If you’ve clicked into this article, I’m already assuming you’re the “good with money” friend. Maybe you’ve been saving your cash since you got an allowance, started researching 401(k)s after you got your first job, or you’ve never met a credit card bill that you haven’t paid in full. However you slice it, I’m tipping my hat to you, you money genius.
Even so, as the financially savvy friend you know that there’s always room to expand your knowledge. Whether you’re hacking your way to a better credit score, aiming for healthier savings, or trying a new spending strategy, there are always simple ways to get more out of your hard-earned cash. Plus, with the notoriously spendy holidays upon us once again, the time has never been better to add some new money moves to your repertoire.
If you find yourself feeling curious about adjusting your holiday spending strategy to allow for optimal bragging rights, keep reading for a few ideas to bust out as you shop for everyone on your list. Consider them my gift to you.
Smart Money Move #1: Spending Strategically
Step one of this tip: find a way to earn cash back rewards.
If you don’t already know, Chime gives you cash back on rotating categories. Typically, you have to pay a fee to get rewards like that. But Chime makes fee-free banking easy. So that means you can get cash back without the fees. To get strategic with how you use it, plan to buy gifts at retailers or categories that give you cash back. A big gift for them, and a little cash back gift for you. Trust me, it adds up over the season.
Smart Money Move #2: Saving For The Next Holiday Season Now
Setting aside money throughout the year for holiday spending? That’s a pro move. But saving for next holiday season while you shop your way through this year’s list? Now that’s expert-level. Here’s an easy way to do it: Chime’s Round Up feature helps you save money every time you spend. So if you drop $9.45 on the perfect office white elephant gift, Chime will round your purchase up to $10.00 and move that extra $0.55 from your checking account to your savings account. Do that a few times a day, and you’re saving money without even noticing.
Once your money is in savings, you want it to work hard for you. Enter the high-yield savings account. These accounts let your money earn interest (aka, more money) while it sits separately from your checking funds. And heads up, with the Chime savings account, you could be getting 3.50% APY. It’s the gift that keeps on giving!
Smart Money Move #3: Make Your Holiday Spending Work For Future You
OK, so we’ve talked about how certain cards or features can earn you cash back. Love that. But there’s even more to love about smartly using credit for holiday spending. When you use your Chime Card, you can strengthen your credit score while tackling your gift list. The best part? It all happens with your own money.
To build credit with your Chime Card, you’ll fund your account, use your card for everyday purchases, then make on-time payments to boost your credit score. Without the annual fees or interest that are typical of other credit cards, you’ll be able to boost your credit score over time with responsible use. All the gain without the pain, amirite?
