Week 43: Save More, Tactic 11

What can you do this week?

• Not every windfall is a life-changing inheritance or lottery ticket winner.

• You likely have several per year that pass through your financial situation.

• Review the below list for windfalls you may be unknowingly just spending.

• After identifying these sources, automate or purposefully segregate these funds from your regular cash flow to help you build wealth.

Tax Refund

• The average refund in the U.S. often ranges around $2,700.

• Adding this to your emergency fund, making an extra payment on your credit card balance, or top off an investment account are good potentials.

• Even setting aside a portion of your tax refund for savings or investment can make a big difference over the long term.

  

Side Hustle or Freelance Income

• Earnings from side hustles or freelance gigs may vary, but they can be a steady source of extra income.

• Setting aside a percentage of this income or all of it to investment can compound beautifully over time.

• $1,000 or $2,500 monthly (while not a small sum for many) can really become something substantial after 10 or 20 years of compounding.

  

  Work Bonus & Incentives

• Occasional performance bonuses, holiday bonuses, or incentive payments for specific projects can create wealth building momentum.

• Even if the bonus is smaller, like a $100 quarterly incentive, putting it directly into an investment account can be impactful over time.

  

Cash Back Rewards Programs and Points

• Credit card rewards, cash-back apps, and loyalty programs can lead to small but steady windfalls over time.

• This could be credit card cash back, loyalty programs, or rebate apps as examples.

• Try funneling these rewards into a savings or investment account rather than spending them.

• If you have a balance you’re paying down, obviously that would be where you should spend these first.

• Link a savings or checking account to your credit card account so that you have a place to deposit that money. Then get it into higher earning potential assets if you already have your emergency savings in place.

  

  Employer Benefits

• Some companies offer small incentives like wellness bonuses, educational reimbursements, or travel stipends.

• These incentives can be sporadic treating these like bonuses/found money for your financial goals can help grow your savings faster.

  

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Holiday Cash & Gifts

• Birthday money, holiday gifts, or a small check from family are great ways to give your savings a quick boost.

• Holiday season cash tips for service workers are essentially a performance bonus for non-salaried employees. Set a healthy percentage aside for saving for when times will be lean or to add to your wealth building.

Insurance Reimbursements

• If you receive an unexpected health or insurance reimbursement, it can be found money.

• Many people use health savings accounts (HSAs) and flexible spending accounts (FSAs) but forget about small reimbursements.

• Even a small amount, consider putting it toward a high yield savings account or investment.

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