Life sure would be easier if someone handed us a million dollars. Unfortunately, we don’t see that happening anytime soon.
But even though we’re not millionaires, we can still manage our money like one.
No, we’re not going to tell you how to pick out the perfect yacht, or which polo ponies to buy, or what brand of caviar. Instead, we’re talking about simple money moves that any normal, non-millionaire person can make today.
Each tip can get you closer to achieving your goals.
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1. Leave Your Family $1 Million in Life Insurance
Have you ever wondered how your family would manage without your income after you’re gone? How they’ll pay the bills? Send the kids through school?
Not a pleasant thought, is it? That’s why now is a good time to start planning for the future by securing a life insurance policy.
You’re probably thinking: I don’t have the time or money for that. But your application shouldn’t take more than about five minutes — and you could leave your family up to $1 million in life insurance (for as little as $5/month) with a company called Bestow.
You can change or cancel your plan at any time. Plus, the security of knowing your family is taken care of is priceless.
If you’re under the age of 54 and want to get a fast life insurance quote without a medical exam, pushy sales calls or even getting up from the couch, get a free quote from Bestow.
2. Get Yourself the Same Credit Score as a Millionaire
Here’s some good news for us non-millionaire, “normal” folk: Your credit score has nothing to do with your income. Yes, having more money might mean you don’t have to take out loans or buy groceries on credit. But, in reality, you or I could have the same credit score as, say, a certain someone who owns Amazon. Heck, ours could be even better.
So if you’re looking to get your credit score back on track — or even if it is on track and you want to bump it up — try using a free website called Credit Sesame.
Within two minutes, you’ll get access to your credit score, any debt-carrying accounts and a handful of personalized tips to improve your score. You’ll even be able to spot any errors holding you back (one in five reports have one).
James Cooper, of Atlanta, used Credit Sesame to raise his credit score nearly 300 points in six months.* “They showed me the ins and outs — how to dot the I’s and cross the T’s,” he said. Getting your free credit score takes less than two minutes.
3. Have This Website Pay Your Current Credit Card Bill
If you have credit card debt, you know what we’re talking about here. You know all about the anxiety, the interest rates, the fear that you’re never going to escape…
And the truth is, your credit card company doesn’t really care. It’s just getting rich by ripping you off with high interest rates. But a website called AmOne wants to help.
If you owe your credit card companies $50,000 or less, AmOne will match you with a low-interest loan you can use to pay off every single one of your balances.
The benefit? You’ll be left with one bill to pay each month. And because personal loans have lower interest rates (AmOne rates start at 3.99% APR), you’ll get out of debt that much faster. Plus: No credit card payment this month.
AmOne won’t make you stand in line or call your bank, either. And if you’re worried you won’t qualify, it’s free to check online. It takes just two minutes, and it could help you pay off your debt years faster.
4. Use Your Entire Paycheck — All of It
No, we’re not talking about blowing all your money (although that would be fun). Instead, we’re talking about creating a zero-based budget, a budget that finds a place for your every dollar.
You’ll want to start by tracking a month of expenses. How much do you (or don’t you) have remaining? Then, consider your financial goals. Do you want to save money? Invest money? Pay off debt?
Work backward to cut your expenses until you can achieve that goal. It might take some patience, but it’ll pay off.
5. Learn From Others and Grow Your Wealth Like a Pro
We know one of the best ways to get your money in order — Learn from others who’ve done it before you! We’re talking about millionaires, personal finance experts or real-life people who’ve had success.
Search the internet for blogs and websites, listen to podcasts and read books.
Here are a few of our favorite resources:
- “How to Money” podcast
- “The Total Money Makeover” by Dave Ramsey
- “The Side Hustle Show” podcast
- “Rich Dad, Poor Dad” by Robert Kiyosaki
- “The Money Nerds” podcast
- “The Richest Man in Babylon” by George Samuel
6. Pad Your Kid’s College Fund with an Extra $40K
Millionaires don’t have to worry about whether their kids can afford to go to college. Since you’re unfortunately not a millionaire, here’s a way to add an extra $40,000 or so to your kid’s college fund.
The sooner you start, the more you’ll save, especially if you use a 529 plan. Because it’s a tax-free investment account, it can grow your money a whole lot faster than a regular ol’ savings account.
But unless you’re a financial adviser, 529 plans can be difficult to navigate. Thankfully, the U-Nest app takes all the guesswork out of opening an account.
It’ll match you with the best plan based on your needs, then it takes all of five minutes to set up an account. Plus, it only costs $3 a month. No complicated fee structures, no lengthy paperwork, no in-depth research required.
Better yet, because it’s a tax-free investment account, it could help you save $40,000 more than a savings account would if you saved $200 a month starting from when your child was born.
Even if you started when they were 4, you could save an extra $20,000. (We used the U-Nest savings calculator for these estimates.)
Once your child is college-aged, the money can be used for college or trade-school tuition, housing, books and/or a new computer.
When saving $40,000 is this easy, why wouldn’t you do it? It takes five minutes to download the app and create an account, and you can start by saving as little as $25 a month.
7. Cut Your Cell Phone Bill in Half
If you’re like most people, you’ve probably had the same cell phone company for a while. Maybe a long while.
The catch is, you’re probably paying way too much for your service.
But with discount carrier Twigby, you could cut your bill by more than 66%.
It worked for Zak Wilson. He’d been paying Verizon Wireless about $180 a month for two lines. So he tried Twigby. For both phones, he’s now paying $60 a month.
With Twigby, you get to build your plan. Each plan comes with unlimited texts, then you choose how many minutes and how much data you need each month. Plans also include free Wi-Fi calling and texting.
Twigby uses both the Sprint and Verizon networks for its coverage. Plans start at just $9, and you can bring your own phone. Plus, new customers get 25% off the first 6 months of service.
8. Add $225 to Your Bank Account PER MONTH
What if a research company paid you money to watch cooking videos on your computer? That sounds way too good to be true, right?
But we’re serious. InboxDollars will pay you to watch short video clips online. One minute you might watch someone bake brownies and the next you might get the latest updates on Kardashian drama.
All you have to do is choose which videos you want to watch and answer a few quick questions about them afterward.
No, InboxDollars won’t replace your full-time job, but it’s something easy you can do while you’re already on the couch tonight wasting time on your phone. It’s possible to earn up to $225 per month watching these videos.
It’s already paid its users more than $56 million.
It takes about one minute to sign up, and you’ll immediately get a $5 bonus to get you started.
Woman’s World has partnered with The Penny Hoarder to bring you expert money saving tips like these.