The information provided on this website does not, and is not intended to, act as legal, financial or credit advice. See Lexington Law’s editorial disclosure for more information.
After you’ve been notified of a data breach, you should contact your bank and the three major credit bureaus as soon as possible.
When a data breach occurs, you should monitor all of your accounts for suspicious activity. Creating alerts for your banking accounts can help you react to suspicious transactions. A similar strategy is advised for your credit report; in certain cases, companies will have to provide credit monitoring services to their customers for up to 12 months.
Data breaches can lead to negative situations, such as identity theft and credit card fraud. Below, we’ll discuss what to do after a data breach occurs and explore options for reliable credit monitoring services.
Key takeaways:
A data breach occurs when cybercriminals illegally gain access to sensitive information.
In certain cases, companies will be ordered to provide credit monitoring services to their customers for up to 12 months.
The Equifax® data breach of 2017 compromised 148 million Americans and 15 million British citizens.
Table of contents:
What is a data breach?
A data breach occurs when cybercriminals and bad actors illegally access sensitive data. A data breach can happen to specific individuals and large organizations—such as the 2017 Equifax data breach, which impacted nearly 150 million Americans and 15 million British citizens.
If an organization is held accountable for a data breach by a court of law, compensation may be issued to victims. For example, the Equifax breach settlement was finalized in January 2022 and resulted in free credit monitoring services and up to $425 million of support to impacted individuals.
How do you check if your personal information was exposed?
The Data Breach Notification Act offers guidelines and regulations in the event of a data breach. Section 2 of this act states that businesses and federal agencies must tell affected individuals that their data has been leaked “without unreasonable delay.”
These specific guidelines are relevant after a data breach occurs. Here are several actionable steps if you want to take proactive measures to combat a data breach:
Intrusion detection system (IDS): This technology can monitor a network and determine if suspicious or malicious activity is underway.
Data leak checker websites: Websites like Have I Been Pwnd will help you check if one of your emails was part of a data breach.
Review your emails: If your spam and junk email boxes have an unusual amount of spam, your email could’ve been compromised.
What should you do after a data breach?
After you’ve received a notice that your data was compromised, it’s natural to feel overwhelmed or upset by this violation of your privacy. Nevertheless, taking action and making adjustments is the best way to minimize or prevent the worst outcomes.
Change your passwords
If you were part of a data breach, there’s a high likelihood that cybercriminals might possess your current login information. Changing your passwords can prevent bad actors from signing into your accounts.
Ideally, it’s best to use a complex password comprising upper and lowercase letters, special characters and numbers. The less this new password resembles your old one, the better. Furthermore, changing your password every few months is an excellent preventive measure.
Activate two-factor authentication (2FA)
Two-factor authentication (2FA) is an additional login step where users have to finish signing in on a trusted device, usually a smartphone. 2FA reduces the likelihood of a bad actor illegally accessing one of your accounts as the additional login measure (your phone) is on your person.
Look into credit monitoring services
For those wondering what credit monitoring is, the term refers to any service that watches your credit reports and alerts you about suspicious activity that doesn’t match your usual financial habits.
Credit monitoring services look for everything from fluctuations in your credit score to new accounts that have been opened in your name. Lex OnTrack is a monitoring service that tracks your credit history and helps protect your identity from fraud.
Freeze your credit with the three credit bureaus
Learning how to freeze your credit can help you stop cybercriminals from taking unauthorized actions with your credit. To fully freeze your credit, you’ll at least want to contact Equifax®, Experian® and TransUnion®—the three major credit bureaus.
Contact your bank
Speaking with your bank after you’ve been notified of a data breach is an effective way to protect your finances. You’ll have an opportunity to notify your financial institution of this unfortunate event, and you’ll also be able to review recent account activity.
If recent purchases were made on your account that don’t align with your habits, they could be tied to unlawful activity.
What states have data breach laws?
Every state in America has cybersecurity laws that protect civilians, organizations and federal agencies in the event of a data breach.The Data Breach Notification Act generally applies to all 50 states alongside territories and districts.
At the time of writing, California, Colorado, Connecticut, Utah and Virginia have unique data privacy laws that differ somewhat from their contemporaries. For instance, the California Consumer Privacy Act (CCPA) gives Californians the right to demand all information that a company and its third-party partners have on them.
3 reasons data breaches happen
Data breaches are incredibly alarming, and it’s tempting to search for an easy explanation as to why they happen. Though only a small number of them are successful, cyberattacks are quite common.
A study by the Clack School found that some computers may be attacked, on average, approximately 2,200 times each day. Some factors that raise the odds of a cyberattack succeeding are outlined below.
1. Malware attacks
Malware (or malicious software) can compromise security if someone downloads it onto their device. For example, a key logger is a type of malware that records every keystroke a user inputs. Such software could help cybercriminals steal admin credentials from an organization, then log in and access sensitive data.
2. Internal data leak
“What is a data leak?” is a fair question, as this term sounds similar to a data breach. However, a data leak occurs when an internal source releases private information to the general public. If someone working at an organization gives out confidential login details, a cybercriminal could capitalize on that and initiate a data breach.
3. Outdated software
Software updates bolster a network’s security and make it harder for hackers to slip past defenses. Repeated cyberattacks that are launched against systems with outdated software are more likely to be successful.
Monitor your credit with Lexington Law Firm
The sheer number of cyberattacks that occur each day can be alarming, but there are many ways to protect yourself from digital disturbances. A credit monitoring service is an excellent tool that works in the background and catches seemingly minute details.
Explore Lexington Law’s services, which include credit monitoring as well as assistance with challenging errors on credit reports, if any are found.
Note: Articles have only been reviewed by the indicated attorney, not written by them. The information provided on this website does not, and is not intended to, act as legal, financial or credit advice; instead, it is for general informational purposes only. Use of, and access to, this website or any of the links or resources contained within the site do not create an attorney-client or fiduciary relationship between the reader, user, or browser and website owner, authors, reviewers, contributors, contributing firms, or their respective agents or employers.
Reviewed By
Moriah Beaver
Associate Attorney
Moriah is an attorney practicing in consumer advocacy at Lexington Law.
Before joining Lexington, she represented plaintiffs in personal injury litigation, dealing with claims arising from car accidents, slip and falls, and dog bites. Moriah studied English at Brigham Young University for her undergraduate degree and went on to graduate from Brigham Young University’s J. Reuben Clark Law School. She is from Hau’ula, Hawaii, but has been a resident of Utah for over 10 years now.
If someone has access to both your bank account and routing number, they could make fraudulent ACH transfers and payments out of your account. In other words, you could wind up being scammed.
That’s why it’s so important to understand this aspect of your personal finances and protect your money. Read on to learn what happens if someone has your bank account number and routing number, what the risks are, and how to protect yourself.
What Can Someone Do With Your Bank Account Number Alone?
Many of us wonder, “What can someone do with my bank account number?” The good news is, if someone has only your bank account number, that won’t give them enough intel to do any damage. It’s not the same as a scammer obtaining your credit card digits. No one will be able to withdraw money from your personal bank account if all they have is your account number.
For those who may not know the difference between a bank account vs. a routing number, here’s the scoop:
• Your bank account number is the unique string of digits that identifies your particular account at a financial institution. Even if you have, say, multiple accounts at a bank, each will have its own distinct account number.
• Your routing number is the series of numerals that identifies your financial institution, or where the account is held.
Just because your bank account number alone doesn’t make you vulnerable doesn’t mean that you shouldn’t protect it. You should. If a scammer had your account number and other info — perhaps your driver’s license number and/or your home address — they might be able to make illegal purchases online. So it pays to be vigilant.
Routinely monitoring your account activity — say, once a week — is a smart move that allows you to quickly detect if anything is awry.
💡 Quick Tip: Want to save more, spend smarter? Let your bank manage the basics. It’s surprisingly easy, and secure, when you open an online bank account.
What Can Someone Do With Your Bank Account and Routing Number?
The short answer: Real damage. The combination of a bank account and routing number is a dangerous combo that scammers want. And those two numbers are fairly accessible. Think about how often these numbers get circulated: every time a check is written, cashed, signed over to someone else.
Here’s what can happen if they fall into the wrong hands.
ACH Fraud
With both those precious numbers, crooks could commit fraudulent automated clearing house (or ACH) transfers and payments. You’re probably used to seeing those ACH letters on your banking details when you set up automatic monthly payments and the like. When a scammer has your bank account and routing numbers, they could set up bill payments for services you’re not using or transfer money out of your bank account.
It’s tough to protect these details because your account number and routing number are printed right at the bottom of your checks. But do your best. Some pointers:
• Don’t leave your checkbook lying around.
• If you are mailing a check, wrap it in a sheet of blank paper so the numbers don’t show as it’s in transit.
• Pay attention to bank statements. Review them often to see if there are any fishy transactions happening.
• Protect yourself when online banking by using strong passwords. That password is a primary defense. If a thief has your bank and routing numbers and somehow manages to get access to your login name and password, big trouble may be on the horizon.
• Don’t make your password something obvious like your name, pass1234, or numbers that may be circulating in cyberspace, like your birthday which can be seen on Facebook.
Online Shopping
Know that all online retailers aren’t equal in terms of security measures. Some will allow people to make a purchase with bank account information alone, while others will also ask for a driver’s license or other state identification to add an additional layer of protection.
So what can a scammer do with your bank account number and routing number? They can find sites that let them shop with only that information. and could run up a tab.
Depositing Money
While it might seem like a dream come true if a mysterious sum of money appeared in your bank account, you should be more alarmed than overjoyed. Somebody who has your account and routing number may be using your digits to facilitate their illegal shenanigans (such as the kind of bank fraud known as money laundering). Report unusual deposits immediately.
Create Fraudulent Checks
Unfortunately, scammers can create fake checks using your checking numbers, and then those fake checks to pay for purchases (not every payee will verify a check) — or simply cashing them. Know, too, that with technology scammers could digitally scan the check and deposit the amount into their bank account.
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What to Do When Someone Has Your Bank Numbers
As careful as you try to be, stuff happens. What if someone has your bank account number and routing number? What if you see signs that they are using it for fraudulent transactions? Knowing how to report identity theft can help mitigate a bad situation. Have a strategy in place, just in case. Here’s some advice.
Contact Relevant Agencies
If you have the misfortune of being victimized, here’s what to do:
• Contact your bank the minute you realize it. You need to notify your bank within 60 days of your statement to avoid paying for unauthorized ACH transactions. The bank’s fraud department will work to help you get unauthorized charges reversed.
• Report the fraud to the fraud department of all three credit reporting bureaus, Equifax®, Experian®, and TransUnion®.
• File a report with your local police department.
• Also file a report with the Federal Trade Commission’s department that deals with identity theft.
Your to-do list doesn’t end there. You’ll want to be a stickler about monitoring your bank account to look for any signs that someone else is abusing your account. Be proactive and ask your bank about setting up text messages or push notifications every time a transaction is posted. This will help you keep track of what’s going on with your money.
Much as you may not be a paper person, when you’re a victim of bank fraud, documentation matters. You want copies of bank statements, a copy of the police report, your credit report, and any other relevant materials.
Cancel Your Account
As much as it’s a hassle, you need to get a new account number to replace the compromised one. Call your bank’s customer service number, contact a rep by chat, or, if you use a traditional vs. online bank, go to your local branch. Explain your situation, and take steps to get your assets transferred to a new bank account, get new checks printed, and get a new debit card if needed to safeguard your cash.
Tips on Avoiding Bank Fraud
There are no absolutes in life, but there are steps you can take to protect yourself as much as possible.
• You can get an identity theft protection service to monitor your bank accounts and alert you to any funny business, be it suspicious withdrawals or information changes.
• When shopping online, use a credit card (it offers more protection than say a debit card), prepaid card, or a money transfer app instead of typing in your account and routing numbers.
• Be stingy with your banking information to avoid bank scams. Know that less is best when it comes to sharing info.
• Go for multi-factor authentication when banking online. If you have linked bank accounts and credit or debit cards to online platforms, absolutely sign up for additional verification in order for purchases to go through. It’s like a forcefield around your account.
• It can be wise to limit your use of paper checks to only those things where an alternate form of payment is a hassle. Remember your checks are a gold mine of personal information, with your address, account and routing numbers.
