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Given our current economic climate, it’s important to make strong financial moves that will set ourselves up for success. One way we can do that is by making our money work for us, rather than just working for our money.
The goal of making your money work for you is to make use of opportunities to increase your individual wealth beyond just working a standard job.
Here are 4 ideas to help you get started:
1) Look into investing.
It sounds intimidating at first, but getting into investing is easier than ever!
If you want to go the traditional route of buying and selling your own stocks, there are tons of resources online to get you started. Plus, there are even robo-advisor services that can help you make the best decisions about your portfolio. One of the best rules of thumb when it comes to investing is considering your risk; a higher rate of return usually means a higher risk.
Most of us are already participating in the stock market, even if we aren’t aware of it. Retirement accounts like 401(k)s and IRAs are typically invested in the stock market – that’s how the money in your account fluctuates (and hopefully grows) over time!
Not interested in investing in stocks? No problem! There are other ways to invest in your future, like real estate. If it makes sense for your situation, purchasing a home is a great way to build equity and save money in the long run. Think of paying a mortgage like paying your future self; you’re already going to be spending that money on housing, so why not put it towards your own financial future?
2. Choose accounts with strong APYs.
An account with a good APY (Annual Percentage Yield) is a great way to make your money work a little harder. When you keep your money in an account with a solid rate, your money will grow over time without you having to do anything to it.
Some financial institutions offer high-yield savings account options – these are standard savings accounts with one key difference: their APYs are higher than average. That means you will earn more interest or dividends by having your money in that account versus others.
You can also find high-yield checking accounts – Spero Financial has one! For our Kasasa Cash Checking Accounts, we offer 5.00% APY* on qualified balances up to $15,000, paid monthly. To qualify for Kasasa Cash Rewards, all you need to do each month is 1) make 12 debit card transactions of $5.00+, 2) enroll in and agree to exclusively receive e-statements, and 3) receive 1 direct deposit or perform an ACH transaction.
By taking advantage of higher APYs on your checking and/or savings accounts, you are allowing your money to grow and work for you - it’s (almost) like free money!
3. Get cash back when you shop.
Taking advantage of discounts and sales during a shopping trip is a common practice, but did you know that you can also get cash back after the shopping is done?
There are many services that offer rebates for consumers who purchase specific items or who shop at certain retailers. Companies like Rakuten or Ibotta are two popular options that shoppers can use to get a little bit of money back after a shopping trip.
Your financial institution might also have a cash back program; Spero Financial’s Kasasa Cash Back Checking Account is a great example! We offer 4.00% cash back on debit card purchases up to $10 per month and up to $20 in nationwide ATM fee refunds per cycle. And the monthly qualifications are the exact same as our Kasasa Cash Accounts, which makes earning rewards a breeze!
4. Pay attention to membership benefits.
Many common memberships today offer access to additional benefits beyond their main offering. For example, if you have Amazon Prime, you can access GrubHub+ for free as part of your membership package.
Look into the subscriptions that you automatically pay for every month. You might be surprised by the benefits you can unlock through your participation. You’re already spending the money – why not get more value for it in the process?
To Wrap Things Up...
Making your money work harder is a stepping stone towards a stable financial future, and there are so many ways to get started; investing, interest rates, cash back, and membership benefits are just a few examples.
If you feel inspired to make some changes to your finances, make sure you take time to reflect on your specific situation and goals. Your journey will be completely different that anyone else’s, and you’re in charge of drawing the map.
Now get out there and put that money to work!
This material is for educational purposes only and is not intended to provide specific advice or recommendations for any individual.
*Annual Percentage Yield accurate as of 05/05/2025. For most up-to-date information on Kasasa Checking Accounts, visit https://spero.financial/earnmore.