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We all know we can be better with money; chances are there’s at least one habit you can change to help with that.
While everyone’s definition of “rich” can differ, a good starter goal is often having at least $1 million in net worth. Net worth is the sum of your assets (savings, investments, home, etc.) minus your liabilities (debt).
What you do with your income matters, so let’s review some habits that could keep you from getting rich.
8. Not Getting Cash Back for Everyday Stuff
You’ll always need groceries, and if you’re a driver, you’ll always need gas—the basic essentials of everyday life. So be sure you’re getting cash back (aka free money) any chance you can!
It’s easy with Upside, a free cash back app that partners with 100,000+ businesses to give you valuable offers you won’t find anywhere else. Frequent app users can earn an extra $340 a year back just by buying essentials they were already going to buy.
Get up to 25¢ per gallon, up to 30% back on groceries, and up to 45% back at restaurants. Download Upside for free to earn cash back, and new members can use a welcome code: TSW25 to get an additional 25¢ a gallon on their first gas purchase!
Note that gas offers aren’t currently available in NJ, WI, or UT.
7. Not Keeping Debt in Check
Debt can quickly spiral out of control, so don’t let it overwhelm you by not addressing it immediately. Whether it’s medical-related, caused by bad times that kept snowballing, or by impulse purchases you regret, you want to tackle it.
Depending on your debts, you can first try the snowball debt method, which involves paying off the smallest debts completely while making minimum payments on the larger ones. Pay extra on the smaller debts whenever you can and work your way up. The small wins will boost your confidence to handle the larger debts!
If you have over $10,000 in debt and want extra help, though, you can get a free, no-obligation debt relief consultation with National Debt Relief. They’re rated #1 for debt settlement on top consumer review sites and A+ with BBB. There are no fees until your debt is resolved, which can be as soon as 24-48 months! It only takes a few minutes to see if you qualify.
6. Not Being Productive on Your Phone
Instead of scrolling through social media and potentially being tempted to buy another item you don’t need, try playing games that can earn you money instead.
iOS users can check out Bubble Cash, where you match 3 bubbles of the same color until the board is cleared. The game is frequently ranked in the Top 10 in the App Store with a 4.6 rating. Win free cash when you collect enough gems to enter practice tournaments, then win MORE when you enter higher stakes tournaments.
Android users can check out Mistplay, a free app where you can try out new Android games to earn gems. Redeem the gems for real gift cards, including VISA, Spotify, and more! The more you play, the more you can earn, and it already has over 10M downloads.
5. Not Getting Paid for Your Opinions
Companies will pay for your honest thoughts, so it’s time to get paid. Join Swagbucks, a free rewards program where you can earn free cash for your time and opinion. They’ve already paid over $885 million to their members, and they’ve been in business for 15 years.
You can earn points for gift cards by doing surveys, shopping online, uploading receipts, and playing games. New members can get a free $10 just for signing up!
4. Not Investing Your Spare Change
Saving alone won’t be enough for retirement, so it’s time to make compounding interest work in your favor. Make your money work harder without much effort when you use Acorns, the app that automatically saves and invests your spare change from every purchase using their Round-Ups® feature.
With 10 million all-time customers, it’s no wonder people love it since you don’t need financial experience or expertise to get started. You only need $5 to start investing, and when you set up recurring investments, you’ll get a $20 bonus! You’ll also get access to retirement, investing for families, rewards, and more based on your subscription plan.
3. Not Getting Points for Paying Rent
Rent is one of your biggest monthly bills, so why not get the most out of it by collecting points?
It’ll depend on your landlord, but if you can pay your rent with a rewards-based credit card and typically make on-time payments each month, this can be a great way to rack up points.
You’ll have to ensure the credit utilization is below 30% to keep your credit score healthy.
2. Not Having an Emergency Fund
Your emergency fund should cover 3 to 6 months of living expenses, which will vary from person to person. Life throws many curve balls, so you’ll never know if you need money for a root canal, a job loss, an unfortunate car accident, etc.
You should save the money in a high-yield savings account, which has much better interest rates than a traditional bank’s, typically about 8-10x higher than the national average. My personal favorite is the Marcus online savings account backed by Goldman Sachs Bank (Member FDIC), where you can get a 4.40% APY + 0.25% cash bonus over 3 months. There are no fees and no minimum deposit.
1. Not Knowing How to Budget
When you don’t know how much money is coming in, you’re not likely to know how much money is going out.
You can go the classic way and use free budget templates to find the best fit for you or check out You Need a Budget (YNAB), which has a major following because it promises to “give every dollar a job” and help users stop living paycheck-to-paycheck.
We recommend going the free route first (like the 50/30/20 rule) to understand what you might like/dislike in a budgeting tool. With practice over time, referring to your budget will become second nature!
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