We all want and need money for various things in our life. Not just surviving day in and day out, but being able to plan for the future and hopefully, be able to get on our way to financial freedom. And of course, working each day, improving our career or getting into business are the ways that we going to be able to take care of the majority of our finances.
You may have heard that there is no such thing as a free lunch. And most instances, this is very true. But there are some things that you could give you some extra cash, that are basically free. Providing that you have the right circumstances to warrant the benefit or money, then you can be claiming for something that you may have thought you’d be unable to. Have you been missing out on them after all this time?
Here are seven ways that Americans are easily claiming free money. From the 401k company match to selling items on eBay, here’what you need to know.
401K Matching Funds
If you work for someone else, rather than working for yourself, then are you using your employer to help pad out your retirement or your 401K? You may be planning for it yourself and putting your own money aside. But did you know that your employer could be contributing too? In countries like the UK, employers have to have a pension scheme for their employees, where they will match what the employee pays in each month.
Over here, a common match by employers can be around 50% of the contributions you make, up to 6% of your salary. When you think about it that way, that you are getting a great return on your investment, it is a great thing to be doing for the future. And for you it is literally free money, to be saved until retirement.
While the interest in your average savings account isn’t going to be huge, you can still get something for having to do very little (putting your income in a bank). But to make sure that you’re making the most of the interest (or free money) that you could be getting, then it is a good idea to shop around for the best deals on savings accounts, as well as standard bank accounts. While it isn’t going to be heaps of cash, if you make sure your money is in the account that will give you the best rate of interest, then it is some free money for doing very little.
Personal Injury Claims
Of course, this is only going to work if you have actually been in an incident that wasn’t your fault. But if you were in an incident that resulted in an injury or a problem with your health, then it could be worth looking into personal injury lawyers. They would be able to advise you on if they think you have a case. And if they think that you do, then you could be getting a hefty compensation claim coming your way.
Cash-Back Sites and Cards
There are plenty of cashback sites out there at the moment, as well as credit cards where you can earn cash back. And as the name suggests, you get cash back from them! So you could be earning some free money when you are buying the things that you would be anyway. Some cashback sites need you to earn a certain amount before taking the money out.
So, don’t expect to be able to have a quick fix with this. However, you can get a pretty good percentage of your spend back, like 3%. Say you buy something expensive that you were going to buy anyway, like a $500 TV, it will give you $15 off.
Cash back credit cards can give you varying rates, depending on where you choose to spend them. Some cards do have fees, so it might only be worth it if you spend a lot on your card. But examples are spending around $1000 on the card each month. It would give you a return of $240 each year (or the equivalent of $20 a month). This isn’t big bucks, but it could be diapers paid for or money that can be saved.
Tax credits can be a simple way to get some of the tax that you pay, back. So if you want to shrink your tax bill, have you looked into any of the following before? Tax credits can be when you make charitable donations, as well as things like educational expenses.
If you are making improvements to your home that are energy-efficient, then you can save too. The same goes for having dependent children or how much you earn. So these kinds of thing are all worth looking into. Any of these could save you thousands of dollars each year.
Could you be sitting on a goldmine in your own home? You could have all sorts of treasures or antiques that could get a pretty hefty price tag. Not to mention the regular items that you might have around your house that other people will be willing to buy. Think about things like cameras, computers, bikes, or sporting equipment. These things, once sold online or locally could get you some free money.
If you have something that has more value, like antiques, then hopefully, a local dealer would be able to give you a good indication of what you could expect it to sell for. This could them be put towards clearing some debt or put towards something like home improvements or a vacation. It is all good!
It might seem a little silly to be looking for coupons and clipping them together or in a folder. But you can get some great savings, and essentially free money), by using coupons. When you have coupons for things that you are going to buy anyway, then it really is a no-brainer. This applies to shopping online too and looking for discount codes before purchasing. It can all make a difference to your bank balance and how much you are spending.