The Takeaway
In today’s world, it pays to keep close tabs on your bank accounts and related numbers. Having your bank account and routing number can allow scammers to do damage in a variety of ways, from unauthorized ACH payments to fake checks. By protecting these digits and setting up other safeguards, you’ll minimize the odds of your falling victim to these wily thieves.
While on the topic of banking, it’s wise to make sure your financial institution is a good fit and offers the services and perks that suit you best.
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FAQ
Which bank details should I keep secret?
Protect your bank account and routing numbers to avoid having scammers siphon money away from you. Setting up two-factor authentication for online transactions can help protect you, too. It goes without saying that no one except you should know your username, password, and security questions. Also shred financial documents that you don’t need.
Is it safe to give out your account details?
Share your banking information sparingly, especially online. At most, share a few key points with a trusted friend or family member, and only punch your details into secure websites (look for the “https” at the beginning of the url and the padlock symbol) — though even those aren’t 100% scam-proof.
Can I give out my routing number?
A bank routing number in and of itself reveals very little. After all, it’s a nine-digit code used by financial institutions to identify other financial institutions. It’s very much public information and only becomes a risk factor when paired with other personal details.
Can someone steal your money with your bank account number?
Typically, a scammer would need more than just a bank account number to steal your money, but routing numbers are easily found. With those two pieces of information, a crook could use those numbers for online purchases or to otherwise defraud you.
The SoFi Bank Debit Mastercard® is issued by SoFi Bank, N.A., pursuant to license by Mastercard International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.
SoFi members with direct deposit activity can earn 4.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Direct Deposit means a deposit to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below). Deposits that are not from an employer or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, do not constitute Direct Deposit activity. There is no minimum Direct Deposit amount required to qualify for the stated interest rate.
SoFi members with Qualifying Deposits can earn 4.60% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Qualifying Deposits means one or more deposits that, in the aggregate, are equal to or greater than $5,000 to an account holder’s SoFi Checking and Savings account (“Qualifying Deposits”) during a 30-day Evaluation Period (as defined below). Qualifying Deposits only include those deposits from the following eligible sources: (i) ACH transfers, (ii) inbound wire transfers, (iii) peer-to-peer transfers (i.e., external transfers from PayPal, Venmo, etc. and internal peer-to-peer transfers from a SoFi account belonging to another account holder), (iv) check deposits, (v) instant funding to your SoFi Bank Debit Card, (vi) push payments to your SoFi Bank Debit Card, and (vii) cash deposits. Qualifying Deposits do not include: (i) transfers between an account holder’s Checking account, Savings account, and/or Vaults; (ii) interest payments; (iii) bonuses issued by SoFi Bank or its affiliates; or (iv) credits, reversals, and refunds from SoFi Bank, N.A. (“SoFi Bank”) or from a merchant.
SoFi Bank shall, in its sole discretion, assess each account holder’s Direct Deposit activity and Qualifying Deposits throughout each 30-Day Evaluation Period to determine the applicability of rates and may request additional documentation for verification of eligibility. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Upon receiving a Direct Deposit or $5,000 in Qualifying Deposits to your account, you will begin earning 4.60% APY on savings balances (including Vaults) and 0.50% on checking balances on or before the following calendar day. You will continue to earn these APYs for (i) the remainder of the current 30-Day Evaluation Period and through the end of the subsequent 30-Day Evaluation Period and (ii) any following 30-day Evaluation Periods during which SoFi Bank determines you to have Direct Deposit activity or $5,000 in Qualifying Deposits without interruption.
SoFi Bank reserves the right to grant a grace period to account holders following a change in Direct Deposit activity or Qualifying Deposits activity before adjusting rates. If SoFi Bank grants you a grace period, the dates for such grace period will be reflected on the APY Details page of your account. If SoFi Bank determines that you did not have Direct Deposit activity or $5,000 in Qualifying Deposits during the current 30-day Evaluation Period and, if applicable, the grace period, then you will begin earning the rates earned by account holders without either Direct Deposit or Qualifying Deposits until you have Direct Deposit activity or $5,000 in Qualifying Deposits in a subsequent 30-Day Evaluation Period. For the avoidance of doubt, an account holder with both Direct Deposit activity and Qualifying Deposits will earn the rates earned by account holders with Direct Deposit.
Members without either Direct Deposit activity or Qualifying Deposits, as determined by SoFi Bank, during a 30-Day Evaluation Period and, if applicable, the grace period, will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances.
Interest rates are variable and subject to change at any time. These rates are current as of 10/24/2023. There is no minimum balance requirement. Additional information can be found at https://www.sofi.com/legal/banking-rate-sheet.
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Inside: Are you looking to maximize your rewards and credit card hacks? This guide will teach you the most effective methods for using your hacking, signing up for bonus rewards, and making efficient card purchases.
Credit card use extends beyond just making purchases. Savvy credit card users understand that with the right set of hacks and optimal usage, there’s a world of rewards that are ripe for the picking.
Money saved can be money earned, and this simple philosophy forms the cornerstone of these 25 credit card hacks you’ll be learning about today.
Why do credit card hacks matter? Well, I just received a $700 check for credit card rewards. That is enough to pay for a weekend trip away.
What are Credit Card Hacks?
Credit card hacks are creative strategies employed by credit card users to maximize the benefits and rewards offered by their credit cards while also potentially saving more money.
This trend has become more popular in recent years due to the rise in premium travel and cashback cards that offer lucrative ongoing rewards programs. Users who learn about these hacks can save you money on travel or just put cold hard cash back in your wallet.
With strategic approaches, these hacks provide an avenue to optimize rewards and navigate the financial landscape more effectively.
Proven Credit Card Hacks to Maximize Rewards
Tip #1 – Utilize sign-up bonuses
One of the most attractive features of credit cards is the sign-up bonuses they offer, which are essentially rewards that cardholders can earn after meeting a certain spending threshold within a specified timeframe. The bonuses can range from hundreds to even thousands of points, miles, or cash – favorably impacting your rewards balance.
To illustrate, if you take the Chase Sapphire Preferred® credit card, both partners in a household can get up to 50,000 extra points each as part of the sign-up bonus.
Bonus tip: Stagger your applications, so once one person gets the bonus after meeting the spending requirement, the other person can then apply and achieve the next round of bonuses.
Tip #2 – Increase credit limit
The principle behind this is simply buffering your “credit utilization ratio”, which is how much of your total available credit you are utilizing.
To illustrate how a credit limit increase will work, let’s consider an example: with a credit limit of $10,000 and a credit usage of $3,000, your utilization ratio stands at 30%. But once your credit limit increases to $15,000 with the same credit usage, your utilization ratio drops to 20% – which is a noticeable improvement.
Remember, when requesting a credit limit increase, some card issuers might execute a hard inquiry on your credit report, which could temporarily decrease your score. Hence, you should try to find out beforehand whether your issuer is likely to perform a hard or soft credit pull. Soft inquiries won’t affect your credit score, making them the preferable approach.
Tip #3 – Master balance transfers
A balance transfer, executed proficiently, can be an effective way to handle significant credit card debt. By focusing on reducing the cost of debt through lower interest rates, balance transfer can accelerate your debt repayment process while saving you considerable money over time.
This is what one of my clients did and the date when the 0% interest ended was very motivating to pay off their debt.
This process entails the shuffling of debt from one card (usually one with a high interest rate) to another card—preferably with a 0% promotional APR offer. With this interest-free period, you can focus on repaying the principal balance, hence clearing your debt faster.
As a finance expert, make sure balance transfers are only beneficial if you’re mindful of the terms, like how long your 0% rate will last and what fees are involved in the transfer to the new card.
Tip #4 – Purchase prepaid cards with credit
Need a way to spend a certain dollar amount by a certain deadline? Then, look at purchasing prepaid cards with a credit card as a strategy to earn extra rewards points. This method entails buying prepaid cards or gift cards using your credit card, and later using these prepaid cards to cover those expenses you typically will use.
In other cases, customers have reported that their credit card companies have clawed back rewards points that were initially given for gift card purchases. Double check their terms and conditions, many issuers, including American Express, explicitly exclude such transactions from earning rewards. 1
Tip #5 – Harnessing the 15/3 Methodology
The 15/3 Methodology is a credit card hack that intends to optimize your credit utilization ratio—one of the significant factors that impact your credit score.
Here’s how it works: You pay off a majority of your card’s balance 15 days before your statement date, and then pay off the remaining balance three days before the statement date. By doing this, you create the illusion of a lower balance, which can positively impact your credit score.
There is still a debate about whether or not this strategy improves your credit card score. Paying your bill on time will definitely improve your score.
Tip #6 – Strategies to earn additional rewards through third-party programs
An often overlooked but highly effective credit card hack is utilizing third-party apps and websites that offer additional rewards when you shop at participating retailers and restaurants. These rewards are additional to the cash back, miles, or points awarded by your credit card.
One such app is Dosh, a cashback app. By linking your credit card to your Dosh account, you can earn up to 10% cash back from participating retailers on top of the rewards earned from your credit card. Similarly, apps like Drop and Bumped give users points for every dollar spent, and these points can be redeemed for gift cards.
Furthermore, many airlines and hotels participate in dining rewards programs where you’ll earn extra rewards at select restaurants. Airlines like United, Southwest, Delta, and hospitality giant companies like Marriott and Hilton actively participate in such programs.
Tip #7 – Earn a credit card sign-up bonus then canceling the card right away
Also known as credit card flipping or churning, the tactic of earning a credit card sign-up bonus and then canceling the card right away has been employed by some savvy credit card users to maximize rewards.
However, this practice isn’t as easy or beneficial as it appears. While it sounds like an accessible system to generate easy money, it comes with several potential pitfalls that could make it a risky move.
Firstly, numerous card issuers have, over the years, implemented stricter rules to deter this practice. Chase, for instance, has the 5/24 rule indicating you can have only five new credit cards within the last 24 months. 2
Repeatedly opening and closing the same card can result in a declined application or rescinded bonus and hurt your credit score-perceived as credit misbehavior by the issuer.
It can also be viewed as unethical and potentially lead to you being barred from opening accounts with that issuer in the future.
Churning can negatively affect your ability to get approved for future credit cards and loans because lenders may think you’re a risky borrower.”
Tip #8 – Develop a multi-card system
This method aims to cover all your spending by using different cards that offer elevated rewards for certain purchase categories.
For instance, we have one card that pays an unlimited flat rate of 2% on all purchases. Then, another rewards card offering increased category rewards, with travel and gas. Then a there card that rotates through various categories each quarter.
Diversifying your spending amongst several credit cards can help you to earn the maximum possible rewards. However, endowing yourself with several credit cards is not for everyone as it requires careful financial management. In some cases, the potential of overspending can outweigh the benefits.
Tip #9 – Transfer points between multiple cards
Transferring points between cards (provided they are from the same issuer) is another useful strategy whereby you can redeem them at their maximum possible value.
The goal is to make your spending work for you and maximize the rewards you can earn from daily expenses. However, people should employ this strategy responsibly and ensure they’re not overspending just to earn rewards.
In such a strategy, points on traditional cashback cards can be transferred to airline and hotel partners when you also have a transferable points card like the Sapphire Reserve or Sapphire Preferred. So, not only are you earning cashback on your purchases, but you’re also accumulating lucrative points that can be redeemed for travel.
Tip #10 – Don’t use cash
In the world of credit card rewards, cash is no longer king. Whenever feasible, you should consider using your credit cards instead of cash or debit to pay for everyday purchases. This allows you to earn rewards on purchases you’re making anyway.
The best way to implement this is for you to bills with their credit cards instead of cash or debit and set this up on autopay. This serves a dual purpose of potentially earning rewards on these payments whilst also conveying a positive message to the banks about your money management skills, leading to possible credit score improvements.
However, this method works best when your spending doesn’t increase as a result. Only use your credit card for expenses that you’d normally pay in cash and for which you already have the money set aside to pay.
Tip #11: Time your purchasing
Being strategic about when you make your credit card purchases can help you wring out some extra benefits.
One way to optimize your earning potential and maintain a healthy credit score is to plan your large purchases around your credit card’s billing cycle. Making your most significant purchases immediately after your statement date ensures that you have the longest possible repayment period, effectively offering you a short-term, interest-free loan.
