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10 Ways to Make the Most of Your Money

The coronavirus pandemic may be altering Americans’ spending and saving habits. According to a survey of 1,500 Americans, 41% said they plan to put more of their money into emergency funds and save for the future.1

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 your 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 96% of Americans owning a cell phone,2 chances are you could cut your landline phone.

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 expenses 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.

1. Clever Real Estate. 2. Pew Research

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