Knowledge is power.
We empower our clients.

Get Started Now
<< Back to Helpful Tips

10 Ways to Make the Most of Your Money

Americans are spenders but we weren’t always like that. Between 1959 and 2018, the U.S. savings rate averaged 8.8% with a peak of 17% in May of 1975. Currently Americans save around 6.2%.*

However, making the most of your money isn’t about what you spend—it’s what you save, as more savings allows you to have more choices over your future. It helps pay for future expenses—whether expected or unexpected. Money set aside can help fulfill your future goals of starting your own business, traveling, going back to school, paying for your child’s education or moving to a warmer climate when you retire.

So how do you make the most of your money? Here are a few ideas:

1. Pay off your debt. Rather than paying the minimum amount, add just a little more to your monthly credit card payment so you end up paying less interest on that debt. For mortgage payments, pay a little more on your principal to lower interest expense.

2. Follow a budget. Create a personal budget so you can see where your dollars go every month. Once you keep track of where you are spending your money, you may be able to identify a few extra dollars that could be saved.

3. Cancel unused subscriptions and services. Many people shop at warehouse club stores to buy bulk items and save money. If you aren’t taking full advantage of their services, then consider canceling your membership. Other subscriptions you could look to cancel include online music subscriptions or magazines or newspapers you never get around to reading.

4. Cut the cord. Instead of cable, you could opt for on-demand streaming services. Or, if quitting cable is out of the question, call your provider to renegotiate your rate or find out if they offer a cheaper bundle.

5. Cut your landline. With nearly 70% of adults in the U.S. owning a cell phone, chances are you could cut your phone landline.

6. Quit the gym. Did you open a membership at the beginning of the year with the intention to work out on a daily basis? Have you been back since January? If not, cancel your membership and work out at home with the many videos offered for free online.

7. Eat at home more often. Making food at home will generally be less expensive than going out to eat—and could be healthier as well, saving you money and cutting calories at the same time.

8. Take advantage of tax-friendly retirement and savings accounts. Retirement accounts such as a 401(k) and IRAs play an essential role in the commitment to save as much as possible to reach your retirement needs and goals.

9. Consider a health savings account. HSAs allow for those insured under high-deductible health insurance coverage to save money tax-free for the use of health care costs. Before the age of 65, money can be pulled out tax-free as long as it covers health care costs. After the age of 65, the money can be used for any other costs without penalty.

10. Create an emergency fund. Many financial experts recommend establishing an emergency fund of about six months of living expenses. Emergency funds help cover expenses when life throws an unexpected curveball—so you don’t have to depend on a credit card with hefty interest rates.

As you find your own ways to make the most of your money, take the next step in building wealth and gaining financial independence through investing. At Jemma Financial, we can help you create your own financial path so you can reach your short- and long-term goals.

*Tradingeconomics.com

Log In to Your Existing Account Get Started Now

Need assistance? Call 855.662.2121 or email info@jemmafinancial.com

You are now leaving Jemma Financial

Yes, I would like to leave No, I would like to stay

Important Notice

You are now leaving the Jemma Financial Services website and will be entering the Charles Schwab & Co., Inc. (“Schwab”) website.

Schwab is a registered broker-dealer, and is not affiliated with Jemma Financial Services or any advisor(s) whose name(s) appear(s) on this website. Jemma Financial Services is/are independently owned and operated. [Schwab neither endorses nor recommends {Name(s) of Investment Management Firm(s)}, unless you have been referred to us through the Schwab Advisor Network®. (This bracketed language is for use by Schwab Advisor Network members only.)] Regardless of any referral or recommendation, Schwab does not endorse or recommend the investment strategy of any advisor. Schwab has agreements with “Name(s) of Firm(s)” under which Schwab provides Jemma Financial Services with services related to your account. Schwab does not review the Jemma Financial Services website(s), and makes no representation regarding information contained in the Jemma Financial Services website, which should not be considered to be either a recommendation by Schwab or a solicitation of any offer to purchase or sell any securities.