Furthermore, if your issuer has a rewards cut-off at the end of a calendar year, you can make larger purchases ahead of time to push yourself into a higher rewards bracket.
Tip #12 – Make Micropayments
Rather than making one full payment, consider making multiple payments over the billing cycle, commonly referred to as ‘micropayments.’ This helps keep your running balance low and, in turn, your credit utilization ratio – the percentage of your available credit limit you’re using – also low, positively impacting your credit score.
Plus it helps to keep your checking account at a more accurate level.
Tip #13: Have your spouse apply for the same credit card
Known informally as the “two-player mode” amongst credit card hacking enthusiasts, having your spouse or partner apply for the same credit card can be an effective strategy to earn double the sign-up bonus. This approach is based on the idea that instead of just adding your spouse or partner as an authorized user to your card, they should apply separately.
For instance, if a card like the Chase Sapphire Preferred® offers a 50,000 points bonus on sign-up, both partners can potentially earn up to 100,000 points collectively, essentially doubling the bonus.
But remember, this hack should be used strategically – you should stagger your card applications and ensure each of you fulfills the spending criteria to qualify for the bonus.
Tip #14 – Importance of prompt payment
Quite possibly the hack with the most significant impact on both your credit score and your pocket, prompt payment of your credit card bill cannot be overstated.
Making on-time payments can drastically improve your credit score since your payment history is the most heavily-weighted factor that credit scoring models consider.
Plus paying your balance in full each month can help you avoid interest charges and penalties, effectively saving you money in the long run.
Tip #15 – Know What Rewards you Want
Rewards such as travel miles, discounts at partnered retailers, cashback, or access to premium experiences like airport lounges or concert tickets are available, depending on your card.
By understanding and leveraging these varied rewards, you can get the most excellent value out of your credit card expenses.
Cautionary Advice on Credit Card Hacks
While credit card hacks can undoubtedly offer substantial benefits when done right, pitfalls can ensue if one isn’t careful.
Pitfall #1 – Overspending
For starters, these hacks can inadvertently lead to overspending or unnecessary purchases. Be wary of making purchases you don’t need or can’t afford in an attempt to earn more rewards or meet the spend necessary for a sign-up bonus.
Consequently, the pursuit of credit card rewards could also lead to accumulated debt if you’re not diligent about paying off your balance in full each month. The interest that you need to pay on balances carried over can easily eat up the value of any rewards earned.
Pitfall #2 – Impact on your Credit Score
Applying for multiple cards can lead to hard inquiries on your credit report, which can temporarily lower your credit score. Similarly, canceling cards after acquiring the sign-up bonus could harm your credit utilization ratio and your length of credit history, both key factors in your credit score calculation.
Additionally, irresponsible habits like ‘credit card churning’ and ‘paying for everything with credit’ may risk your relationship with card issuers. Some companies might close accounts or even ban individuals from opening new ones if they’re perceived as abusing the system.
While some of the top-tier reward and travel credit cards often come with hefty annual fees, not all of them are worth paying. This is especially true when a card’s annual fees outstrip the value of the rewards earned.
Before you sign up for a credit card with an annual fee, it’s advised to read the fine print and estimate what you can earn from it. You should evaluate whether the perks, bonuses, rewards, and credits offered offset the annual fee cost.
Personally, I don’t use any cards that have an annual fee.
Pitfall #4 – Paying interest
Credit card interest can significantly impact your overall financial health if you’re not careful. The money invested toward paying it off could be better used elsewhere – for saving, investing, or spending on your needs and desires. Hence, one of the best “credit card hacks” out there is to simply stop paying interest.
You want to focus on debt free living.
Pitfall #5 – Avoiding counterproductive habits like “balance surfing”
Balance surfing is a strategy where you continually move credit card debt from one card with an ending 0% APR promotion to another card with a new 0% APR offer. While this approach can potentially delay interest payments, it can become a dangerous cycle if you find yourself simply transferring debt instead of reducing it.
Meanwhile, the total debt remains the same. Without a consistent debt repayment strategy, this method can lead to an endless cycle of balance surfing.
What are some of the best credit card rewards and hacks for 2024?
As we venture into the new year, some credit card reward strategies remain timeless while others evolve in response to new credit card offers and updated reward programs. In 2024, here are some of the best credit card hacks worth considering:
Take Advantage of Updated Card Offers: Credit card issuers frequently update their card offers and rewards programs. Ensure you stay updated on these changes to maximize your card benefits.
Focus on Cards with Flexible Reward Categories: Some cards, like the Bank of America® Customized Cash Rewards credit card, allow you to choose your highest cash-back category (like online shopping, dining, or grocery stores). These flexible category cards can be more advantageous as you can adapt them to your spending habits.
Leverage Rotating Categories: Cards like the Chase Freedom Flex℠ and Discover it® Cash Back offer 5% cash back on up to $1,500 in purchases in various categories that rotate each quarter, once you activate. Plan your spending in advance to leverage these rotating categories optimally.
Remain Alert on Loyalty Program Partnerships: Many credit cards and airlines have partnerships with other brands. This can mean increased rewards when shopping with those brands, so always watch for new partnerships or promotions.
Revisiting Annual Fees: If your credit card perks no longer justify its annual fee due to changes in lifestyle or spending habits, consider downgrading to a no-fee card from the same issuer. This way, you can save on annual fees without closing your account which could potentially harm your credit score.
Diversify Your Rewards: While it may be tempting to concentrate all your spending on a single card, diversifying your rewards can make you earn more. Consider employing a multi-card system to maximize rewards across different spending categories.
Your credit card should be a tool to enhance your financial flexibility, not a burden that leads to financial stress.
Frequently Asked Questions (FAQs)
Deciding whether to focus on paying off a single card or distributing payments over several cards can seem complicated, but there are a couple of methodologies to strategize your payoff.
The Debt Avalanche method suggests focusing on the card with the highest interest rate first. Once you’ve paid this card off in its entirety, you then move on to the card with the next highest interest rate. This can potentially save you more money in the long term as it targets high-interest debt first.
Alternatively, the Debt Snowball method, proposed by financial guru Dave Ramsey, recommends paying off the card with the smallest balance first, then moving on to the card with the second-smallest balance. While you may not save as much money in interest compared to the debt avalanche method, the psychological motivation of paying off a credit card balance entirely may be more important for maintaining consistent repayment.
Either method requires you to make minimum payments promptly on all cards to avoid late fees and possible credit score damage.
Getting credit card points without spending any additional money may seem like wishful thinking, but there are certain strategies that you can employ to achieve this. Strategically managing your credit cards can turn your everyday spending into reward points, miles, or cash back.
Referral Bonuses: Many credit card companies offer referral bonuses to their existing cardholders who refer friends or family members. If the person you referred gets approved for the card, you can earn bonus points.
Cardholder Perks: Credit card companies often run promotions offering bonus points for certain activities. These can range from enrolling in paperless billing, adding authorized users to your account, or completing an online financial education course. Check with your card issuer to view any current promotions.
Shopping Portals: Many credit card issuers, and even airline and hotel rewards programs, have their own online shopping portals where you can earn additional bonus points for every dollar spent. If you were already planning on making an online purchase, consider making it through these portals to earn extra rewards.
Sign-up Bonuses: Some cards offer sizeable sign-up bonuses for new cardholders who meet a required minimum spend within the first few months. Although this technically requires spending money, it doesn’t require spending more money if you use your card for purchases you were already planning to make.
While implementing certain credit card strategies can potentially earn you higher rewards or save money, they can also unintentionally harm your credit score if not executed responsibly.
Several factors can contribute to this potential downfall:
Opening and Closing Accounts: A high frequency of card applications can lead to multiple hard inquiries on your credit report, which might lower your score in the short term. Closing credit cards, especially older ones, can affect both your credit utilization ratio and the age of your credit history, two significant factors in your credit score calculation.
Carrying a Balance: Maintaining a high credit utilization ratio—i.e., carrying a large balance relative to your credit limit—can negatively impact your credit score.
Late Payments: If these deadlines are not strictly adhered to, they could result in late payments, which can seriously harm your credit score.
Excessive Spending: Some tactics lead to unnecessary spending to earn more reward points or meet an initial spend required for a sign-up bonus. Not only can this increase your credit utilization ratio and potentially lower your credit score, it can lead to debt if these balances are not paid off in time.
While both rewards cards and travel rewards cards offer perks to their users in return for spending, the primary difference lies in the kind of rewards they offer and their target user base.
A Rewards Card generally offers cash back, points, or miles for every dollar spent, redeemable in a variety of ways. This is the type of card I prefer. For example, you may redeem your accumulated rewards as cash back into your account, use them to purchase products or services, or exchange them for gift cards. The flexibility of rewards makes these cards are suitable for people with varied spending habits and prefer a variety of redemption options.
A Travel Rewards Card, on the other hand, is designed specifically for frequent travelers. These cards earn you points or miles on specific travel-related expenses, like booking flights or hotel stays. The redeemed rewards are typically used towards further travel-related expenses like airfare, hotel stays, or car rentals. Travel Rewards Cards often offer additional travel-centric perks like free checked bags, priority boarding, airport lounge access, and more.
Consider your spending habits, lifestyle, travel frequency, and preference in terms of reward redemption.
Protecting yourself from credit card fraud is an important aspect of managing your credit card usage effectively.
Monitor Your Accounts Regularly: Keep a thorough watch on your credit card statements for any unauthorized or suspicious charges. Report them to your credit card issuer as soon as possible.
Use Secure Networks: When making online purchases, only shop on secure websites (look for “https” in the web address), and avoid using public Wi-Fi networks for transactions.
Keep Your Personal Information Safe: It’s important to dispose of old credit card statements properly, and avoid giving out credit card information over the phone unless you initiated the call and you trust the recipient.
Protect Your PIN and Password: Don’t share these with anyone, and avoid using easily guessable combinations like birth dates or the last four digits of your social security number.
Enable Account Alerts: Most banks now offer optional security alerts that can be sent via text message or email whenever a charge above a certain amount gets made to your account.
Protect Your Computer and Phone: Make sure your devices are equipped with up-to-date antivirus software and that your phone is locked with a secure password or fingerprint identification.
In case you become a victim of credit card fraud, know the steps to protect yourself – report it to your bank or credit card company immediately, file a report with the Federal Trade Commission, and report it to the three major credit bureaus, requesting them to put a fraud alert or a credit freeze on your account.
Also remember, credit cards don’t have routing numbers.
Making the Most of Credit Card Hacking
When used wisely, credit card hacks and reward strategies can play a significant role in stretching your budget and rewarding your spending. These secrets of savvy credit card use — from aligning your card to your spending habits, making the most of sign-up bonuses and reward categories, to understanding the ins and outs of your credit card’s rewards structure — can help maximize your potential rewards and save money.
Personally, we use all of our credit card rewards to pay for our travel expenses.
However, it’s paramount to remember that these tips and tactics should not encourage unnecessary spending or carrying a balance. Only spend within your means, ensure you pay off your balances each month to avoid interest charges and remember to safeguard your credit score by handling credit card applications and closures cautiously.
Ultimately, credit card hacks and rewards should fit within your overall financial plan and goals, adding value to your everyday spending habits and rewarding you for well-managed financial practices.
Remember your goal is to reach your FI number.
Source
Reddit. “American Express Clawing Back Points Earned From Gift Card Purchases.” https://www.reddit.com/r/AmexPlatinum/comments/14hywaq/american_express_clawing_back_points_earned_from/. Accessed January 19, 2024.
CNN. “What is the Chase 5/24 rule?” https://www.cnn.com/cnn-underscored/money/chase-5-24-rule#:~:text=The%205%2F24%20rule%20is,your%20approval%20odds%20with%20Chase. Accessed January 19, 2024.
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You’re likely familiar with the story of Robinhood, the outlaw who stole money from the rich and gave it to the poor. Well, you’ll find a similar principle behind the investing app, Robinhood.
The founders of Robinhood aren’t stealing anything, but they do believe that the current financial system doesn’t benefit every American. For that reason, they make it easy for non-traditional investors to get started.
