From credit cards to checking/savings account, to high earning individuals, to stay at home parents. Your cash is your best employee.
Whether you are a top earning CEO or you work from home, many people don’t realize that they have a career where they are the boss of a single employee that will work for them for free; their money. This is the mentality that you should have about all of the financial products that you have. You want your money to work for you and generate income that you can use for whatever you want. And if you choose the products that fit you correctly you can achieve this additional income for free. Lets take a look at where this income can come from and how to get it.
Savings Accounts – This is one of the easiest ways to earn extra money. And it is quite easy to figure how to do so. Savings accounts are there in order for you to place money in them and have them earn interest. It takes simple math to understand that the more money you have in your account the more interest you can earn. There are savings accounts out there that offer great interest rates with no fees and no minimums to open an account. Even if you are opening your first savings account with just $100 you are still on your way to earning money that you weren’t earning before. And the money that is in your account is working for you 365 days a year and 24 hours a day. You can even set up direct deposit with your employer so that a percentage of your paycheck goes into it each month, making your job even easier.
Checking Accounts – Many people are discovering checking accounts that are paying them interest on the money that is in their account. There are even checking accounts that offer you cash back on the purchases that you make with your debit card. These accounts are usually free from fees and also free to open, letting to get full use of the money you place in there. And you can use them to take advantage of the opportunity to generate extra money from an account that you are used to having money going out of it.
Credit Cards – There is a fair amount of people out there that think credit cards are a bad thing. But when used correctly you can actually get paid for spending the money that you were going to spend already. By taking a look at the things that make most of your purchases on, you can find a credit card that can reward you for using it to spend. They are a handful of cards out there that have excellent rewards on purchases made at grocery stores, gas, travel, and more. There are even cards out there that you can transfer your current credit card debt to in order to reduce your payment, and interest rate, to save you money and get you closer to being debt free. With hundreds of credit cards out there, when used to your advantage, you can turn the product that you use to make the majority of your purchases everyday into a rewards or cash back machine.
Conclusion: Everyone is trying to save more money these days and help the money they have saved grow. With savings accounts, the more money you save the more you will earn. The same can be possible with checking accounts as well. And if you find a credit card that meets your needs and your spending habits, then you can be on your way to actually earning money for spending it. By taking advantage of these three options you will be letting your best employee, or your money, earn you an extra paycheck each month.
Matthew Coan is the founder of Casavvy.com. A website created to help users find the best credit cards, checking accounts, and savings accounts to allow them to get the most out of their money.