5 Smart Money Facts Many Adults Don’t Know
Kids think that adults have all the answers in life. When those same kids get to adulthood themselves, they realize that everyone is still trying to figure out how to handle everyday problems. When it comes to money, those issues can become even more overwhelming, and the answers are harder to figure out.
It’s why so many people don’t have the funds they need to live comfortably. There are other factors to consider, like the way COVID-19 ruined the job market. But if more people know basic money facts, they could go a lot further in their quest for financial security.
Have you ever thought about how many digits are in an insurance policy number? What about the ways that you can get tax write-offs as a freelance worker? There are so many things that could be saving you money. You just need to get creative and listen to other people who have used these strategies for success.
#1 – You Can Make Money on Social Media
Everyone uses social media of some sort in 2022. Whether it’s to contact family members on Facebook or chat with sports fans on Twitter about the big game, social media is a huge social aspect of life. What many people don’t think about is that there is money to be had on these sites if your profile has enough clout.
Many companies are looking for non-celebrity endorsers on sites like Instagram. These people bring a certain level of humility and accessibility to a product because people like seeing a normal person advertise it. You shouldn’t go seeking out these deals, but when a representative contacts you, think seriously about taking the offer.
Other sites like Medium have allowed users to pursue their creative pursuits. If someone wants to share their favorite recipes with the world, they can write an article about them. If someone wants to share childhood trauma for a cathartic release, these types of sites are a godsend.
People used to have to choose between money and exposure, but social media and similar sites have given the opportunity for both ventures. Look into how you can share your ideas and profit off them online. It may just become your side hustle that changes your life forever.
#2 – Learning About Your Insurance Will Save You Money
People know they need auto insurance to drive legally on U.S. roads, but they hardly ever think about the specifics of their insurance policy. Knowing everything you can about your insurance can not only give you discounts, but it can also save you if you get pulled over without your insurance card.
Not a lot of folks know their policy number because they typically keep their card on them, either in their wallet or in the glove box of their car. Check every once in a while to ensure it’s still in your car.
Other things you can do to save money on insurance is drive safely so you don’t have to file a claim, but also check rates at other companies. Don’t get too comfortable with your insurance company. There are greener pastures out there for you if are a safe driver who never gets into any accidents.
#3 – Tax Write-Offs for Freelancers
There are many reasons to start an at-home business. Sometimes you want to use your skills for something other than your hobbies. For example, you may be good at fixing things and decide to start your own handyman business.
If you build a garage or dedicate the one you already have to your job, you may be able to use it as a tax write-off. This is because you are putting money into a part of your home that normally would be paid for by a company. When you are self-employed, this home office substitute is an added expense that deserves to be accounted for.
Make sure the room you use for your business is used only for your freelance work. If you work in many rooms in your house, it is going to be harder to be considered for this write-off. Talk to a tax consultant if you need help determining these items. Many adults who are new to this remote working world misunderstand their taxes.
#4 – Senior Citizen Discounts Start Early
Most people hate the thought of getting older. One of the positive aspects that comes with this inevitability is the discounts on merchandise. Stores, restaurants, and more places of business that are frequented every day start giving people discounts as early as the age of 50. There are also car insurance discounts for seniors.
This may seem insulting if someone asks about age when making a purchase, but it could save you a lot of money in the long run. Start to swallow your pride and revel in the percentages taken off your bill.
Go online and search for businesses you frequent quite often and see if they offer any discounts for people over 50 years old. You might see there’s a lot of money to be saved depending on where you shop.
#5 – Trading in Old Products
This feels like something that folks understand can be done, but they are too lazy sometimes to actually follow through with it. Throwing something away or letting it stack up in your house is the easier choice.
You’ll find that you can actually make a lot of money back on your old purchases if you trade in items you no longer need. GameStop lets you trade in old video games and get discounts on your new ones in the process. Car dealerships will give you huge deals on your new car if you trade in your old one.
This is not going to be something that is possible in every industry. Always look into trade-ins before letting old stuff waste away. You might just be able to buy something you couldn’t afford otherwise with the profits from a trade-in.
These tips are only the beginning of lifelong habits that include making yourself savvier with money. There are loopholes, smart observations, and financial hacks always there for the taking. You just have to do your research and be more careful with your cash.
Shawn Laib writes and researches for the auto insurance comparison site, AutoInsurance.org. He wants to educate people on how to better handle their money and their insurance.