When you sign up for Robinhood, you get access to commission-free trades, a cash management account, and a lot more. Keep reading to learn more about the pros and cons of signing up for Robinhood, as well as whom the app is best for.
Introduction to Robinhood
Robinhood is a popular investing app that allows users to trade stocks, options, exchange-traded funds (ETFs), and even cryptocurrencies without paying any commission fees. It was founded in 2013 and has since grown to over 22 million users, disrupting the financial industry.
The app is designed to cater to non-traditional investors and make the financial system more accessible to everyone. In this Robinhood review, we’ll explore its features, pros and cons, and determine who it’s best suited for.
How does Robinhood work?
When you sign up for a Robinhood account, you’ll get your first stock for free, even if you don’t deposit any funds. Signing up for an account is easy. All you have to do is enter your name, email address, and create a password.
From there, you’ll be prompted to enter more personal information, like your address and Social Security Number. Robinhood is required by federal law to request this information.
After you’ve set up your brokerage account, you’ll outline your investing experience thus far. And to go forward, you will need to fund your account at this point. However, there’s no minimum deposit required to fund the account, so you can always start small and invest more later.
You can connect your bank account to the Robinhood app to make funding your account easier. And there are no fees for transferring money in and out of your account.
Get started with Robinhood
on Robinhood’s secure website
Robinhood’s User Interface and Ease of Use
User-friendly interface: One of the key selling points of Robinhood is its simple, user-friendly interface. Both the web and mobile versions of the app have been designed to make it easy for users to navigate and trade. The intuitive design allows users to quickly understand their account, monitor their investments, and execute trades with minimal hassle.
Account setup and verification: Setting up an account with Robinhood is a straightforward process. Users can sign up with just their name, email address, and a password. Further personal information, such as address and Social Security number, is required due to federal law. Once the account is set up, users can outline their investing experience and link their bank account for easy funding.
Diving Deeper into Robinhood’s Features
Robinhood offers several features that make it stand out from other investing apps:
Zero commissions: As mentioned earlier, Robinhood has been a pioneer in offering commission-free trading on stocks, options, ETFs, and cryptocurrencies. This feature has helped democratize investing and lower the barriers to entry for non-traditional investors.
Cryptocurrency trading: Robinhood is among the few investing apps that support cryptocurrency trading. Users can trade popular cryptocurrencies like Bitcoin, Ethereum, Litecoin, and Dogecoin. This added functionality allows users to diversify their investments within a single platform.
Mobile app: Robinhood’s mobile app is highly regarded for its ease of use and clean design. Users can quickly view their portfolio, monitor market news, and execute trades on the go.
Account notifications: Users can customize their notification settings to receive alerts about their account performance, significant price movements, and other relevant information.
Daily market updates: Robinhood’s news feed provides users with daily updates on market trends, economic news, and other developments that can impact their investments. This helps users stay informed and make better investment decisions.
Exploring Additional Robinhood Features and Aspects
In addition to the features already discussed, Robinhood offers various other aspects that make it an attractive choice for investors. Let’s dive into some of these additional features and see how they can benefit users.
Extended-hours trading
Robinhood allows users to participate in extended-hours trading, which includes pre-market and after-hours trading sessions. This feature gives investors the opportunity to act on news and events that happen outside of standard market hours, potentially capitalizing on price movements before the broader market reacts.
Options trading
Robinhood offers options trading, which involves buying and selling contracts that give investors the right, but not the obligation, to buy or sell a stock at a specific price within a specified period. This feature enables users to implement more sophisticated trading strategies and potentially profit from market volatility, while also providing the flexibility to manage risk according to their preferences.
Dividend Reinvestment Program (DRIP)
Robinhood supports a Dividend Reinvestment Program, allowing users to automatically reinvest their dividends back into the underlying stocks or ETFs. This feature can help investors grow their portfolios more efficiently over time by harnessing the power of compounding returns, allowing them to maximize their potential earnings.
Fractional share dividend reinvestment
In addition to allowing fractional share purchases, Robinhood also enables users to reinvest dividends as fractional shares. This functionality ensures that users can continue to grow their investments, even if they don’t have enough dividends to purchase a full share, making it a valuable tool for long-term wealth accumulation.
Instant deposits
Robinhood offers instant deposits for its users, allowing them to access their transferred funds more quickly (up to $1,000). This feature ensures that users can take advantage of investment opportunities without waiting for their funds to settle, providing a more seamless investing experience.
Security and account protection
Robinhood prioritizes the security of its users’ accounts and personal information. The platform uses industry-standard encryption and security measures to protect user data. Additionally, Robinhood accounts are insured by the Securities Investor Protection Corporation (SIPC) for up to $500,000, including a $250,000 limit for cash. This protection offers users peace of mind as they navigate the world of investing.
Educational resources
Robinhood offers various educational resources, including articles and guides, to help users improve their investment knowledge and make more informed decisions. These resources can be especially beneficial for new investors looking to learn more about the world of investing, equipping them with the knowledge needed to navigate the markets confidently.
Social aspect and community
Robinhood’s platform has a social component, allowing users to follow friends, family members, or other investors and view their portfolios. This feature can create a sense of community and motivate users to learn from one another’s investment strategies, fostering collaboration and the sharing of ideas.
Benefits of Robinhood
There are several advantages to using Robinhood as your investing app of choice:
No account minimum: Robinhood requires no minimum deposit to start trading, making it accessible to users with limited funds.
Free trading: Commission-free trades on stocks, options, ETFs, and cryptocurrencies helps users save on trading costs.
Cash management account: Robinhood offers a cash management account with a 1.50% APY on uninvested cash, no hidden fees, and a debit card issued by Sutton Bank.
Fractional shares: Users can invest in fractional shares of thousands of stocks, allowing them to build a diversified portfolio with minimal investment.
Drawbacks of Robinhood
Despite its numerous benefits, there are a few drawbacks to using Robinhood:
Limited account types: Robinhood only supports individual taxable accounts, so users looking to open other types of brokerage accounts will need to explore other platforms.
Limited trading tools: Robinhood’s research and trading tools are relatively basic compared to those offered by other online brokers.
Minimal customer support: Customer support is primarily available through a chatbot and FAQ page, which may not be sufficient for users with more complex queries.
Get started with Robinhood
on Robinhood’s secure website
Robinhood Gold: Premium Features for Advanced Investors
Robinhood Gold is a subscription-based premium service that offers a suite of advanced features designed for more experienced investors. By upgrading to Robinhood Gold, users can access the following benefits:
Bigger Instant Deposits
While standard Robinhood users can access instant deposits of up to $1,000, Robinhood Gold subscribers receive instant deposits depending on their account balance. This feature allows users to invest larger amounts immediately, without waiting for their funds to settle.
Level II Market Data
Gain access to Level II market data provided by Nasdaq TotalView, which shows real-time bids and asks for stocks. This advanced market data can help users make more informed trading decisions by providing greater transparency into market activity.
Margin Trading
Robinhood Gold allows users to trade on margin, providing them with access to additional buying power by borrowing funds from Robinhood. With margin trading, users can potentially amplify their gains, but should be aware that it also increases the risk of losses. It’s essential to carefully consider the potential risks and rewards before engaging in margin trading.
Research Reports
Subscribers receive access to research reports from Morningstar, a leading provider of independent investment research. These reports can help users make more informed decisions by offering in-depth analyses of individual stocks and industries.
Access to Investing in IPOs
Robinhood Gold users have the opportunity to invest in initial public offerings (IPOs) before the stocks are listed on public exchanges. This feature allows users to potentially profit from the early stages of a company’s growth, as well as gain exposure to new and innovative industries.
The cost of Robinhood Gold is $5 per month, which includes access to all the premium features mentioned above. It’s important to note that margin trading also comes with additional fees based on the amount borrowed, so users should carefully consider the costs before utilizing this feature.
Robinhood: Ideal for New and Casual Investors
Robinhood is best suited for new investors who want an easy-to-use platform to start trading with minimal barriers to entry. It’s also an excellent choice for casual investors who prefer a more hands-off approach, as the app’s features and design make it easy to monitor investments and stay informed on market trends.
For those interested in margin trading, Robinhood Gold is an option worth considering. This premium service costs $5 per month and provides access to additional margin, ranging from $5,000 to $50,000, depending on the user’s deposit amount.
However, Robinhood may not be the best fit for individuals focused on long-term retirement savings, as it doesn’t offer retirement accounts or investment options like bonds and mutual funds. Additionally, more experienced investors seeking advanced research tools and a wider range of account types may find Robinhood’s offerings somewhat limited.
Other Considerations and Alternatives to Robinhood
While Robinhood is a popular choice for many investors, it’s essential to consider other factors and alternatives before deciding on an investing platform.
Tax implications: Investing through Robinhood’s individual taxable account means that any capital gains or dividends received will be subject to taxation. Users should be aware of the tax implications of their investments and consider seeking professional tax advice.
Risk management: Investing always carries a degree of risk, and Robinhood is no exception. It’s crucial for users to assess their risk tolerance, diversify their investments, and develop a long-term investment strategy to minimize potential losses.
Alternatives to Robinhood: There are several other investing apps and platforms available that cater to different types of investors. Some popular alternatives include:
Fidelity: A full-service brokerage offering a wide range of account types, investment options, and advanced research tools. Fidelity is ideal for more experienced investors or those looking for a more comprehensive investment platform.
M1 Finance: A robo-advisor and brokerage platform that allows users to create custom portfolios or choose from expert-curated portfolios. M1 Finance is suitable for investors who prefer a more automated approach to investing.
Acorns: A micro-investing app that rounds up users’ everyday purchases and invests the spare change into a diversified portfolio. Acorns is perfect for beginners who want to dip their toes into investing with minimal commitment.
Bottom Line
Final Thoughts on Robinhood
Robinhood is a solid option for new investors looking to explore the world of trading without paying commission fees. The user-friendly interface, zero-commission trades, and various features make it an attractive choice for casual investors or those just starting. However, more experienced investors or those with specific account needs may need to consider other brokerage platforms.
By weighing the pros and cons, potential users can decide if Robinhood is the right fit for their investment goals and preferences. With no commitment required and a free stock upon sign-up, there’s little risk in giving Robinhood a try and determining if it meets your investing needs.
The Free Application for Federal Student Aid (FAFSA) for the 2024-25 academic year is preparing to soft launch, following a three-month delay and its most significant redesign since the 1980s.
The Education Department said on its main FAFSA webpage Dec. 27 that the new form will be available to students and families “periodically” while it tests functionality and site performance during planned pauses for maintenance. It urged students and families to continue checking FAFSA.gov for updates.
Anyone who plans to attend college next year should submit the new FAFSA as soon as possible. The sooner you apply, the more money available to you.
The form unlocks federal, state and school-based financial aid, including federal student loans, need-based grants, work-study and even some scholarships. Some of this aid draws from a limited pool and is first come, first served.
How the FAFSA Soft Launch Will Work
The Department said It will save the information of anyone who submits the form during the soft launch, and will not require resubmission when the form is formally launched. Those who submit the FAFSA should receive a confirmation email with preliminary financial aid eligibility information.
The Department said it will provide FAFSA eligibility information to schools and states in late January. Until that time, schools will not be able to answer questions about aid eligibility or status.
In late January, it said, students and families will be able to check the status of their FAFSA form on StudentAid.gov.
What you can do right now
You’ll need an FSA ID to submit the form. Each person who submits financial information for the new FAFSA is called a “contributor.” This could include the student, the student’s spouse, one or both biological or adoptive parents or the parent’s spouse. Each contributor needs a unique username and password — an FSA ID — to log in and complete their portion of the form.
Request your FSA ID on studentaid.gov and plan for a three-day turnaround time to receive it. Students won’t be able to submit the FAFSA until every contributor has their FSA ID.
What’s new with the new FAFSA
The fresh FAFSA formula could impact students’ financial aid packages. An additional 610,000 students from low-income backgrounds are expected to qualify for the Pell Grant, which gives students up to $7,395 that doesn’t need to be repaid.
The new formula, however, eliminates the so-called “sibling discount,” so parents no longer get a break for having multiple children in college at the same time.
If you’re a current college student and need help completing the 2024-25 FAFSA, reach out to your college’s financial aid office. If you’re a prospective college student, contact your high school college counselor or the financial aid offices of the schools to which you’re applying.
