If we’re honest, we are all looking for ways to invest our money and save money. Here are five quick things that you can start doing to get you where you want to be financially.
Get into cryptocurrency.
Don’t be afraid of cryptocurrency because of how volatile it is. Cryptocurrency is here to stay. If American and foreign financial institutions are putting their money in it, then that is a good indicator that it is not going anywhere anytime soon. I’m not a financial advisor and you should not take this as financial advice. Make sure that you do your research before jumping headfirst into crypto. Also, I am not telling you to become a day trader. Only invest what you have and know that the price of crypto will drop at times. However, in the next bull run, if you put your money into the right crypto, you can make ten times the amount that you put it. In 2018, I put a couple hundred in Ethereum. This amount jumped to $800+ in the last bull run. If you have money lying around that you don’t need, then I encourage you to put it into a safe cryptocurrency, stake it, leave it, and check back on it in three years.
Stop paying for expensive car insurance.
Did you know that in LA and FL, the average auto insurance premium will cost you around $2,300 a year? Most drivers don’t know that they can save hundreds on auto insurance if they ask about discounts or shop around. I have been able to save thousands every year on auto insurance by doing my due diligence. Doing research may be time-consuming. However, in the end, it will be well worth it. You will be thankful that you took the time to see what rates are out there, rather than going with the first choice. Don’t take the first offer just because you want to leave with your brand-new car out of the dealership. Make a wise decision. The insurance providers that you use today are always long-term investments. I encourage you to get an online quote from GEICO or check out the nearest state farm insurance agency in your city.
Shop wiser when you shop for groceries.
If you go grocery shopping and you spend $200, know that you could have saved $20 or more by using coupons and buying cheaper food. Instead of buying name-brand products, I encourage you to look for the Great Value option or cheaper option. You might not think that saving $0.70 per item is a big deal, but if you have 15 items, then you will save $10.50. Never minimize how much that you will be able to save when you shop wiser.
Buy a car cash.
Are you in the market looking for a car? If so, then instead of buying a $20,000 car by putting $5000 down and making monthly payments, why don’t you buy an $8,000 cash car? This will save you so much money in the future. Not only will you be able to buy a good car, but you will also be able to save by not paying expensive interest rates. Interest rates can be a killer especially if you have bad credit. Oftentimes, if we’re honest, we don’t need a brand-new car from the dealership. However, people want a brand-new car. By changing your mindset and your desires, you will be able to save yearly. Why should you take upon car payments if you don’t need to?
Stop eating out.
This is one of the cheapest ways that we can save. All that you have to do is prepare your own meals instead of going to restaurants and getting your meals from Uber Eats. It was reported that the average American household pays around $3,000 a year on eating out. Instead of going to that restaurant that is going to cost you $60+ a night, stay in and make a meal.