May 14, 2023
Automate your savings so you can grow your investments faster.
Investing can help you generate passive income, beat inflation, and secure your retirement. While it’s not as easy as it may seem, small steps toward your goals can add up and get you far more than you’d imagine. Whether you are somebody who doesn’t have the time to track and monitor your investments or somebody who lacks the discipline to save money passively, you’d love these investing tips that will help you kick off your financial goals!
1. Automatically Save Money for Investing
Automating your saving for investing ensures that you are cushioned against financial constraints at retirement age. There are five ways that can help in automating your investments: investment account recurring transfer, investing in an employer-sponsored account, splitting direct deposits from your employer, using an automatic investment round-up app, and automatically depositing into a savings account.
2. Deferred Interest Financing
Deferred interest is when a credit card or loan has a period with no interest. During this time, interest is accrued but waived if you pay off your balance before the period expires. However, deferred interest loans and credit cards usually come with high interest rates. For example, while credit card interest rates are typically around 17%, deferred interest rates can be between 25-29% Before signing up for a deferred interest promotion, read the fine print and understand all the terms and conditions to avoid unpleasant surprises.
3. How Do Credit Card Hardship Programs Work?
Credit card hardship programs are temporary payment plans with waived fees, lower interests, or different payment schedules. You may have to offer documents to prove the hardship, accept automatic withdrawals and reduced limits, enroll in debt management programs, and more. Requesting assistance may also hurt your credit score. Make sure you understand what is being offered and the conditions you need to meet to fulfill the agreement. Don’t forget to explore other options as well.
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