Want to know how to get free internet? The internet is used all the time, and most people use it every single day. As someone who works online, I completely understand how important the internet is – I use it for many hours every single day, usually. But, internet can be expensive, and many people…
Want to know how to get free internet?
The internet is used all the time, and most people use it every single day. As someone who works online, I completely understand how important the internet is – I use it for many hours every single day, usually.
But, internet can be expensive, and many people pay $50 to $100+ each month (and that’s almost $1,000 each year!). If you are looking to save some money, then finding ways to get free stuff can help you spend less money.
Key Takeaways
There are many ways to get free or low-cost internet in your home, on your laptop, and on your cell phone.
The Affordable Connectivity Program is a government program to look into for free internet.
All the big internet companies like AT&T, Comcast, and Spectrum have free internet plans.
Public Wi-Fi is an option, but you will want to make sure you are safe when using free internet connections.
Who Can Get Free Internet Services?
Free internet access can be extremely helpful for people who are not able to afford internet.
After all, internet can be quite expensive, and you can easily spend around $1,000 a year just on internet. That would be tens of thousands of dollars over your lifetime!
If you’re trying to find ways to cut back on your budget, then starting with a monthly recurring expense such as internet can be a great way to lower your monthly expenses for a long time.
Before you start looking into how to get free internet services, it’s important to know if you qualify. Here are some examples of who can get free Wi-Fi:
Government assistance programs – There are free government internet service programs that give discounted internet services to eligible households, typically those that use public assistance programs like SNAP, SSI, WIC, or Medicaid.
Nonprofit organizations – Some nonprofit organizations have free or low-cost internet options, such as for seniors or people with disabilities.
Public Wi-Fi hotspots – You can find free Wi-Fi in different public places like coffee shops, libraries, parks, and airports.
Recommended reading: 11 Ways To Get A Free Cell Phone And Plan
Why is there free internet?
So, you may be wondering why there are free government internet service programs and why certain places and companies give out free internet.
Some reasons include:
Everyone should be able to have internet. The internet is really important and many companies/groups know that and want to make sure everyone can have access to the internet.
The internet helps people to learn online. Getting to learn online is really important for students these days. They need the internet for research, assignments, and using online learning sites. Because of this, schools, nonprofit groups, and even some companies have free internet options.
The internet helps people find jobs. Having the internet can help a lot in making a place grow and get better economically, and the government knows this. Internet lets people look for jobs, start businesses, and be part of the economy. When companies and governments give out free or cheap internet, they give a chance for people to make their lives better and do good things in their communities.
Best Ways To Get Free Internet Access
Below are the best ways to get free internet access.
1. Affordable Connectivity Program
The Affordable Connectivity Program (ACP) is a Federal Communications Commission government program that gives money to households that qualify, to help pay for broadband internet service.
This is the top government program for free internet that you will want to look into and start with.
If you can qualify for this program, you can get up to $30 each month for your internet bill, or $75 per month if you live in certain Tribal lands.
A household can qualify for the Affordable Connectivity Program if their income is at or below 200% of the Federal Poverty Guidelines, or if they meet another criteria such as participating in:
free or reduced-price school lunch program
school breakfast program
SNAP (Supplemental Nutrition Assistance Program)
Medicaid
Federal Public Housing Assistance
Tribal Head Start
Tribal TANF
Bureau of Indian Affairs General Assistance
Federal Housing Assistance
Federal Pell Grant (from the current award year)
WIC
Veterans Pension or Survivor Benefits, and more.
To check if you qualify and to sign up, go to the ACP website.
2. Lifeline
Lifeline is a government program that gives discounts on phone and internet services for households with low income.
Through this program, you can get up to $9.25 off your monthly internet bill, and that is up to $111 each year for signing up.
You’re eligible for Lifeline if your income is 135% or less than the Federal Poverty Guidelines, which depends on your household size and the state that you live in. You can also qualify if you use SNAP, Medicaid, or other government programs.
So, it is a little easier to qualify for Lifeline than it is for ACP (although, the ACP program does give you more money), as the income level is different.
To check your eligibility and learn more about the program, visit the Lifeline website.
Internet Service Providers With Free Connections
Below are internet providers that have free or very affordable monthly internet plans.
3. FreedomPop
FreedomPop is a company that gives free basic internet plans for your phone because it participates in the FCC’s Affordable Connectivity Program.
If you want mobile internet with a low amount of data, this could be a good choice. Their free plan gives you 10 GB of data every month for $0.00.
To sign up or learn more, visit the FreedomPop website.
4. NetZero
NetZero is a company that has free dial-up internet, but there are some limits. It’s not as fast as high-speed internet, but it could work if you just want basic internet without paying a monthly cost.
The free plan lets you use the internet for up to 10 hours each month.
You can learn more and sign up at the NetZero website.
5. AT&T
Yes, even big companies like AT&T have free internet options.
AT&T has a program called Access that gives low-cost internet to households with low income who qualify because they participate in the Affordable Connectivity Program.
If you can get it, you might get internet speeds up to 100 Mbps at a lower price. This is one of the faster speeds I found for free internet plans – so if you want something a little faster, then you may want to look into this plan through AT&T.
With this plan, there is no annual contract and installation is free.
You can learn more about AT&T’s Access program here.
6. Spectrum
Spectrum Internet Assist is a program for low-income households that qualify for specific assistance programs such as the ACP.
This free internet plan has internet speeds up to 30 Mbps at a significantly lower cost. Plus, you also get a free modem with no data limits.
You can learn more about Spectrum Internet Assist here.
7. Comcast and Xfinity
Comcast’s Internet Essentials program has cheap internet for families with low income, seniors, and people with disabilities.
They have monthly internet plans for just $9.95 per month, which includes equipment.
You can learn more about Comcast’s and Xfinity’s Internet Essentials program here.
Note: Comcast and Xfinity are the same company.
8. Verizon
Verizon has free and low-cost internet through the ACP program. There are also no equipment charges or hidden fees.
You can learn more about Verizon’s program here.
9. Juno
Juno is a company that gives a free internet plan, but there are limits. You can use it for up to 10 hours each month. This could work if you only need the internet now and then, and you don’t need it to be super fast.
You can learn more about Juno’s Free Dial-Up Internet Access here.
Ways To Get Free Public Wi-Fi
Below are different public places where you can connect to their Wi-Fi for free.
10. Coffee shops
Lots of coffee shops (such as Starbucks) give their customers free Wi-Fi so they can use the internet while drinking or eating. People use Wi-Fi at restaurants all the time (some people even work all day at coffee shops for the free Wi-Fi!), so this is completely normal.
Many other stores and companies have free Wi-Fi as well, such as McDonald’s, Barnes & Noble, Panera Bread, Taco Bell, Dunkin’ Donuts, and more.
11. Libraries
Public libraries usually have free Wi-Fi for anyone who comes in. You can do work, study, or just use the internet in a quiet place.
Public libraries also tend to have safer Wi-Fi connections that are monitored to make sure there are no hackers.
Sometimes, you might need a library card to get the Wi-Fi, but getting one is usually easy and free.
12. Gyms
Some gyms have free Wi-Fi for their members as an extra benefit. This means you can listen to music or watch videos while working out, or you can even just find a quiet place to get some work done.
13. City recreation centers
City recreation centers, like community centers or parks, usually have free Wi-Fi for the public. These places can be good choices for working outside your home or office, and you can also use the resources and do activities available there.
I know of many people who use city rec centers for free Wi-Fi, and they even drop their children off in the kids’ centers so that they can get work done (and their kid can socialize/have fun – it’s a win-win!).
14. Coworking spaces
While coworking spaces usually have a monthly fee, some might have a free trial period or days when you can use them for free.
To do this, you can look into local coworking spaces to see if they have any special offers.
How To Be Safe With Free Public Wi-Fi
When using free public Wi-Fi, you will want to be safe. I personally try to avoid public Wi-Fi whenever I can due to safety issues, but I do completely understand that sometimes you do need free public Wi-Fi.
Whenever I have to use public Wi-Fi (I still use it often!), I always follow these tips below:
Use a VPN
To stay safe when using public Wi-Fi, make sure to use a VPN (Virtual Private Network). A VPN creates a safe connection between your device (such as your laptop or phone) and the public Wi-Fi you want to connect to, which makes it harder for hackers to get your online data.
When I have to use free public Wi-Fi, I always make sure to connect to my VPN first, as it’s always a good idea to be safe and protect my laptop as well as my personal information. I have a VPN on my phone as well as on my laptop!
Only use networks that are password protected
When using public Wi-Fi, you should always choose networks that have passwords. Password-protected networks encrypt your data, which makes it harder for criminals to get your information.
I know it can be tempting to look for open networks that have no password as that can seem so easy, but criminals tend to use this to their advantage because they know that you are vulnerable (and desperate for quick Wi-Fi!).
Make sure it’s a real network
Before using any public Wi-Fi, you will, of course, want to make sure it’s real. Unfortunately, there are people who sometimes make fake networks with names that seem like the real ones to trick people and hack their devices.
For example, a fake network might be called “Free Airport Wi-Fi” instead of the actual “Airport Wi-Fi.” To make sure that a free internet network is legit, you should ask the staff for the right name and password or check for signs with information about the Wi-Fi you should be connecting to.
I have personally seen fake Wi-Fi networks, and sometimes they are really close to the real ones. So, always be careful and double-check the name!
Frequently Asked Questions About Free Internet
Below are common questions about how to find free internet access.
Is there any way to get free internet?
Yes, there are ways to get free broadband internet services. Public libraries, cafes, and community centers usually have free Wi-Fi for public use. For home internet access, you can look for internet service providers such as FreedomPop, or check whether your current provider has any free internet plans.
When getting free internet, I do recommend monitoring your data usage. Sometimes, the amount of data you get each month may be on the low end. Or, it may be slow. These are two things to think about.
How to get free internet for students?
Students can get access to free internet while at their school or college campus. Also, some internet service providers and community organizations have programs for students from low-income families.
How to get free internet from the government?
If you want to learn how to get free internet from the government, then you do have some options, such as the Affordable Connectivity Program. This helps low-income households get internet at a lower cost, such as with a $30 monthly discount on your internet bill. While it may not technically be “free,” it does lower your monthly cost for internet by a lot.
How To Get Free Internet Access – Summary
As you can see, there are many different programs and options where you can get free or low-cost internet access from internet service providers (ISPs) like AT&T, Comcast, Verizon, and others.
But, keep in mind that free internet might not always be super fast. Still, if you know your choices and take care, you can stay connected without spending a lot of money.
If you need to know how to get free internet at home without paying, then I recommend looking at each internet company’s website to determine if you are eligible and to find the best option for your needs.
What do you recommend for someone who wants to learn how to get free internet at home without paying?
Of course, there’s a risk in handing over sensitive data. Identity theft is on the rise — the Federal Trade Commission received more than 1.1 million reports of it in 2022 alone. And the total number of data breaches has more than tripled, according to a 2022 report from Verizon.
The good news is, there are steps you can take to help protect your personal information. Some of these you’ll only need to do once, others are a habit that you’ll get the hang of with time.
Let’s take a closer look.
1. Use Strong Passwords
One of the most basic ways to protect yourself online is to use a unique password for each of your accounts — email, social media, mobile banking, you name it. Aim for passwords that are simple for you to remember but difficult for others to guess.
To create a strong password, keep the following tips in mind:
• Use a combination of upper- and lower-case letters, symbols, and numbers.
• Longer is usually better — aim for a password that’s at least six characters long.
• Never use personal information like your name, birthday, or email address.
• Random passwords are usually difficult for hackers to crack. Use a password generator if you need help.
💡 Quick Tip: Make money easy. Enjoy the convenience of managing bills, deposits, and transfers from one online bank account with SoFi.
2. Turn On Two-Factor Authentication
Take advantage of two-factor authentication (2FA) when possible. 2FA involves using one authentication method plus your username and password. Examples of 2FA include sending a numerical code to your phone or email, using fingerprint ID, or identifying you via facial recognition.
Certain accounts add an extra layer of protection by using authenticator apps like Google Authenticator, Authy, or Microsoft Authenticator. Typically, these apps generate a verification passcode, which you’ll need to enter when you log in.
