This year, high inflation rates are pushing up prices while salaries have remained for the most part, static. The cost of living has increased, and all Americans are feeling the effects.
While some people resort to cutting down on the most obvious discretionary expenses, there are other ways to reduce unnecessary costs and boost your earning power, all of which can add up to more money in your pocket. Here are three little-known ways to get ahead.
- Avoid Excess Bank and Payment Fees – Most American households spend significant amounts on excess bank and late fees – an average of $313 in late fees, $322 in overdraft fees and almost $1,000 annually in credit card interest expenses. Now there’s a way to avoid those fees: Grit gives you flexibility in making on-time payments with 24-hour access to your earned wages. This can not only reduce or eliminate late and overdraft fees, but also helps improve your credit score. The more you can cut down on unnecessary fees, the more money goes back into your account.
- Invest Any Amount of Savings You Have – There’s a common misconception that in order to invest, you need to have a lot of money. That’s just not true. Any cash you have can be invested – at the very least you can give it more earning power in a high interest savings account. The average American household spends almost $20,000 annually using their debit cards and almost never receives cashback on these purchases. Grit’s cashback program can add almost $100 in extra funds for the average American household. Plus, you earn 3% interest when using Grit – more than many high-interest savings accounts!
- Grow Your Skills – Your best investment is YOU. And adding to your skills can significantly increase your earning power – and your financial capabilities. These days, you can get access to free courses and resources from many of the top universities in the US on sites such as edX. This includes business courses in finance, leadership and operations, as well as technical courses in computer programming or engineering. If your employer offers an education reimbursement, use it! Data shows an associates degree leads to an increase of $150 per week in earnings (versus a high school diploma).
Bonus Tip: Track Where Your Money Goes – Understanding what you’re spending – and where – is the first step in identifying opportunities to cut costs. Grit can help here too. Our cash flow analysis tool helps you keep track of your monthly expenses and optimize your cash flow. You’ll see your cash grow right before your eyes!
Have questions on how to use Grit for your maximum benefit? Contact us today at support@gritfinancial.org
