In any normal year it would be $ 600 just to live in this country ingenious. But after nearly a full year of catastrophic deaths, horrific unemployment, and the destruction of small businesses … $ 600 feels like a slap in the face.
But since our government officials don’t seem to be able to find a decent number to agree on, this unfortunate money would make us worthwhile.
These are some of the best ways to use your “stimulus” exam to improve your financial base.
1. When you need it for the basics, do it first.
First, and more importantly, take care of yourself and your family. While we know $ 600 isn’t very much in times like these, at least it is something to pay rent or buy groceries.
The tips below can help you make more of $ 600, but they won’t pay off right away. If you have to pay your bills, a long-term investment may not be the right choice for you right now.
2. Act like a billionaire and get rich on your investments this year too.
It’s no secret that the rich got richer in 2020 because of their investments. But there is no reason why you shouldn’t make money like this too. One option is to invest some of your stimulus money in the stock market.
If you think $ 600 (or some of that $ 600) is not enough to invest, you are not alone. But guess what? You really don’t need that much – and you can even get free shares (worth up to $ 200!) If you know where to look.
Whether you have $ 5, $ 100, or $ 800 left, you can get started with an investment Robin Hood.
Yes, you’ve probably heard of Robinhood. Both beginners and professionals investing love it because there are no commission fees and you can buy and sell stocks for free – with no limits. It is also very easy to use.
What’s the best? If you Download the app When you top up your account (it doesn’t take more than a few minutes), Robinhood puts some of the free shares in your account. It’s random, however, so stocks can be worth anywhere from $ 2.50 to $ 200 – a nice boost to help you build your investments.
3. Pay off some of your credit card debt
Better yet, get a personal loan to protect yourself from the insane interest rates your credit card company charges you. Because if you have credit card debt You know. The fear, the interest rates, the fear that you will never escape …
And the truth is, your credit card company doesn’t really care. It only gets rich by fooling you on high interest rates. But a website called AmOne want to help.
If you owe your credit card company $ 50,000 or less, AmOne compares you to a low-interest loan that can be used to pay back every single one of your balances.
The advantage? You have to pay an invoice every month. And because personal loans have lower interest rates (AmOne rates start at 3.49% APR), you will be out of debt The much faster. Plus: No credit card payments this month.
AmOne keeps your information confidential and secure, which is why after 20 years in business it probably still has an A + rating from the Better Business Bureau.
It takes two minutes to See if you qualify online for up to $ 50,000. You need to give AmOne a real phone number to qualify, but don’t worry – they won’t spam you with phone calls.
4. Focus on your family’s future and turn it into $ 1 million one day
Have you thought about how your family would do without your income after your death? Your checking account balance may not last forever.
Here’s the thing: you should keep a healthy amount of savings in the bank, but if you want to give up to $ 1 million to your family, use what is called term life insurance. And by using just a small portion of your stimulus money each month, you can make sure your family is looked after.
We recommend a company like To lend. Perhaps you’ve considered this before, but thought it was only for rich or elderly people. But we hear people can get it for just $ 16 a month.
You can use Bestow until you are 54 years old. The sooner you look into it, the cheaper it can be.
You don’t even have to leave your home get a free quote from Bestow – it takes minutes. Instead of leaving your family with what’s in your checking account and a bucket of worries, they can afford the life you always wanted them to have.
5. Keep it safe and earn extra cash with a sign up bonus
It is important to have a safe place to keep your stimulus money. And if you can deposit it into an account that gives you money just for signing up and high interest income, that’s a big win.
What does an extra $ 100 sound like on top of that $ 600 stimulus check? Free? Seriously. We found a company that gives you $ 100 just for opening a new debit card. It’s called aspiration.
Sure, many debit cards offer sign-up bonuses year round, but often you’ll have to jump through hoops whose minimums feel impossible.
But aspiration makes it easy. To earn your $ 100, all you need to do is: Open Your aspiration account and deposit at least $ 10. Then set up and receive three direct deposits of at least $ 500 each from your paycheck or state benefits. That’s it! Then just wait for your check.
Even better? With your debit card you can get up to 10% cashback on your purchases. And your money earns 16x more interest than your average savings account.
Give your Email address hereand link your bank account. And don’t worry. Your money is FDIC insured and under military encryption. This is nerd talk for “that’s perfectly safe”.
6. Maximize your 401 (k) and reap the rewards of retiring early
Setting aside cash from your paycheck for your 401 (k) is literally one of the smartest things you can do about your future. And if your employer is equal to each contribution, it could mean it Hundreds of thousands of extra dollars in your account when you retire. It’s free money!
However, if you can’t take advantage of that benefit because you need your entire paycheck every month, a company called Loan table will give you the money.
We know it sounds too good to be true. However, if your employer has a 401 (k) match program, this is money they have already earmarked for you. With Lendtable you can unlock this free money.
Let’s say you make $ 50,000 per year and your employer matches your 401 (k) contribution up to 4%. If you add $ 0 to your retirement account this year, your boss will give you $ 0. If Lendtable gives you the 4% of your salary that your employer is willing to match, your boss will give you $ 2,000 less Lendtable’s share of the profits. (This comes from the extra money you made so you don’t make a sacrifice.)
It takes three minutes to Answer a few questions about your eligibility and open an account.
Once you have received your full match amount from your employer, Lendtable will take back the money they loaned you plus a small portion of your profits. If your retirement account provider imposes a penalty for taking money out, Lendtable will handle that as well.
There is basically no risk for you. So if you don’t take advantage of your employer’s match with Lendtable’s offering, Future Millionaire You will bow your head in shame. Start here.
This article originally appeared on www.thepennyhoarder.com