DISQUS

The Happy Rock · 2 years ago

This is a nice little list, and all the ideas are great potential money makers.

I like make sure they don't become more trouble then they are worth. I always like to do a risk and time versus reward analysis. Often times the return on some activities is just a few dollars, but we go to the ends of the earth to get there. Like driving across town to get a few pennies cheaper in gas.

One late fee on a credit card ruins months of rewards, plus if things get tough, and sometimes life does, you are stuck with debt.

If you are constantly switching money between checking and savings, it is probably not worth the time and stress, or even a possible bounced check. Leave enough in your checking to not worry about having too little in there.

SavingDiva · 2 years ago

I am guilty of leaving too much money in my checking account, so I switched to a checking account with over 4% interest (Charles Schwab). I make a few dollars a month doing nothing...

I'm guilty of not signing up for rewards programs...but I don't travel that much...so...maybe not a valid excuse.

goldnsilver · 2 years ago

I fly with too many different airlines, even if I joined a program, the points expired before I can accumulate more by flying with them again.

I am not loyal to any one or two airlines. Accumulating points is really not worth it for me.

Matt Wolfe · 2 years ago

Those are some great tips. Unfortunately I don't have the 401K option. I've had the high yield savings forever. I'm considering moving all my monthly expenses to a credit card now. That's a good idea.

Moneymonk · 2 years ago

"Not joining airline/hotel/etc. frequent flyer programs"

I feel there are not worth it. Because you have to spend a lot money just to get the points

Patrick · 2 years ago

I hate grocery store programs. The company artificially raises prices a small % across the board in order to offer "deals" to the customers. From there, they gather info about you and your shopping habits. Then they send you coupons and other "goodies" geared toward trying to get you to spend more money at their store. On top of that, you have yet another card, number, or account to keep track of. I admit it is nice to see that I saved $20 on a total grocery store purchase, but I can't help but wonder if I really saved it, or if the grocery store company is laughing at me as soon as I walk out the door. "Ha-ha, sucker!"

plonkee · 2 years ago

"Credit card companies are not our buddies."

This may win the understatement of the year contest.

I'm guilty of being too lazy to get my loyalty card out to swipe the stupid thing at the supermarket.

bripblap · 2 years ago

About the frequent flyer programs - I guess my point is that almost everyone flys or stays at a hotel eventually - and if you do and you're not signed up for their program you're wasting money. It doesn't HAVE to be redeemed for the hotel/airline. I had four magazine subscriptions last year from points, for example.

I think my big takeaway from the comments is that people don't even agree on whether "free" stuff is good, or even whether it's truly free - meaning that free is a relative concept, isn't it? There's always some sort of a cost...

Eric · 2 years ago

Good list! We use all of these (and in our case, we also get discounted ESPP - another case of free money).

The only grocery store with a discount card program that is near us is by far the most overpriced store. We only use them for loss leaders and you have to have that card to get the best deal.

ispf · 2 years ago

Great list! Here are a few more that have worked for me -

1) Credit card arbitrage (I know you are not very fond of this based on your recent comment on Cash Money Life, but for me it has worked out quite well).
2) Employee stock purchase plan which lets me purchase stock of my company at 15% discount.
3) Choosing a Realtor who gave me back ~1% of the home price

e-Wanderer · 2 years ago

Correction: ".5% interest means you will get one half of one penny per $100 capital per year" - actually, .5% interest on $100 would bring you $.50. If all you get is half a penny, then your interest rate is .005%. :P

bripblap · 2 years ago

Oops :) You're right, e-wanderer. My bad...

SAHMmy Says · 2 years ago

Great advice! Re tip #2: set up an Electric Orange account through ING. It's free, checkless, easy to set up, and pays about 4%!

Elizabeth · 2 years ago

Great list. The 401k, withholding, and frequent flyer points don't really apply in my case but they're great tips.

Just last night I transferred most of my checking account balance into a new WAMU savings account. It's tied to my checking account so I can easily transfer funds back and forth and will earn me 4.99% with no minimum balance. It was silly to carry that kind of balance in a non-interest bearing checking account.

I also love my cash rewards credit card which pays up to $300 in cash-back dividends per year.

And earlier this year we went one step further than the supermarket's frequent shopper card -- we got a Kroger 1-2-3 Rewards card which is a credit card combined with my frequent buyer membership. In addition to the special in-store prices, we regularly receive special coupons and "cash checks" in response to my shopping history. It's convenient and it saves me money -- what's not to like?

I'm not a Safeway shopper but I carry a Safeway card because it qualifies me for a $0.03/gallon discount at their gas pumps.

KCLau · 2 years ago

I have money in Paypal but it costs some transaction fees to withdraw it in Malaysia, my home country. I wonder what I can do with the money in Paypal beside spending it. There are free money passing by every minute. Furthermore, US dollar depreciates.

Lee Emery · 1 year ago

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Lee

Green Panda · 1 year ago

I kept too much cash in my old BofA checking and lost some cash. Now I use ING Direct savings with my Wachovia checking and I see a great difference. More money and better customer service.