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1. "Live on beans and rice"

When Ramsey suggests Robin “live on beans and rice” he doesn’t mean it quite so literally, but rather that living a frugal lifestyle and cutting spending where you can can help you boost your savings. So skip the steakhouse dinner and make some pasta at home.

While spending money is inevitable no matter how frugal you are, using a tool like Acorns — an automated savings and investment app — can make the most out of your spending.

When you make a purchase on your credit or debit card, Acorns automatically rounds up the price to the nearest dollar and places the excess into a smart investment portfolio. This way, even the most essential spending translates to money saved for the future.

If you really want to ramp up your cash flow in retirement, SoFi’s high-yield checking account can help make optimizing your spending and saving nearly effortlessly.

With this account, you can get 0.50% APY on your checking balances — that’s 7x the national checking rate — and set up auto deposit for your pension and social security benefits to take advantage of optimal rates.

Plus, when you set up that direct deposit, you can earn a cash bonus of up to $300.

With this competitive checking account that has no minimum balance, you can optimize your savings while you spend and watch your retirement fund flourish.

If you want to help your money grow even faster, a high yield savings account can help you do just that.

To pick a high-yield savings account that is best for you, check out our guide to the Best High-Yield Savings Accounts of 2024.

Read more: Car insurance rates have spiked in the US to a stunning $2,150/year — but you can be smarter than that. Here's how you can save yourself as much as $820 annually in minutes (it's 100% free)

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2. Reinvest dividends

You can boost your passive income by reinvesting it for a short period. A Dividend Reinvestment Plan, or DRIP, can allow you to deploy your regular dividends into acquiring more stock. These programs can expand your nest egg considerably.

For example, Walgreens Boots Alliance Inc. (WBA) currently offers a 8.6% dividend yield. Implementing the company’s DRIP program could double your capital in nine years, depending on the stock's performance during that time.

If you’re keen on reinvesting dividends, Wealthfront — an automated investing platform — might be the way to do it.

Wealthfront offers expert-built, customizable portfolios designed for long-term growth. They guide clients in identifying, tracking and achieving their financial goals. With features like automated reinvestment and rebalancing, Wealthfront makes investing a no-brainer.

After you’ve answered a few questions about your finances, you can open an account with as little as $500. From there, Wealthfront can build you a portfolio designed to designed to reach your investing goals.

If you have a bit more experience, a larger portfolio or you are keen on taking a more active role in portfolio, you may want to consider Interactive Brokers.

Interactive Brokers is a trading platform with highly competitive commissions and fees, providing access to a diverse range of major asset classes, including U.S.-based stocks, ETFs, and mutual funds.

Interactive Brokers offers tools to find stocks that have intrinsic value as well as a tax optimizer — a tool designed to help you reduce the tax burden on your investments. Interactive Brokers lets you easily trade stocks and ETFs while paying minimal fees.

All you have to do is fill out their quick online application to start trading today.

3. Tap into insurance

Home insurance policies allow you to cash out a certain amount before maturity. If a policy is no longer needed, consider this option to boost your retirement savings — but only as a last resort.

Consult your tax professional or financial adviser before pulling the trigger.

WiserAdvisor— an online platform connecting you to vetted financial advisors— is a great option to explore to find the best financial advisor for you.

After filling in some information about yourself and your finances, WiserAdvisor matches you with two to three FINRA/SEC registered financial advisers best suited to help you with your financial goals.

Follow These Steps Once Your Portfolio Reaches $150K

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This 2 Minute Move Could Knock $500/Year off Your Car Insurance in 2024

Saving money on car insurance with BestMoney is a simple way to reduce your expenses. You’ll often get the same, or even better, insurance for less than what you’re paying right now.

There’s no reason not to at least try this free service. Check out BestMoney today, and take a turn in the right direction.

Moneywise Moneywise Editorial Team

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