The global economy is worth over 80 trillion dollars. What does that mean to you? It means money is everywhere! It just takes a little ingenuity to get a piece of it and most times it won’t cost you anything. Here are 5 effective ways I’ve found to acquire or save some money.
Missingmoney.com
Yeah, it sounds like spam. That was my initial reaction. But after a little research I found that the site is legit. It links to individual state-run sites that post unclaimed assets being held for the rightful owner. Of course, you can always google the individual state and find their website, but if you’ve lived in multiple states like I have, this site can be a real time saver.
How does it work?
To see if you have unclaimed funds in your name, go to the site, type your name and select a state you want to search. You’ll then be directed to the state-sponsored site where you can look through a list of names and addresses.
If you find one that has both your name and an address where you may have had an old account, you click that link. You may be prompted to provide some info that proves you’re the account holder and then you will be asked to download a claim form.
From there, you simply fill out the claim form, provide proof of identity and then mail it to the state unclaimed property board. Then, just wait for your check!
401K Company Match
I’ve mentioned this one before in a previous article, but I’ll say it again because it is THAT important. If your company provides a 401K contribution match you NEED to take advantage of it.
Let’s say your company offers a 5 percent match on your contributions. If you earn $45,000 a year, they are GIVING you $2,250 dollars a year! For most people, that’s larger than their annual raise/bonus.
In order to take advantage of this offer, you will need to contribute 5 percent of your salary to your 401K as well. You may be thinking, “I can’t afford to lose $2,250 from my paycheck”. But I assure you, you can’t afford not to
Before taxes, $2,250 takes away $86 from each paycheck. In return for that contribution, your 401K receives $173. Over the course of 30 years, those contributions will leave you with $457,489 in your retirement account. That’s a very small sacrifice to make for such a large return. Check out the math yourself using this 401K Calculator.
Credit Card Balance Transfers
Credit card balance transfers can be a great way to pay down debt while saving money on interest payments. But if it’s done irresponsibly, you can find yourself in deeper debt than when you started.
If you set up a plan to pay off $4000 in credit card debt at a 16 percent interest rate, you would end up paying an additional $500 in interest. If you were to transfer that balance over to a credit card with a zero-interest introductory rate, you could pay off your debt and pocket that extra $500.
Here are a few things you should know first
- Know exactly what your monthly payments will be and make sure you never miss a payment. You could lose your zero percent rate with just one missed payment.
- Ensure the new card you are transferring to is not issued under the same bank as your current card. If it is, you will not be able to take advantage of the introductory rate.
- Check your credit score to ensure you qualify for the introductory rate BEFORE applying.
- Don’t use the new card for any new purchases until the transferred balance is paid off.
- Check how long the intro rate lasts. Find out if there is a balance transfer fee.
Rewards Programs
Humans are creatures of habit. We have our favorite stores, brands, and sites. Why not take advantage of these shopping habits and save some money? Companies are constantly fighting for your consumer dollars. Because of that, they are constantly offering incentives for you to spend with them.
Credit Cards – There are dozens of cards out there that give you cash back incentives for using their card while shopping. Travel cards give you airline miles, while others provide cash back. But is it right for you?
If you pay off your cards every month religiously, then yes, you should be taking advantage of these programs. Look for a credit card with the best rewards and charge all of your monthly bills to the card. At the end of every billing cycle, pay the entire balance. The accumulated rewards are yours to keep.
Gas Rewards – Most likely you’re shopping at the same grocery stores all the time. Well, grocery stores are fighting for your loyalty by offering cash incentives at gas stations. Ask the information booth at your favorite grocery store if they have a gas rewards loyalty program and sign up! I save 10 cents a gallon on gas for every 100 points I earn by shopping at my local Giant. Most large chains have their own program as well.
Store Loyalty Cards – Don’t dismiss store loyalty card programs. While I wouldn’t recommend opening a credit card at all these stores, loyalty programs can be a great way to save money and be alerted via email on great sales. I have several keychain cards from my favorite retailers, and I combine the savings by using my rewards credit card for all my purchases.
Shop around for offers before opening a new account
Whether it be a new checking account, credit card, or loan, be sure to shop around before opening a new account. Lots of banks and companies are offering cash incentives to open your account with them to get a leg up on the competition.
Financial institutions are now able to offer checking services to consumers. In order to attract customers from traditional banks, they sometimes offer money for you to open an account with them. Since you are in the market to open a new account anyway, why not make a couple hundred dollars while doing so?
Do you know of some ideas to get free money? Leave your input in the comments below.
