Making Your Hard Earned Dollars Work Harder For You

by RC on August 7, 2008

Most people work hard for their money, I know I feel like I do. As hard as we work though, sometimes it is easy to leave our money sitting, instead of letting it work hard for us. Are you putting your money to work? Is it doing all it can do for you? Is it losing value, being eroded away by inflation? Here are some things to consider when it comes to “putting your money to work”.

Earning Interest

- If you have money in a low interest savings account, you are losing money due to the effects of inflation. Are you getting a good rate of return on your emergency fund or savings?

Paying Interest

- What are your interest rates on money you owe? Are you paying a high interest rate on credit card debt? Call them, and ask them to lower your rate.

Cash Back

-If you use a credit card, you should probably use a cash back card. You could be getting 1-3% back (or more) or all or many of your purchases, depending on the card. Cash back is pretty useless if you pay interest every month, however, so if you carry a balance pay off your balance and keep it that way.


-Do you use rewards cards at grocery or drug stores that have those programs? Frequent flyer clubs with airlines or free miles credit cards? Take advantage of any program that gives you credit or discounts for purchases you would make anyway.

Low Fees/No Fees on Accounts

-Are you still paying a monthly fee for your checking account? Or do you still pay late fees on some bills because you forgot and paid it late? Most banks offer no fee accounts these days if you use direct deposit. Every time you pay a late fee on a bill, you just gave away a little money.


- Investing in stocks that pay dividends is a way to get a return on your investment, regardless of the change in stock price (although the percentage may change). With the recent drop in the stock market, some dividend paying stocks may be available at low prices, producing higher yields than in past years. Although companies can change their dividends, many try to raise it every year if possible.

What ways are you making your money work for you?

Image by zzzack

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{ 1 comment… read it below or add one }

Dividends4Life August 28, 2008 at 12:59 pm

Nice read! I especially liked the part about dividends! :)

Best Wishes,


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