Ways to Maximize Your Money Each Month

Money doesn’t go as far as it once did. I try and do my best to be a good steward of my money, time and other resources. For me, it is very important because my household is primarily reliant on my sole income. I try my best to stick to a budget, track expenses and build passive income all while trying to maximize the money that I earn each month. I use specific bank accounts, reward programs and credit cards, to help me make my money go a little further. Here is my list of ways to maximize your income each month.

High Yield Saving Accounts

Money used to earn a significant amount more interest in saving accounts than it does today. The US average savings account interest is only .06 annual percentage yield (APY). That means for every $1,000 dollars you would receive .60 cents in interest annually. Not a lot of money by any means. So, instead of settling with earning practically nothing. Use a high yield savings account which earns way above the national average interest rates. I recommend using sites like Bankrate or Nerd Wallet to compare accounts against each other to see which one would work best for you. I personally have used CIT and One Financial.

Below is a list of how much you could earn if your money was in a high yield savings account. Stashing money into an account like this is a great way to squeeze a little more out of your money. Most accounts pay out the interest monthly which could help to boost your monthly income.

Reward Programs

• Use receipt reward apps like Fetch Rewards.
• Use shopping cash back apps like Rakuten.
• Buy discounted gift cards through Raise.
• Save on gas by using GetUpside.
• Earn money by using Bing as your search engine.

Fetch Rewards

With Fetch Rewards you can earn points from ANY where. Gas stations, grocery stores, restaurants, and more. All you have to do is take a photo of your shopping receipt. Fetch Rewards is like Ibotta, Bumped, Shopkick, and Swagbucks. But, it is the simplest receipt reward app that I have personally ever used. Fetch Rewards is even easier than Receipt Hog. Earning points is quick, simple and accumulate quickly. Points can then be exchanged for gift cards.

Ratuken

Rakuten, formulary know as EBates, is an online cash back shopping app, like honey. Simply, shop at your favorite online stores and you’ll earn cash back. The cash back is anywhere between 1–5% of your total order. But, I have seen some promotions where certain stores offer 15+% cash back. My wife, Abby and I have been using Rakuten since 2016 and we have saved over $500 dollars.

Raise

Raise is an online site that can allows you to buy discounted gift cards. Gift cards can be purchased any where from 3 to 30 percent below face value. You can use Raise in-conjunction with Rakuten for an even greater savings. I use Raise a lot to buy gift cards to stores that my family and I use often.

GetUpside

GetUpside is a rewards program that I started using recently and I love it. GetUpside is an app that allows you to see all the gas stations in your area that give you a cheaper rate on your gas. You can save anywhere from 7 to 15 cents per gallon at participating gas stations. Drive to a participating gas station and “check in” through the app. Once done pumping, take a picture of your receipt through the app. You will then receive cash back after a few days. This savings is awesome especially as the gas prices are rising.

Bing

Bing is a search engine like Google. However, Bing, rewards you for using their search engine. There is also daily actives that allow you to earn bonus points. Reward points can be exchanged for gift cards and raffle prizes. You could also donate reward points to a bunch of different charities. I make roughly $60 dollars a year utilizing Bing as my search engine.

Credit Card Rewards

I have used my fair share of credit cards and I have opened up way too many accounts over the years. Credit cards can be great tools. But, could leave you in a very bad financial situation if not handled properly. Please be careful! The credit card rule I follow is, if I don’t have the money at the moment I don’t make the purchase.

Discover

Discover is an online financial institution that offers many different products. Abby and I have used Discover’s Discover It and Discover It Miles cards. The cards offer 1% cash back on every purchase. Discover also matches all the cash back you’ve earned within your first year! There is no limit to the amount that you can earn. Most credit cards offer some type of introductory bonus for first the first year but Discover’s cards are too good to pass up. Abby and I used the Discover It card for one whole year to earn the double cash back. Then the following year we switched to use the Discover It Miles card.
After the two years we switched to the Fidelity rewards credit card and we’ve been using that ever sense.

Fidelity

Fidelity has a rewards credit card that allows you to earn an unlimited 2% cash back on all your purchases. Abby and I have been using this card for the last 5 years. For every $1,000 dollars we spend we get back $20. You’re already spending the money so, why not get as much back as you can.

The awesome thing about Fidelity is they offer a lot of different financial accounts. I take the credit card cash back and I deposit it directly into a Fidelity stock brokerage account. It is amazing how fast 2% cash back can accumulate. Every month I able to invest ~50 dollars in the stock market strictly from the cash back earned from this card.

Store Specific Cards

Stores like Amazon, Target, TJ Maxx/Marshalls and many others, offer a 5% cash back cards. It is worth having these types of cards, to make your money go further.

Shop Second-hand

Buy used or lightly-used clothes, resources, and supplies to help stretch your money a little further. Consult what is available on Facebook Marketplace before buying something brand new. You would be amazed the great deals that you can find.