If you’re paying more than $750 a month in mortgage by yourself, that means two things:
- It stinks to pay that much, and
- You’ve clearly got some income. Not everyone can afford that kind of mortgage.
So you’re making money and living in a decent place. You’ve finally got a little cushion in your bank account. You’ve achieved a certain level of financial stability.
What should you do next? Well, we have six suggestions for you:
1. Protect Everything in Your House
What if you lost everything? All your possessions — your clothes, your furniture, your laptop. Any jewelry you have. Even your microwave oven.
A kitchen fire could torch it all. A burglar could steal your valuables. And where would you be then?
You could be out of luck — unless you have a good homeowners insurance. And here’s the thing: Even if you do, you’re probably overpaying it.
Luckily, an insurance company called Policygenius makes it easy to find out how much you’re overpaying. It finds you cheaper policies and special discounts in minutes.
In fact, it saves users who re-shop on both homeowners and auto insurance up to $1,055 a year. It’ll even help you break up with your old insurance company. (You’re allowed to cancel your policy at any time, and your company should issue you a refund.)
And just because you’re saving money doesn’t mean you’re skimping on coverage. Policygenius will make sure you have what you need.
Just answer a few questions about your home to see how much money you’re wasting.
2. Help Your Family Pay off the Mortgage
So you’ve purchased a home, and that’s great! You’re a bonafide property owner — which unfortunately comes with a mortgage. But have you ever thought about how your loved ones would pay that mortgage and other bills without your income? How would they do without your paychecks coming in?
If that’s not a pretty picture, you should check with an online insurance company like Haven Life. You could leave your family up to $3 million* — and you can get an online quote in only a few minutes.
You might’ve heard how much work it is to deal with traditional life insurance providers — scanning and faxing documents, then potentially waiting weeks just to hear back. But with Haven Life, you get an instant decision on coverage.
And it’s cheaper than you might think. We’ve seen people getting coverage for as low as $14 a month**.
To get started, just tell Haven Life a little about you and your healthand get your free quote.
3. If You Can’t Lower Your Mortgage, Cut Your Credit Card Bill
If you’re like most of us, two of your biggest financial burdens are a mortgage and credit card debt. High credit card bills make it that much harder to pay the mortgage every month.
One problem: Your credit card companies are getting rich by ripping you off with insane rates. However, a company called Fiona could lower your monthly payment.
Here’s how it works: Fiona will match you with a low-interest loan you can use to pay off every credit card balance you have. The benefit? You’re left with just one bill to pay every month, and because the interest rate is so much lower, you can get out of debt so much faster.
If you’re worried you won’t qualify, it’s free to check online. It takes just two minutes, and it could save you thousands of dollars. Totally worth it.
4. Save up to $865 a Year on Car Insurance
It may be impossible to negotiate your mortgage payment, but you can negotiate some of your other monthly bills — like car insurance. When was the last time you shopped around for that? Was it more than six months ago?
If so, you’re probably overpaying, and possibly by hundreds of dollars. Yep. Experts say you should compare rates twice a year to get the best deal.
Twice a year? Yeah, we don’t want to do that either.
A service called Gabi does all the shopping for you to find cheaper insurance — with the same coverage and deductibles you already have. And it saves customers an average of $865 a year.
You don’t have to fill out any forms. Just link your existing insurance account and enter your driver’s license, and it will start looking for cheaper coverage.
Plus, after you sign up, Gabi will keep looking for savings. No more shopping.
5. Add up to 300 Points to Your Credit Score
You’re doing pretty well. You’ve got a decent place to live, you make your mortgage payments — you’re not overly concerned with your credit score. In fact, you might not think much about it at all.
But what happens when you want to refinance? Or buy a car? Even a five-point difference in your credit score could make a huge difference. That’s why it’s important to keep tabs on your credit score, which you can do for free through Credit Sesame.
James Cooper, of Atlanta, used Credit Sesame to raise his credit score nearly 300 points in six months.* “They showed me the ins and outs — how to dot the I’s and cross the T’s,” he said.
If you want to make sure your credit score is in tip-top shape, Credit Sesame will help. Just sign up for an account — it takes 90 seconds — and Credit Sesame will outline exactly what you need to do to give your credit a boost
6. Withdraw $5 and Buy a Piece of a Corporation
Take a look at the Forbes Richest People list, and you’ll notice almost all the billionaires have one thing in common — they own another company.
But if you work for a living and don’t happen to have millions of dollars lying around, that can sound totally out of reach.
That’s why we like the app Stash. It lets you be a part of something that’s normally exclusive to the richest of the rich — buying pieces of other companies. But Stash lets you start with as little as a $5 investment.
You can buy pieces of well-known companies, like McDonald’s, Apple, Tesla¹ and many more. The best part? When these companies profit, so can you. Some companies even send you a check every quarter for your share of the profits, called dividends.
It takes two minutes to sign up, plus Stash will give you a $5 sign up-bonus (you just doubled your money!). Stash offers subscription plans starting at $1.00 a month². As a reminder, investing involves risk.
You might not be in the next issue of Forbes, but this is a great way to get started.
*The Penny Hoarder is a Paid Affiliate/partner of Stash.
Haven Term is a Term Life Insurance Policy (DTC and ICC17DTC in certain states, including NC) issued by Massachusetts Mutual Life Insurance Company (MassMutual), Springfield, MA 01111-0001 and offered exclusively through Haven Life Insurance Agency, LLC. Policy and rider form numbers and features may vary by state and may not be available in all states. In NY, Haven Term is DTC-NY. In CA, Haven Term is DTC-CA. Our Agency license number in California is 71922 and in Arkansas, 100139527.
*Coverage amount available for those ages 18-59 is up to $3M.
**$14 quote is based on a healthy, non-smoking, woman seeking a $250,000 policy with a 20-year term.