Finance Hacks – Frivolous Spending Double Down

From our Finance Hack Series:

The Frivolous Double Down

A frivolous purchase beckons. But you’re a responsible adult. You can’t just go spending money, willy-nilly on things you might not need! If only there was a way to get the juicy little item you’re looking at AND feel good about your finances… That’s where this hack comes in!

1

Go ahead and make your frivolous purchase, THEN transfer the exact same value into your savings account, invest it, or use it as an extra payment towards your mortgage.

This is a hack that ensures you think carefully about your frivolous expenses, and also helps you save! Since it is essentially costing you twice as much, this way you KNOW you really want that new game / gadget / spa date / etc, and you can also feel great about getting it because you’re doing your finances a favor!

Simple enough, right?

Well, just in case you haven’t had your coffee yet, or are just feeling a little slow today, here’s a quick diagram:

2Deposit half and save money!

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AUTO LOANS

RATES AS LOW AS

2.20%

APY*

CREDIT CARDS

RATES AS LOW AS

6.99%

APY*

MONEY MARKETS

RATES UP TO

0.35%

APY*

CERTIFICATES

RATES UP TO

0.70%

APY*

IRA

RATES UP TO

0.75%

APY*

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