3. Always Use a Secure Connection
There were concerns in the not-so-distant past about using a public wifi network to get online, as it could make your information vulnerable to hackers. But today, connecting through a public network is usually considered safe. That’s because most websites protect data through encryption, a process that involves scrambling information so it can only be deciphered using a unique encryption key.
To make sure your connection is encrypted, look for either a lock symbol or “https” to the left of the URL in a browser.
4. Know the Signs of a Phishing Scam
Phishing is the oldest trick in the book. Unfortunately, it also happens to be fairly successful.
Phishing emails and text messages can take many different forms: a link to confirm financial information, an alert about suspicious activity or log-in attempts on one of your accounts, an invoice you don’t recognize, a coupon for a free prize.
One effective way to help prevent falling for these scams? Be cautious about emails that have an attachment or embedded link, and don’t click or download anything from a source you don’t recognize. Keep in mind that legitimate companies usually won’t send you a link to change or update your payment information. If you’re not sure whether a message is authentic, you can call the company directly to confirm.
5. Check Your Credit Report
Checking your credit report regularly is a simple way to help protect your identity and financial security. You can request a free credit report from each of the three major credit reporting agencies, Equifax, Experian, and Transunion, by visiting AnnualCreditReport.com . It will detail all the information about your financial history, including credit card debt, student loans, missed payments and more.
When you receive your credit report, make sure all of the information is accurate. If you notice anything that is incorrect, report it to the credit bureaus and dispute any inaccurate information.
💡 Quick Tip: Check your credit report at least once a year to ensure there are no errors that can damage your credit score.
6. Monitor Your Credit Card and Bank Accounts
Keeping tabs on your credit card and bank accounts doesn’t just help with tracking your spending. It’s also a good way to spot mysterious charges.
Sometimes, a scammer will start with a small, unassuming charge and then quickly escalate their spending when they feel that a person isn’t paying attention. Look for strange names and keep tabs on every purchase, no matter how small.
7. Make Social Media Profiles Private
At first glance, this might seem like an unnecessary step. After all, if someone has your social security and your address, what more do they need? But strengthening your privacy settings on your social media accounts can go a long way to protecting your data in the future. Hackers can use photos, comments, and more to learn about you, which could make it easier for them to break into your accounts.
8. Tap Into Online Tools for Help
As data security becomes more important, the government is getting involved. If you think, or know, that your identity has been stolen, you can visit Identity Theft , the Federal Trade Commission’s website dedicated to cyber security protection. There are resources to help you troubleshoot ongoing issues, create a plan to protect your identity, report identity theft, and more.
9. Update Software
Yes, updating apps, web browsers, and operating systems takes time and may temporarily disrupt your work. But the reward — protecting your data — is worth the few extra minutes. Many times, software updates include new features or improved security.
Set updates to happen automatically so you always have the latest and greatest version.
10. If Your Identity Has Been Stolen, Consider Placing a Credit Freeze on Your Files
By placing a credit freeze or security freeze on your files, you can prevent a potential hacker from opening a new account in your name. The freeze restricts access to your credit report, which makes it difficult for a cyber criminal to open up any accounts.
Freezing your credit does not affect your credit score. However, as long as the freeze is in place, you won’t be able to open any new accounts in your name. If you’re planning to rent an apartment, apply for a job, or buy insurance, you’ll likely need to temporarily lift the freeze for a certain amount of time or for a specific party.
Check with the credit reporting company in advance to find out the costs and lead times. The process is daily involved, as you’ll have to request a credit freeze with all three agencies.
Also, it’s worth mentioning that a credit freeze doesn’t prevent a hacker from adding charges to your existing accounts
11. Consider Placing a Fraud Alert on Your File If You Suspect Identity Theft
This is a much easier option than placing a full credit freeze, as it only requires creditors to confirm your identity instead of freezing all your credit in the future. It may be a good step to take if you are concerned that someone might have been able to access your personal data but lack proof
The Takeaway
Data breaches and identity theft happen, but by taking some simple precautions, you can help keep your personal information from falling into the wrong hands.
Cybercrime isn’t just disruptive, it can also be expensive. That’s why SoFi has partnered with Blink by Chubb to help protect your finances with cyber insurance. Apply in just minutes and get your quote.
SoFi helps you safeguard your digital life.
Photo credit: iStock/ozgurcankaya
Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.
External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
The internet has done wonders in the world of Investment Tracking. With websites like Mint and now Power Wallet, tracking your finances for free online is a snap. But one thing that’s been missing is a robust tool to automatically track your investments.
Best Investment Tracking App
Sites like Mint do allow you to link your investment accounts. But they don’t help you understand your asset allocation or investing expenses in any meaningful way. And that brings me to a site I’ve recently starting using called Empower.
Empower is the best investment tracking tool that I’ve ever used. It solves several problems for me:
It automatically links to my investment accounts, keeping my holdings updated throughout the trading day;
It tracks the fees I’m paying for each mutual fund and ETF I own;
It provides detailed asset allocation data for my investments, much like the X-Ray feature of Morningstar;
It alerts me when my asset allocation is over or under-weighted as compared to a target asset allocation model determined based on my age and tolerance for risk; and
It offers retirement income calculations and projections based on your investments, projected social security, pensions, annuities, and other retirement income sources.
I’ve enjoyed the tool so much, that I thought a detailed review was in order.
Getting Started
Empower is a free tool. To get started, you simply create an account with your email address and password. Once you have access to the site, you can connect just about all of your bank and investment accounts into Empower.
I had no trouble connecting accounts from Citi, Capital One 360, Scottrade and Fidelity. And once all of your accounts are connected, the fun begins.
The Dashboard
The Dashboard is the one place you’ll find high level information about all your finances. While I use Empower primarily for my investments, you can also track your checking and savings accounts. In fact, they offer what is called a Cash Manager that lets you see all of your spending in one place.
Investment Tracking
Empower does a great job of tracking investments real-time. And just as importantly, the layout of the site and the way in which information about your investments is displayed is the best I’ve seen (note, the image is not of my personal investments):
What you can’t see from the above screen shot is what happens as you roll the cursor over parts of the screen. On the graph at the top left, you’ll see your investment balance by date. And as you roll the cursor over the colored ring top right, you’ll see details about each of your investment accounts.
And what’s really cool is when you click on an individual account in the list at the bottom. As you can see from the screenshot above, the graph highlights the portion of your total attributed to that account, and the colored ring breaks out the portion of the circle related to the selected account.
Now the truth is that while the above is really cool, it’s just information. It doesn’t really give you any analysis that you can actually use. But the next few features do.
Mutual Fund and ETF Expenses
As I’ve said many times, keeping investment expenses low is one of the most important factors for successful investing. And Empower gives you two tools to help you. The first is a breakdown of your investment costs by mutual fund or ETF.
In my case, total investment costs are a real eye-opener. Empower breaks down the cost by fund or ETF, so that you can focus your analysis and determine whether you need to make any changes. Through using the tool, it became clear to me that there are a couple of funds I need to dump for less expensive alternatives.
Cryptocurrency
Empower now offers the ability to track your cryptocurrency within the dashboard. Since last year, Empower saw its users increase the value of linked accounts by about 28% – so they’ve decided to start including the ability to track crypto now, too.
Since more people are starting to invest in things like Bitcoin, it only makes sense that you’d be able to track your tokens. Currently, you have the ability to track thousands of tokens across hundreds of different cryptocurrency exchanges. This is, of course, in addition to the loads of other benefits you’ll get from Empower.
401(k) Fee Analyzer
The second tool to help fight the high cost of investing is revolutionary. It’s called the 401k Fee Analyzer.
The first time you run this tool, it will base its analysis on data not specific to your retirement funds. But you can get additional data on 401k expenses from your employer or broker to get more accurate results.
What’s so great about the analyzer is that it doesn’t stop with just the expense ratios of the funds and ETFs you own. That part’s easy. It also looks at the costs funds charge you for trading, which aren’t reflected in the expense ratio. And it looks at administrative costs charged to run the 401k, which are often passed down to employees.
If you have a 401k, this tool by itself makes it worth checking out Empower. And it’s a good reminder as to why most folks should transfer their 401k to a rollover IRA when they leave their employer.
Asset Allocation Tools
The next handy tool is its asset allocation feature. The first thing it does is breaks down all of your investments by their asset class. And if a single fund or ETF contains investments that span more than one asset class, as most do, Empower slices and dices the fund to apportion your account into each relevant asset class.
You can click on each investment in the box chart at the top or the list at the bottom to get details of your asset classes. This is extremely helpful when it comes to rebalancing your portfolio.
Investment Checkup
With the click of a button Empower will analyze your investments. It compares your actual asset allocation with your target allocation, and flags asset classes in which you are over or under-weighted. It’s an easy way to see if you need to rebalance.
Note that in the above screenshot heading is a reference to my “target allocation.” You can set this by entering your name, how many years to retirement, and your investing style (e.g., aggressive, conservative). It takes all of 10 seconds, and Empower then generates a target allocation for you.
Robust Retirement Calculator
Finally, Empower offers a free retirement calculator. The tool takes into account your current investments, age, projected social security, projected savings, and just about any other information you want to include. Using monte carlo analysis, it then determines whether you are on track to retire.
As you can see from the screenshot, the retirement planner displays the results in easy to understand graphs. It also makes change the assumptions (e.g., inflation, social security) very easy.
So what’s not to like?
Frankly, not much. One thing I haven’t mentioned is that an advisor is available for a call or a live chat. When you log into your account, you’ll see a picture of your advisor, his or her name, and telephone number. And even better, they don’t hound you. I’ve not heard from my advisor, and that’s how I want it. If I need to speak to him, I’ll give him a call. But it’s good to know that’s an option.
Empower also has mobile versions of its site for iPhone, iPad and Android. I use the iPad app and have had no issues. I’ve not had any issues with linking accounts. Occasionally I have to provide or confirm my login credentials for certain accounts. But that’s it.
But there are three things that could be improved:
You can’t enter your own target asset allocation model. Empower creates one for you based on your age, time to retirement, and investing style. This is probably fine for the majority of investors, but a custom option would be nice.
The daily updates on stock and bond prices is a bit slow. As compared to Wikinvest, another tool I’ve used before, Empower could be faster
It does not include the cost basis of your investments, which would be nice.
So there you have it. Its an excellent tool. If you want to give it a try, visit the Empower website.
Check It Out: Empower Review
Learn More: The Best Stock Tracking Apps
Empower Personal Wealth, LLC (“EPW”) compensates Webpals Systems S. C LTD for new leads. Webpals Systems S. C LTD is not an investment client of Personal Capital Advisors Corporation or Empower Advisory Group, LLC
Rob Berger is the founder of Dough Roller and the Dough Roller Money Podcast. A former securities law attorney and Forbes deputy editor, Rob is the author of the book Retire Before Mom and Dad. He educates independent investors on his YouTube channel and at RobBerger.com.
Inside: Tight on time or money? One of these mini savings challenge printables is perfect for you. With these free printables, you’ll be able to save more money in no time.
The concept of a mini savings challenge is all about making money-saving a fun and engaging process. It breaks down your broader financial goals into manageable, short-term targets that cumulatively will help you reach your long-term objectives.
Around here at Money Bliss, we are known for having the best money saving challenges. While they are super popular on Pinterest and Google, what matters the most to us is that people are actually using them and their lives are changing.
So, if that is what you are looking for, then you are in the right place.
We know that the personal savings rate is dipping into the lowest range since 2007-2008 financial crisis around 3.4%.1 That is alarming because many people are one step away from not being financially stable.
Let’s dig into those mini saving challenges to make an impact in your financial life.
This post may contain affiliate links, which helps us to continue providing relevant content and we receive a small commission at no cost to you. As an Amazon Associate, I earn from qualifying purchases. Please read the full disclosure here.
Why is a Savings Challenge Beneficial?
A savings challenge, while enjoyable, serves a more significant purpose. It instills a sense of financial discipline and allows you to visualize tangible results.
By making saving a fun and rewarding game, you’re more likely to stay committed and motivated.
This is why my money saving challenges are so helpful for thousands of my readers.
How this Mini Challenge Works?
