the go-to things to look for when opening accounts and searching for ways to get that little bit extra out of the money you make.
Credit Card Rewards
There are so many credit cards out there, and with the incentive offers to sign up and the perks that come with them, credit card rewards are one of those things that you need to find the right one for you. With the right credit card you won’t feel overwhelmed when it comes to payments, they should be easy to use, and you should be cashing in on rewards that you’re interested in. Whether its flights, cashback or discounts on products, there is a credit card to fit everyone’s spending habits, it’s about doing your research and finding the right credit card for you.
When it comes to payments, bills can be due at various times of the month. Home, insurance, phone, cable and then not to mention the random expenses that come on top of that. So when setting up your billing accounts, why not make them direct deposit or automatic payments? This helps to take away the stress of making sure people received their payments on time. By making these automatic payments, you’re holding yourself accountable to make sure the funds are there and creating a payment schedule. You can also call your payment providers and ask them to change the billing date for you so that all money can come out of your account at one time. The best way to do it is on the days you know you are getting paid, have your credit card bill, insurance and phone bill automatically come out of your account, that way you can ensure the funds are there and not have to worry about paying your bills.
Know How To Save
Whether it’s a special occasion, retirement or in case of an emergency, knowing how to set money aside and saving is one of the ultimate ways to make your money work for you. Everyone has different savings methods and motivators when it comes to saving money. Some people like to make a game out of saving money; others do not touch their savings because for them it is an emergency fund. No matter how you save, the point is that you are. What you decide to do with those savings is up to you, but make sure you are making the most out of your savings with high interest bank accounts and investments whether that be with a TFSA or RRSP. That’s right, making money off your savings is another way to make the most of your money.
What are your favourite ways to have your money work for you? Let us know in the comment section below.