Introduction

When it comes to managing our finances, it's important to find unique and easy ways to keep our money. Whether you're trying to save for a big purchase, pay off debt, or build your wealth, there are plenty of strategies you can use to improve your financial situation. In this blog post, we'll explore 17 unique and easy ways to keep your money. From budgeting tips to investment strategies, these suggestions will help you become a better money manager and achieve your financial goals.

Create a Budget and Stick to It

The first step to keeping your money is to create a budget. This will help you track your expenses, identify areas where you can cut back, and set financial goals. There are many budgeting apps and tools available to help you create and stick to a budget. Some popular options include Mint, YNAB, and Personal Capital. Make sure to review your budget regularly and make adjustments as needed.

Save Automatically

One of the easiest ways to save money is to set up automatic transfers from your checking account to your savings account. This way, you won't have to think about saving money, it will happen automatically. You can also set up automatic contributions to your retirement account, such as a 401(k) or IRA. This will help you save for your future without even realizing it.

Reduce Your Expenses

Another way to keep your money is to reduce your expenses. Look for areas where you can cut back, such as eating out less, canceling subscriptions you don't use, or finding cheaper alternatives for everyday items. You can also negotiate with service providers, such as your internet or cable company, for a better rate. By reducing your expenses, you'll have more money to save or invest.

Invest in Yourself

Investing in yourself can be one of the best ways to keep your money. This can include furthering your education, taking courses to improve your skills, or investing in your health and well-being. By investing in yourself, you can increase your earning potential, which can lead to more money in the long run.

Start an Emergency Fund

An emergency fund is a crucial part of any financial plan. It's recommended to have 3-6 months' worth of expenses saved in case of an emergency, such as a job loss or unexpected medical expense. Start small and aim to save a little each month until you reach your goal. Having an emergency fund will provide peace of mind and help you avoid going into debt when unexpected expenses arise.

Take Advantage of Credit Card Rewards

If you use credit cards, make sure to take advantage of the rewards they offer. Many credit cards offer cashback, travel points, or other rewards for using them. Just make sure to pay off your balance in full each month to avoid interest charges. You can also consider using a cashback app, such as Rakuten or Ibotta, to earn even more rewards on your purchases.

Consider a Side Hustle

If you have some extra time and skills, consider starting a side hustle to earn some extra cash. This can include freelance work, tutoring, pet sitting, or selling items online. You can also turn your hobbies into a source of income, such as making and selling handmade items. A side hustle can help you increase your income and reach your financial goals faster.

Track Your Net Worth

Tracking your net worth can be a helpful way to keep your money. Net worth is calculated by subtracting your liabilities (debts) from your assets (what you own). By tracking your net worth regularly, you can see if you're making progress towards your financial goals. There are many free tools available, such as Personal Capital, that can help you track your net worth.

Invest in Index Funds

Investing in index funds is a great way to grow your money over the long term. Index funds are a type of mutual fund or exchange-traded fund (ETF) that tracks a specific market index, such as the S&P 500. They offer a low-cost, diversified investment option for those looking to grow their wealth without taking on too much risk. You can invest in index funds through a brokerage account or through your employer's retirement plan.

Avoid Impulse Purchases

Impulse purchases can quickly add up and derail your financial goals. Before making a purchase, ask yourself if it's something you truly need or if it's just a want. Consider waiting a few days before making a purchase to see if you still want it. This can help you avoid unnecessary spending and keep your money for more important things.

Take Advantage of Tax Benefits

Make sure to take advantage of any tax benefits available to you. This can include contributing to a retirement account, deducting charitable donations, or taking advantage of tax credits, such as the Earned Income Tax Credit. Make sure to consult with a tax professional or use tax software to make sure you're taking advantage of all the tax benefits available to you.

Pay Off High-Interest Debt

If you have high-interest debt, such as credit card debt, make it a priority to pay it off. High-interest debt can quickly accumulate and make it difficult to keep your money. Consider using the debt snowball or debt avalanche method to pay off your debt faster. You can also look into balance transfer credit cards with a 0% introductory APR to help you pay off your debt without accruing interest.

Use Cashback Apps for Everyday Purchases

Cashback apps, such as Drop or Dosh, allow you to earn cashback on your everyday purchases. Simply link your debit or credit card and earn cashback on your purchases from participating retailers. This is a great way to earn a little extra money without having to do anything extra. You can also use cashback apps in conjunction with credit card rewards to maximize your savings.

Don't Be Afraid to Negotiate

Many people are hesitant to negotiate, whether it's for a better salary or a lower price on a purchase. However, negotiating can save you a significant amount of money in the long run. Don't be afraid to ask for a better deal or to negotiate your salary during a job offer. The worst that can happen is they say no, and you'll never know if you don't ask.

Invest in Real Estate

Real estate can be a great way to grow your wealth and keep your money. You can invest in rental properties, become a real estate agent, or invest in real estate investment trusts (REITs). Real estate can provide a steady stream of passive income and can also offer tax benefits. Just make sure to do your research and understand the risks involved before investing in real estate.

Automate Your Finances

Automating your finances can help you stay on track with your financial goals. This can include setting up automatic bill payments, automatic transfers to your savings or retirement accounts, and automatic investing. By automating your finances, you won't have to worry about forgetting to pay a bill or missing out on an investment opportunity.

Find Ways to Save on Housing

Housing is often the biggest expense for most people. Finding ways to save on housing can help you keep your money. This can include downsizing to a smaller home or apartment, renting out a spare room, or negotiating a lower rent or mortgage payment. You can also consider house hacking, where you live in one unit of a multi-unit property and rent out the other units.

Conclusion

Managing your finances can seem overwhelming, but with these 17 unique and easy ways to keep your money, you can take control of your financial situation. Remember to create a budget, save automatically, reduce your expenses, and invest in yourself. By implementing these strategies, you'll be on your way to achieving your financial goals and building wealth for your future.