Sexton Advisory Group's Steve Sexton shares his favorite simple money hacks to help you achieve big payoffs on the long run.
take yourself on a monthly money date
Set aside 30 minutes every month to review your finances, including bills, credit card statements, monthly debts, and planning for future expenses, like vacations and retirement. Instead of viewing this monthly meeting with yourself as a chore, reframe it as an investment in your future self - and make it fun by stacking this habit with another activity you enjoy, like getting your favorite latte from your neighborhood coffee shop or treating yourself to a post-date gelato. Consistently reviewing your finances monthly means you'll always know where you stand financially. This prevents you from sweating over every single dollar and clears up your headspace to focus on other things, like enjoying retirement or spending quality time with loved ones.
Save & invest money you didn't expect to receive
Whether it's through an inheritance, tax refund, or Social Security payments, I always advise my clients to save and invest money they didn't expect to receive.Doing so will come in handy when big expenses arise - spoiler alert: they always do in your golden years!
Embrace Credit card rewards, but be strategic
When utilized correctly, credit card rewards can save you money and provide you access to goods or services that you otherwise may not know about. For example, credit cards with cash back offers can help you pad your checking or savings accounts. If you enjoy traveling, certain rewards programs are great for upgrading flights, hotel rooms and more. The key is to never spend more than you have in cash and to pay off your credit card balance in full every month to avoid going into high-interest debt.
Put your emergency fund in a HYSA
High yield savings accounts (HYSA) offer much better interest rates than traditional savings accounts - sometimes 11-14x more in interest - which can help to pad your emergency fund over time.