Everyone likes money, at least a little bit, and finding ways to make more of it with little effort seems to be the American way. While buying that weekly lotto ticket could be your chance to win a quick $10 million, saving that $52 a year in a CD or high interest savings account could help you more in the long run. While I still look for the end of the rainbow after it rains, I can’t help but see the bills and receipts that are piling up daily by my computer at home. Earning money slowly isn’t as exciting as winning big at the casino, but it’s a more practical way to ensure my financial security in the future.
Invest in these 10 ways to stretch your dollar in 2008 and watch your financial fortunes soar:
- CD’s: Putting your savings into a CD will get you a higher interest rate on your dollar. Certificate of Deposits will range from 6 months to more than 5 years depending on what your needs are and the rate you would like on your dollar.
- Money Market Accounts: Similar to a savings account, with some stipulations, these accounts usually offer you a higher interest rate on your money and no time limits. Interest is usually paid monthly and money can be withdrawn at any time.
- High Interest Savings Accounts: Like Money Market accounts the high interest savings account will offer you more interest, but may have some limitations. The interest is still paid monthly and money can be withdrawn at any time.
- Awards Credit Cards: Many cards today offer awards to their holders from cash back to airline miles to train travel. Determine what program works best for your lifestyle and use it to your advantage.
- Refinance Your Home: Most loan companies are offering lower interest rates with no refinance fees. If you have had your loan a number of years and paid down some of the principal, then it may be time to refinance. Refinancing may reduce your interest rate and therefore reduce your monthly payment.
- Pay off old Loans: If you currently have multiple loans that you are paying on then it may be time to tighten your belt and pay off the smallest loans quicker. While you may be paying low interest on college loans or personal loans, it’s still interest which is essentially money going out of your pocket with nothing in return. Try paying additional money on the monthly installments to reduce this debt quicker and freeing up future money for better investments. Read the rest of this entry »