Turn 1 Hour Into a 1,000 Dollars

Let’s get right to work and get to the weekend!  Here are four easy money moves you can make to turn one hour of your time into $1,000 of extra spending cash:  

First, move $15,000 that is just sitting idle in your bank savings account to an online savings account.  As I write this, the difference in interest rates between your bank and an online account is quite likely to be 2%.  Over the course of the next year, that’s $300 in additional cash created by taking 10 minutes and about 20 clicks of your mouse.  

Online Savings ($15,000): $300

Second, stop using your bank’s Visa credit card cause that’s just what you’ve always done and apply for a cash back credit card.  The Citi Double Cash card earns you 2% cash back on all purchases with no annual fee. Over the course of the next year, spending $15,000 in total, that’s an additional $300 in cash created by 10 minutes and about 20 clicks of your mouse.

Cash Back Card ($15,000 spent): $300

Third, let automation fuel wealth creation.  Set up an automatic transfer of $25 per month from your idle checking account to your newly opened online savings account.  You won’t miss the $25 and it will be out of sight/out of mind.  Over the course of the next year…10 minutes…you get it!

Automate Savings ($25 per month): $300

Fourth, grind this one out and pick up the phone.  Call your cable company OR cell phone provider and do the “I am going to cancel, if I don’t get a better deal” dance.  Thirty minutes spent on the phone, although it may spike your blood pressure, should result in a 10% annual savings. On a $1,000 a year phone bill, that’s a $100 saved.  

Dreaded Provider Dance (10% per year): $100

Little improvements in the often overlooked areas of your wallet can add up quickly.  When it comes to spending/saving, most advice books take you to the extremes.  In some cases, the extreme is likely necessary, but for many, rather than being overwhelmed by what may seem like a huge project, take an hour and turn it into a $1,000.   

Happy Friday!