In a world where it’s easy to get caught up in spending, it’s super important to know where we, as Americans, tend to go overboard with our cash. Let’s chat about five big culprits.
Make More Money from your ESPP with Benny’s New Program
Benny 2.0 automatically manages your Employee Stock Purchase Plan (ESPP) to make you more money without disrupting your take-home pay.
1. Eating Out and Coffee
Who doesn’t love grabbing a bite or a coffee on the run, right? But hey, those little treats can really add up. Cooking at home and brewing your own coffee might take a bit more time, but trust me, your wallet will thank you later.
2. Brand Name Products
Sure, those big-name brands might seem fancy, but are they really worth the extra bucks? Sometimes, generic stuff works just as well. It’s all about balancing quality and cost, you know?
3. Cable TV and Subscription Services
We’re all guilty of binging on our favorite shows, but all those streaming subscriptions can sneakily drain your bank account. Maybe it’s time to consider cutting back or sharing accounts with friends to save some dough.
4. Impulse Purchases
Ah, the thrill of the spontaneous buy. We’ve all been there! But those impulse purchases can really wreck your budget. Taking a beat to think before you buy might save you from some serious regret later on.
5. Cars
Okay, I get it—cars are cool, and they say a lot about who we are. But splurging on a fancy ride or committing to a hefty loan can really hurt your finances in the long run. It’s all about finding something reliable and affordable that gets the job done.
Now, let’s talk about three savvy moves to grow your wealth:
1. High-Yield Savings Accounts
Think of these like your money’s own little growth spurt. They offer better interest rates than regular savings accounts and are perfect for folks who like to play it safe with their cash.
Check out these High-Yield Savings Account options:
SoFi
Synchrony
American Express Savings
2. Long-Term Certificates of Deposit (CDs)
CDs are like the tortoises of investments—slow and steady wins the race. They’re low-risk and can lock in sweet interest rates for the long haul, especially when rates are expected to drop.
Check out these Credit Unions:
Advantis Credit Union
First Tech Credit Union
3. Employee Stock Purchase Plans (ESPPs)
Got an ESPP through work? Lucky you! It’s like getting a discount on future wealth. By taking advantage of this perk, you can build up your investment portfolio while snagging some savings. What is an ESPP you ask? Well, an ESPP is a valuable benefit offered by many employers, allowing employees to purchase company stock at a discounted price through payroll deductions. By maximizing contributions to your ESPP, you can capitalize on potential gains and diversify your investment portfolio. Partnering with a service like Benny can help you make the most of this opportunity and maximize your benefits. Check out your potential gains with our easy-to-use calculator below!
So, in a nutshell, by dodging those common spending traps and making savvy investment moves, we can all set ourselves up for a brighter financial future. It’s all about being mindful with our money and making smart choices, right? Cheers to financial freedom!
Make More Money from your ESPP with Benny’s New Program
Benny 2.0 automatically manages your Employee Stock Purchase Plan (ESPP) to make you more money without disrupting your take-home pay.
What is an ESPP?
An Employee Stock Purchase Plan (ESPP) allows employees to buy company stock at a discounted price, usually through payroll deductions. This means you set a % or $ amount and each and every paycheck, a portion of your paycheck is set aside to purchase company stock at certain increments (most often 6 months but each company can do theirs differently). For more insights, visit our overview of ESPPs.