If you have an eye for finance, you’re lucky. Being financially savvy not only allows you to budget wisely, but also find opportunities to invest and earn more cash! But no matter how financially savvy you are, learning more is always a good idea. Here are five different ways that taking control of your finances can help you save (or earn) money!
1. Get a Low Mortgage Rate
Investing in real estate can be a smart move. By purchasing a house, you can save on rental expenses and build up equity. But by getting a low mortgage interest rate, you could save hundreds or even thousands over the life of your loan! If you’re looking for a mortgage, compare multiple quotes from different lenders to find a low rate and an affordable monthly payment. If you already have a mortgage, check to see if current rates are lower than the rate you’re paying. If so, refinancing into a lower rate could save you money each month and be a smart financial move. Getting a low mortgage rate will definitely help put more cash back into your pocket!
2. Pay Off High Interest Debt
Not all debt is equal. High interest debt costs you more in the long run than a loan for the same amount with a lower interest rate. If you have lots of high interest debt, such as from credit cards, consider consolidating your debt with a personal loan, or paying off your debt with a cash-out refinance. Consolidating your debt often helps to make it more manageable, and if you can get a lower interest rate, you’ll save money each month. Don’t let high interest debt drag you down!
3. Find Affordable Auto Insurance
Auto insurance can be expensive, sometimes costing several thousand dollars each year! Searching for affordable car insurance can pay off by helping you find a great plan with better deductibles and premiums. Even saving just a little bit on car insurance can add up in the long run. Fortunately, you can use RateZip to find affordable auto insurance plans that work for you!
4. Get a High Yield Savings Account
Keeping your money in a high yield savings account can earn you cash in the form of interest. The higher APY you get, the more interest you will earn. Plus, many banks offer other perks for opening a high yield savings account, such as cash bonuses, no monthly fees, and no minimum deposits. Compare offers from multiple banks to find a great high yield savings account today!
5. Get a Certificate of Deposit
Putting your money into a Certificate of Deposit (CD) account can be a great way to get a guaranteed return! CDs often have higher yields than savings accounts, but less flexibility. This means that you have to keep your funds in the CD for a specified length of time – this can be anywhere from one month to a couple of years. In some cases, you can access your cash early, but you may need to pay a fee. But if you put money into a certificate of deposit, you’ll see the benefit when you get your return at the end of the term!
Ready to learn more great financial tips? Keep on reading right here on RateZip!