Mini savings challenges work on the principle of small, regular savings resulting in significant sums over time.
By following a set rule – such as saving a particular amount every week, or matching a specific spending habit with a savings deposit – these challenges make it easy and fun to grow your savings without feeling overwhelmed.
Popular Mini Savings Challenge to Save Money
I love that I am known as an expert in helping people save money. The reason is simple – I love a good challenge.
If you have the right mindset, then you can save money on your income.
1. $300 Mini Saving Challenge
Many of us dream about having a comfortable savings account, but it’s often easier said than done. However, with the $300 Mini Saving Challenge, you can start building that financial safety net one step at a time. This challenge aims to help you stow away $300 and note slight improvements in your spending habits.
The $300 Mini Saving Challenge works by asking you to save a small amount each day. The goal is to gradually increase the daily savings, making it less burdensome and more achievable to hit your target of $300. This challenge is perfect for beginners who are apprehensive about taking on substantial financial commitments all at once but still want to cultivate good money-saving habits.
Expert Tip: Utilize a savings tracker, whether it’s a traditional paper-and-pencil method or a digital app, to keep track of your progress.
Raisin
Simply select one of the high-yield savings products offered by their network of federally insured banks and credit unions to begin your savings journey.
You can open a free Raisin account in just a few minutes!
Compare Rates
2. $500 Mini Saving Challenge
Learning how to teach yourself to save is one of the hardest things for my readers to do. So, they love these easy milestone challenges
This $500 mini savings challenge is a simple yet effective strategy to begin accumulating a substantial nest egg. This challenge requires you to systematically set aside a predefined amount each day, week, or month, consistently working toward a $500 goal.
Expert Tip: For the $500 Mini Saving Challenge, set a weekly savings goal and commit to reducing unnecessary expenses to manage and accumulate your targeted amount effectively.
3. 10 Week Saving Challenge
Kick-start your savings journey with an invigorating 10-week savings challenge. This feasible initiative can boost your bank balance and cultivate a savings habit.
As James Clear states in his famous bestselling book, Atomic Habits, it takes 21 days to build a new habit.
The challenge will triple your dedication as you will be setting aside a predetermined sum each week for ten weeks. The amounts could steadily increase to enhance the yielded savings.
Week 1 – Save $10
Week 2 – Save $15
Week 3 – Save $20
Week 4 – Save $25
Week 5 – Save $30
Week 6 – Save $35
Week 7 – Save $40
Week 8 – Save $45
Week 9 – Save $50
Week 10 – Save $55
By the end of your 10-week tenure, you will have amassed a handsome total of $325! This challenge is particularly beneficial for beginners who are striving to enforce a strict savings regimen.
Then, you can move on to our popular 52 week money saving challenge and choose the proper amount for you.
Expert Tip: Use a calendar or a mobile application to track your savings and keep you motivated throughout the challenge.
4. Mini Birthday Fund
Like a little surprise gift to yourself, the Mini Birthday Fund Challenge is for those who want to ensure they have a little extra cash to celebrate their special day in style. This delightful savings plan can be started at any time of the year, but the closer to your birthday, the more urgent the catch-up.
The plan is intuitive. Choose a monthly savings goal—say, $20—and diligently tuck away that amount every week or month until your birthday arrives. Then, voila! You have a mini birthday fund to splurge on a rewarding gift or experience gift for you. My personal favorite is spa time!
This is self-care and financial discipline bundled into one smart package.
Expert Tip: You can modify the amount you need to save and the total you need to save.
Our Top Pick
CIT Bank
Hailed for its competitive APY rates and digital ease of use, GOBankingRates named CIT as one of the Best Online Banks for 2022.
Earn one of the nation’s top rates.
Pros:
Daily compounding interest.
No account opening or maintenance fees.
Your deposits are FDIC insured.
Deposit checks remotely.
Make transfers with the CIT Bank mobile app.
5. The Penny Challenge
The Penny Challenge further simplifies savings. Plus you will be AMAZED at how much you can save with this simple penny challenge.
Every day you will save one more penny than the day before, yes, just one more penny. That will equal $667.95 in a year.
You can collect all the pennies you acquire and store them in a jar. Once your jar fills up or you hit your 365 days, deposit the pennies into your savings account.
Note: Though the denomination is small, you’ll be surprised at how much you can amass over time. Remember that every penny counts!
6. 365-Day Nickel-Saving Challenge
The 365-Day Nickel-Saving Challenge is perfect for those who like a daily commitment. Start on day one with a deposit of $0.05, and each following day, add a nickel to the previous day’s savings.
By day 365, you will deposit $18.25, accumulating a total of $3339.75 for the year. It’s a manageable and rewarding way to save.
7. The Dime Challenge
The Dime Challenge is similar to the Penny Challenge but uses dimes instead. Though the denomination is small, you’ll be surprised at how much you can amass over time.
Each day you will save ten cents or a dime more than the previous day, by the end of the year, you will save $6,679.50.
Day 1 – Save $0.10, Day 2 – Save $0.20, Day 3 – Save $0.30, and continue for 365 days
Collect all your dimes in a jar, and when it fills up, deposit them in your savings.
10X Effect: This challenge can help you save more money, more quickly than the Penny Challenge because dimes are worth ten times as much as pennies.
8. Dollar Savings Challenge
The $1 Savings Challenge is all about setting aside every single $1 bill that comes your way.
This is a great challenge if you use the cash envelope method for budgeting.
Even if you do this for just three months, you can save up to $1,000. It’s simple — every time you find a $1 bill, put it in your savings jar. This method makes saving money entertaining and gratifying.
9. The $5 Challenge
The $5 Challenge is similar to the $1 Challenge, with just a slight increase in the amount. It involves saving every $5 bill you come across.
Once again, better for those who use cash. But, you still can transfer $5 at intermittent increments to a separate online savings account.
The money saved from this challenge depends on how often you use cash and the duration of your challenge. It’s a doable and straightforward approach to savings.
Raisin
Simply select one of the high-yield savings products offered by their network of federally insured banks and credit unions to begin your savings journey.
You can open a free Raisin account in just a few minutes!
Compare Rates
10. 25 Envelopes Challenge
Another popular choice is the 25 Envelope Challenge which is a simpler version of the 100 Envelope Challenge. You get 25 envelopes, number them from 1-25, and each day, choose an envelope at random and put in an amount equivalent to the envelope number.
By the end of the challenge, you will save $325 in less than a month.
This challenge makes saving money unpredictable and exciting, leading to substantial savings over time. Next, you can try the 50 envelope challenge.
11. The Spare Change Challenge
The Spare Change Challenge involves saving all your loose change in a jar or piggy bank. Once the container fills up, deposit the savings into your bank account.
You’ll be surprised at how quickly the change adds up! However, this challenge works best for those who frequently use cash.
Tip: Don’t be afraid to pick up spare change on the ground!
Our Top Pick
CIT Bank
Hailed for its competitive APY rates and digital ease of use, GOBankingRates named CIT as one of the Best Online Banks for 2022.
Earn one of the nation’s top rates.
Pros:
Daily compounding interest.
No account opening or maintenance fees.
Your deposits are FDIC insured.
Deposit checks remotely.
Make transfers with the CIT Bank mobile app.
12. Round Up Savings Challenge
The Round Up Savings Challenge is best suited for card users. Whenever you make a purchase, round the figure to the nearest dollar and deposit the difference into savings.
For instance, if you spend $17.50, round it up to $18 and save the remaining 50 cents. It may seem small but will accumulate over time.
Go Digital: You can easily do this with the Acorns app.
13. No-Spend Challenge
The No-Spend Challenge encourages participants to avoid spending any extra money beyond the essentials for a set time. This involves taking a “financial fast,” where any non-essential spending is put on hold.
As such, this is one of my personal favorites, especially for those new to budgeting. It really helped me grasp what I truly needed to spend money on and what I didn’t. The same is true for all of my readers. The savings from this challenge can be substantial.
You can tailor the time frame to your own liking — try a no-spend day, week, or even month. Learn more about the no spend challenge.
14. No Eating Out Challenge
A no eating out challenge serves as an excellent tool to realize your spending habits as it eliminates the often overlooked cost of frequently dining out, enabling you to save more than expected. Right now, the average person spends $166 per month with most average costs in the $10-20 range.2
Combating your habit of eating out can lead to considerable savings, hence the No Eating Out Challenge. Under this challenge, you commit to avoiding restaurants, takeaway, and delivery for a set period, typically a month. The money saved from not dining out is then transferred into your savings, leading to substantial amounts over time.
This challenge makes you conscious of your expenditure and allows you to understand the significant amount you can accumulate over a period, promoting better spending habits.
15. The Spending “Swear Jar” or “Bad Habit” Challenge
Implementing a swear jar or a ‘bad habit’ jar can serve multiple purposes effectively. Not only does it stimulate the accumulation of savings, but it also aids in the transformation of replacing a bad habit with a good habit.
The rule is simple – each time you indulge in a specified bad spending habit, like making an unplanned purchase, you deposit a set amount (like a dollar) into your “swear jar.” This challenge effectively boosts savings while reducing unwanted expenses.
This is a great tactic to reduce your variable expenses.
Bonus: Savings Percentage Challenge
Last, but not least, my personal favorite! Increasing your Savings Percentage challenge.
The Savings Percentage Challenge urges you to save a fixed percentage of your income, preferably 20% every month. By adjusting the savings percentage to your comfort level, this challenge provides adaptability and the potential for significant savings over time.
To encourage savings as a regular habit, increase your savings percentage by 1% each year or with any pay raises or expense reductions.
See how the saving percentages work.
Tips for Successful Savings Challenge
Tip #1 – Creating Your Savings Goals
Creating specific, measurable, achievable, relevant, and time-bound (SMART) savings goals is the first step to your savings success. Your goals could be anything, ranging from a weekend getaway to creating an emergency fund.
Having clear savings goals keeps you motivated, providing a sense of purpose and direction. Learn more about smart money goal setting.
Tip #2 – Establishing the Savings Timeline
Once you have your savings goal, establish a realistic timeline to achieve it.
If your goal is to save $1000 and you decide to save $100 per month, your timeline will be 10 months.
If you need to save $300 in 30 days, then you must save $10 a day.
Establishing a clear timeline helps you organize your savings efficiently and remain motivated in your journey.
Tip #3 – Automatic Savings
One area I always stress to my readers is to pay yourself first. This concept is to set money aside first when you get your paycheck.
Then, take it one step further and establish an automatic transfer from your regular account to your special savings fund each pay period or month. This way, you won’t have to remember to make the transfer yourself, and it becomes an out-of-sight, out-of-mind saving habit!
Tip #4 – Staying Motivated through the Challenge
Track your progress visually, say, by coloring a box each time you save is habit-worthy. Keep your progress chart somewhere easily visible. This practice makes tracking fun and keeps you encouraged to save more.
Our free resource library of printables is full of possible money saving challenge ideas!
Staying motivated throughout your savings journey is crucial. Plus, watching your savings grow over time can be incredibly satisfying.
Tip #5 – Adjust your mindset for Improved Savings
Achieving your savings goals is truly a mindset game. Instead of seeing savings as a subtraction from your income, adjust your mindset to view it as paying yourself first.
Moreover, remember not to beat yourself up over occasional slip-ups. Continue to focus on your goal and celebrate small achievements.
Every dollar saved gets you one step closer to your goal.
Extending the Mini Savings Challenge – What’s Next?
Once you have completed a mini savings challenge, take your saving habit to the next level. Assess your financial situation and savings goal to determine new challenges.
You could consider higher-value monetary challenges or extend the challenge’s duration. Remember, consistent saving habits can greatly impact your long-term financial health.
Maintaining consistency in saving money is a golden key to long-term financial health.
Here are our popular money saving challenges:
Regardless of the amount, the habit of regularly putting money aside significantly contributes to building considerable savings. Remember, it’s not always about how much you save, but how consistently you do it.
Consistently saving, even smaller amounts, can lead to substantial totals over time.
Download the Printable Savings Tracker
To make your savings challenge fun and interactive, download one of our free printable savings trackers. These printable trackers will help you visually track your progress, boosting your motivation.
Every time you save money, color in a box or check it off.
