Next Avenue: Boost your bank account by breaking out of these 5 common money traps

by | Jan 23, 2023 | Stock Market

This article is reprinted by permission from Let’s be honest. New Year resolutions related to money typically never work. We make grand declarations only to feel disappointed as soon as the first expense bank draft hits our accounts in January.

Well, don’t despair. Here are tips for getting immediate financial wins in this year by bidding good riddance to money traps — habits that consume cash and bring little to no yield to our lives.Stop unused subscriptions Take nonessential routine payments off autopilot. The set-it-and-forget-it strategy works well for paying essential bills on time and building up your savings; not so much when it comes to recurring charges that fly under the radar, notably auto-renewing subscriptions to apps, audiobooks, streaming services and magazines. Action: Scan your credit card bill and find at least one monthly subscription that you use or need. Use an app like Trim to identify subscriptions or scroll through your iPhone and Android to identify unwanted app subscriptions. Once you stop an automated payment, set up an auto transfer to redirect the money to a high-yielding savings account.Shop around for insurance While looking at your recurring charges, review your home and auto insurance coverage. The saying, “If it ain’t broke, don’t fix it,” doesn’t apply to insurance premiums. We rarely, if ever, think about whether insurers offer loyal customers competitive premiums for coverage. Also see: The 9 things that are most likely to affect your auto insurance rates Action: Schedule a lunch bre …

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