This is a sponsored post from Chime. All opinions are 100% our own.
When it comes to straightening out your personal finances, there are some things you should never do with your money if you are serious about reaching your financial goals.
We are big supporters that want to help you manage your money in the best way possible, for your life.
Think of all of the cool things that you can do with your money – retire early, go on vacation with your kids, go out for fancy dinners, have complete control over your time – the list goes on!
We believe that you can use your money as a tool to create and fully live your dream life, and that means that there are things that you should and shouldn’t do to get there.
In this article, we’ll look at the 5 things you should never do with your money.
1. Never Use Just Any Bank
It can be tempting to stay with the first bank from when you were younger, but is that the best place to keep your money?
We recommend that you check out one of our favorites, Chime – they are a financial technology company that believes banking services should be free and easy to use.
The way that they do this is by partnering with regional banks to design financial products for you.
Chime has 3 different types of accounts – a Spending Account, a Credit Builder, and a Savings Account.
With Chime, you can get paid up to 2 days early by using their Spending Account and setting up a Direct Deposit for quick pay eligibility.
One of the worst things about banks is all of the fees you have to pay – with Chime, there are no monthly fees˜, no minimum balance requirements, no foreign transaction fees, and many fee-free ATMs.
In their Savings Account, you can earn 0.50% APY (which is really good – in fact, it’s 10 times the national average!).
You can also save automatically with the Round-Ups feature, where you can save the change on every purchase you make. There is also a feature called Save When I Get Paid, where you can automatically save a percentage of your paycheck.
We also love the feature called Pay Friends – if your friends or family have a Chime account, you can instantly send them money. If they don’t have a Chime account yet then they will be sent instructions on how to open one.
Chime is a financial technology company, not a bank. Banking services provided by, and debit card issued by, The Bancorp Bank or Stride Bank, N.A.; Members FDIC.
2. Never Pass Up on Free Cash
Who would say no to free money? Well, in fact, a lot of us do pass up on these kinds of opportunities.
If you’re looking to get your hands on some free cash, we recommend that you sign up for Inbox Dollars and get your FREE $5 money! You can turn your downtime into moolah!
Time is money, right? You could easily make money with a good side hustle!
You can earn money on Inbox Dollars by answering surveys, watching videos, and signing up for different things.
It’s something to do in your free time that can earn money without a lot of effort.
3. Never Skip Out on $1,000,000 Life Insurance
Life insurance – it’s one of those grown-up topics that intimidate us all. We know we need it and it’s important, but then put off buying it for far too long.
Getting life insurance is one of the best things that you can do for your family, to make sure they’ll be ok even when you’re gone. We never know when that will be, so it’s best to sort things out sooner rather than later.
If you are looking for a company that provides life insurance, you can check out Policy Genius. This insurance brokerage company helps you find the best policy for you and then directs you to the relevant website to learn more.
Policy Genius will save you time and effort, streamlining the whole research process!
When you look at life insurance, it can be tempting to get the least amount of coverage so your policy is cheaper, but make sure you don’t scrimp here to save money. Down the road, the cheaper policy may not help out with what is really needed.
Think about what needs to be taken care of for your funeral, then plan for what your family needs so you can plan accordingly. It’ll take a lot of their shoulders, and you should rest easy knowing that all your hard-earned dollars will still help them when you’re gone.
4. Never Let Your Credit Score Cost You Thousands of Dollars
There are quite a few things in the financial world that sound incredibly dull and boring, or even daunting! But most are extremely important when it comes to your dream life and financial freedom.
A good credit score is one of them!
Your credit score is the result of many factors that can come from credit card history and other things, but it’s essential to indicate your creditworthiness.
Meaning, if you apply for a credit or a loan, your potential lenders want to know how likely you are to pay the money back. Your credit score is how they check before approving you.
With bad credit, your application could be denied and you could be left facing tough choices. It can make the difference in what house you can buy, what college you or your kids can go to, and so much more.
We don’t mean credit exactly like credit cards either- we mean credit towards big things that are probably quite important for your life, such as buying a property or a new car.
Keeping an eye on your credit score is important, because you may think it’s doing fine, but is it?
There can be mistakes on your credit report which can negatively affect you even if they are nothing to do with you.
If there are any mistakes on your credit report, you can ask to get them removed, but catch it quick! Mistakes take a while to come off your history, which isn’t helpful if you are applying for credit right now.
We like to use Credit Karma to get a free credit report and keep an eye on how our credit is looking.
5. Never Miss Out on $200+ In Free Stocks
Did you know that you can actually earn free stocks? It can change your investment plans and put more money in your wallet!
If you’re new to investing, it can seem like a whole other world and be confusing when making investing decisions.
There are financial companies out there who want to make investing easier to understand and easy to do, such as Robinhood.
When you sign up to Robinhood, you can get up to $200 in free stocks just from signing up!
Robinhood isn’t the only investing app available, but it’s gained massive popularity since it’s free to use and has a great interface that makes investing seem straightforward.
A lot of people think investing is just for the wealthy, but that just isn’t true. Us average Joes can do well trading stocks too!
Investment platforms have made things so simple, and there are so many that could help you strike it rich next.
With that being said, you do need money to start investing, and that’s why you should take the free stocks when they’re on offer!
Getting your finances in order is not as complicated as many make it seem. By taking some simple steps in the right direction, you can set yourself up for lasting financial success
Two of the best financial moves you can make are:
1. get started with a simple monthly budget, and
2. keep your money in a trustworthy, no-fee bank like Chime.
Head here to open your FREE Chime bank account now.