Seeing this visual representation of your savings grow is a fun, rewarding way to track your journey toward your financial goal. Once you reach your goal, start again and keep the momentum going.
**To access these free printable, you must subscribe to my newsletter and you will be emailed the password.**
Frequently Asked Questions (FAQs)
Yes, you can start a savings challenge at any time. There is no specified period or date to begin.
You can choose a day that suits you best and kick off your savings challenge. Remember, the important part is not when you start, but that you start – and consistently save.
Staying committed to your savings plan is primarily about discipline and motivation.
Personally, I visualize my financial goals and stay motivated by celebrating small wins. You can do the same thing.
Also, use a savings tracker to make your progress tangible and fun. Finally, involve family or friends in your savings challenge so you can motivate and encourage each other along the way.
Of the Mini Savings Challenges, Which Will You Try First
Embrace the journey of a savings challenge, enjoying the process just as much as the destination.
This is key to becoming financially stable. It’s not only about reaching your financial goal but also about developing lasting habits of financial discipline and stewardship. These mini savings challenges are a learning experience and remember, no matter the size of your savings, every step is a step in the right direction.
With the help of a mini savings challenge tracker, you can start small yet grow big in savings.
These mini challenges, though small-scale and manageable, can lead to a significant increase in your savings over time. More than that, they encourage the much-needed habit of saving regularly.
Get started on your savings journey, make it enjoyable, and watch your money accumulate over time.
Sources
FRED St. Louis Fed Ecomonic Data. “Personal Saving Rate.” https://fred.stlouisfed.org/series/PSAVERT. Accessed November 8, 2023.
US Foods. “The Diner Dispatch: 2023 American Dining Habits.” https://www.usfoods.com/our-services/business-trends/american-dining-out-habits-2023.html. Accessed November 8, 2023.
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Do you want to get paid to watch ads? While you won’t get rich watching ads (it’s not a full-time job), it’s an easy way to make extra money to cover a phone bill or pay for some groceries. And, it’s something you can do from your couch and in your spare time. If you’re…
Do you want to get paid to watch ads? While you won’t get rich watching ads (it’s not a full-time job), it’s an easy way to make extra money to cover a phone bill or pay for some groceries.
And, it’s something you can do from your couch and in your spare time.
If you’re wondering why companies are even paying people to watch ads, it’s simple.
Companies pay people to watch ads or fill out surveys to get a better idea of what the consumer wants and whether they would buy the product or not. This helps companies improve their product and potentially make way more money. They also pay people to watch their ads so that they can get more eyes on their company.
Today, I’ll help you learn how to get paid to watch ads as well as the best apps and sites to watch ads for money.
13 Best Places To Get Paid To Watch Ads
There are many different places to make money watching ads. Below are some popular options for the best places to make money watching ads.
1. InboxDollars
InboxDollars is one of the top ways to make money watching ads, with over $80,000,000 being paid out to people who use this site (watching ads isn’t the only way, though). Once you sign up for an InboxDollars account, you can start watching ads for extra money.
You can also make money on InboxDollars by:
Cash back shopping
Playing games
Trying out new products and services
Reading emails
Printing coupons
How to sign up for InboxDollars:
Sign up for InboxDollars here and get a free $5 bonus.
Start watching ads by heading to the Videos tab on their site to see what ads are available to you.
The videos open in a different tab or window. Some videos start playing automatically in the new tab or window, while others need you to click the Next button to see the next part of the content.
2. Swagbucks
Swagbucks is a website that pays people for watching ads, completing surveys, and more. You can watch ads on a bunch of topics including food, cosmetics, fashion, and more.
Swagbucks pays via points (known as SBs), and they can easily be transferred so that you can get paid either via gift cards (such as to popular retailers like Amazon or Walmart) or get cash back via PayPal.
Swagbucks’ minimum withdrawal amount is also just $3.
You can also make money on Swagbucks by:
Filling out surveys
Playing games
Scanning receipts
Complete daily tasks offered in the app
Referrals (such as with a referral link)
How to sign up for Swagbucks:
Click here to sign up.
Set up an account by entering your email and setting up a password.
Start watching ads or filling out surveys.
Sign up for Swagbucks here (and earn sign-up bonus points).
3. MyPoints
MyPoints is a rewards site that has over 20 million active users on their website. MyPoints has access to tens of thousands of surveys and advertisement videos to watch for extra cash.
Once you create a profile and fill out basic information about yourself, MyPoints will even send you surveys to fill out. Once you fill out online surveys, you get paid via points which can then be redeemed for gift cards, travel miles, and more.
You can also make money on MyPoints by filling out surveys, playing games, and even redeeming coupons.
How to sign up for MyPoints:
Sign up on their website.
Create an account by entering your email and setting up a password.
Start watching ads.
Sign up for MyPoints by clicking here.
4. PrizeRebel
Prize Rebel is a popular survey app that rewards members who answer surveys, watch ads, and try out free samples. Prize Rebel pays out via PayPal cash, Bitcoin, gift cards, and more.
You can also make money on Prize Rebel by:
Trying out free samples
Entering sweepstakes
Trying out new apps
Trying out free trials
How to sign up for Prize Rebel:
Create an account by either entering your info or connecting your Facebook account.
Start watching ads or filling out surveys.
Sign up for Prize Rebel by clicking here.
5. Ibotta
Ibotta is an app (available for Android, Apple, etc.) that gives cash back to customers who make everyday purchases. Once you’re in the Ibotta app, you can start clicking and activating special cash back by clicking the + button next to the item offer.
Some offers will make you watch an ad on their product in return for getting their offer.
For certain retailers, you can even link your store loyalty account to the Ibotta app. This makes it incredibly easy to earn cash back with the app because you don’t have to submit any receipts.
You can also use Ibotta even if you’re shopping online. To shop from your phone, open the Ibotta app, tap online shopping, and browse offers from hundreds of retailers.
New Ibotta users get $10 when they spend $50 at participating online retailers.
How to sign up for Ibotta:
Sign up for an Ibotta account.
Shop and click to activate offers within the app.
Shop at stores like you normally would.
Submit receipts to the Ibotta app.
Please click here to sign up for Ibotta.
Recommended reading: How To Make Money Without A Job
6. iRazoo Rewards
iRazoo Rewards is an app that pays people to watch ads and fill out surveys. New offers are added everyday, making it easy to find new ways to earn iRazoo points within the app.
You can also make money on iRazoo Rewards by:
Answering surveys
Completing offers
Playing games
How to sign up for iRazoo Rewards:
Download the app and create an account.
Fill out the information about yourself.
Start watching ads.
7. Nielsen TV Ratings
Neilson is an information and market research company that you’ve probably seen in commercials in the past as they are popular. Neilson’s job is to give companies information into consumer behavior so that they can create and improve their products.
And, this is why they need you!
Nielson pays out via PayPal Cash, gift cards to stores like Amazon, and more.
How to sign up for Nielsen:
Sign up for an account.
Download the app on your phone or computer.
Earn rewards.
8. Earnably
Earnably is a website that pays you to complete different tasks, such as watching videos.
Earnably pays out via PayPal cash or gift cards. This app stands out more from others because you only need $1 to cash out the rewards that you earn. This means that it is typically easier to get your first payment.
How to sign up for Earnably:
Create an account.
Start watching ads or filling out surveys.
Redeem points for PayPal Cash or gift cards.
9. QuickRewards
QuickRewards pays people to watch informational and entertaining videos on topics like news, lifestyle, pop culture, food, and more.
To get paid to watch videos on Quick Rewards, you simply go to their “Videos” tab when you’re logged in. You’ll then see the daily videos that are available to you, and the amount of points that you can earn for watching each video.
When I was logged in, I was able to earn points for watching movie trailers, food videos (such as cooking tutorials), ads, and more.
There is only a 1 cent minimum needed for redeeming points on QuickRewards. You can earn free PayPal cash, gift cards to Amazon, and more.
You can also make money on QuickRewards by:
Filling out surveys
Playing games
Completing offers
Shopping online
How to sign up for QuickRewards:
Create an account.
Start watching ads.
10. AppTrailers
AppTrailers is a way to make money by watching videos of new apps, celebrity gossip, DIY videos, video ads, and more.
You get points for watching these videos, which you can then redeem for PayPal cash, Amazon gift cards, and more.
You can also make money on App Trailers by playing trivia in the app and entering sweepstakes.
How to sign up for AppTrailers:
Download the app and create an account.
Fill out basic information.
Start watching videos.
11. AdWallet
Unlike the other apps mentioned, AdWallet’s only way to make extra money in the app is by watching ads. After you’ve finished the ad, you’ll complete a short survey. Once you’re logged into the app, you’ll see videos that are ready for you to view them.
The minimum payout for AdWallet is $10 and cash out options are via PayPal cash, gift cards, or donating the funds to a charity.
How to sign up for AdWallet:
Create an account.
Start watching videos.
Redeem points for gift cards or PayPal cash.
12. KashKick
KashKick is an online platform that pays users cash for completing tasks like watching videos. There are no points in KashKick, so you always know exactly how much you’ve earned.
You can also make money on KashKick by:
Completing offers
Trying out new apps
How to sign up for KashKick:
Sign up for a KashKick account.
Review offers in the app.
Start earning money.
Please click here to sign up for KashKick.
13. GrabPoints
GrabPoints is similar to all of the other survey apps and rewards its users for answering surveys, watching videos, and playing games.
To make money watching ads with GrabPoints, you want to pick one of the following video providers: Hideout.TV and Loot.tv. Each of these video providers offers all kinds of videos with topics from entertainment, fashion, sports, and action. How many points you earn depends on the channel.
You can also make money on GrabPoints by:
Taking surveys
Playing games
Downloading apps
How to sign up for GrabPoints:
Create an account.
Start earning points by watching ads or filling out surveys.
Redeem points for cash or gift cards.
FAQ – How To Make Money Watching Ads
Here are answers to common questions about how to watch ads for money.
Can I earn money from watching ads?
Yes, you can earn money from watching ads right from your smartphone or laptop. The amount you earn depends on several things such as the survey site, how long the ad is, and how much time is needed from you.
Ads pay out at around .7 cents per advertisement for Inbox Dollars and related sites. Sites may pay via PayPal cash, Visa gift cards, Amazon gift cards, and more. Withdrawals (payment thresholds) typically start at around $5 to $10, but depend on the specific site.
Recommended reading: 26 Weekly Pay Jobs To Make Money Quickly
Which app pays for watching videos?
There are tons of mobile apps that pay users for watching videos. The top apps that pay for watching ads include Swagbucks, Inbox Dollars, MyPoints, You-Cubez, and Slidejoy. You can search on Google Play and the iOS App Store to look for more. Viggle used to be a popular option for watching short films as well, but it is no longer around.
How to get paid to watch ads on your phone?
To get paid to watch ads, download the app you want to use. You can choose from many apps including MyPoints, Inbox Dollars, Swagbucks, and more. Then, create an account and fill out some basic information. Survey sites want to know information about you to match you to certain surveys.
Once you have the app and information filled out, start browsing the different tasks you can do to make money. This may be watching ads, filling out surveys, printing and redeeming coupons, playing games, etc.
Once you complete the task, you’ll start earning rewards which can then be redeemed for PayPal cash, gift cards, and more depending on the app.
Why are companies paying people to watch ads?
Companies and advertisers pay people to watch ads to get product testing, feedback and insights, and ideas on how to fine-tune their product before the product goes public.
These brands want to know what you’re thinking and what you think about certain products or services. This helps them in the process of making new items for their brand.
Recommended reading: 21 Best Free Surveys That Pay Cash Instantly
Is it worth it to make money by watching ads?
You won’t get rich making money watching ads, but it is an easy way to make extra income to pay off a bill each month.
You may want to think if it’s worth the time and effort to make money watching ads. Try out an app or site listed above for a couple of weeks and see if it’s worth it. You may find that it’s easy enough to do while you’re watching Netflix or waiting in the car to pick up your kids from school.
How To Get Paid To Watch Ads – Summary
If you’re looking to make extra money in your downtime, watching ads is an easy side hustle to start.
By signing up for apps and sites like Inbox Dollars and Swagbucks, you can get paid watching ads, filling out surveys, and even get free products in return for giving feedback to the brand.