To increase your credit score, consider these 4 tips: -Pay all bills on time and in full. -Lower your credit utilization ratio. -Take advantage of score-boosting programs, like ExperianBoost. -Don’t apply for new accounts too often.
9. Cook more meals at home This may be something you’ve already begun to do with many restaurants around the U.S. being limited to takeout only. Keep it going into 2021. You can keep it fun (and easy) with meal subscription services, like Blue Apron, which gives you the option of picking new recipes each week along with delivering perfectly measured ingredients straight to your door. On the other hand, if you’ve turned to takeout as your go-to during this time then consider giving cooking a try and see how much you save. After giving it a go, calculate your savings and Consider putting those savings toward paying down debt or building up your emergency fund.
10. Update your beneficiaries Have you experienced a life-changing situation recently? If so, your beneficiaries might be out of date.
“If you haven’t looked at it in a while or especially if there has been a change in family dynamics such as a marriage or divorce, review the beneficiary designation on your life insurance and retirement accounts to make sure it reflects your current intentions,” says Bankrate Chief Financial Analyst, Greg McBride, CFA.
This includes checking your retirement and bank accounts, insurance policy and other financial accounts to make sure your beneficiaries are up to date.
Adding a beneficiary to your accounts is critical to ensure your assets will go to the person you intended them to. Additionally, it’s important to note that beneficiaries trump wills, so make sure the two documents are aligned in their directives.
11. Look for ways to boost your income Sometimes, it’s less about savings and cutting back and more about increasing your income.
“If 2020 has taught us anything, it’s that life is uncertain and having multiple income streams is more important than ever,” says Laura Gariepy, business coach and founder of Before You Go Freelance, a blog that offers advice for aspiring freelancers. “People are realizing that self-employment is not inherently more risky than traditional employment because there’s built-in income diversification when you have multiple clients or customers.”
There’s a variety of ways you can increase your revenue streams. Freelance work, for example, is great for those who have a specific skill to offer others. But there are also less technical side hustles, like dog walking, to consider. Additionally, if you have a bit more money to front, then you could consider investing in rental properties.
The bottom line is there’s plenty of ways to passively increase your income, it’s just a matter of finding what works for you and your situation.
By finding different ways to increase your revenue streams, you aren’t entirely dependent on one income source. Not only can that strategy help you make more money, increase your savings and reach your goals, it can also provide some protection if you lose your primary job.
(Visit Bankrate online at bankrate.com.) ©2020 Bankrate.com. Distributed by Tribune Content Agency, LLC.