I am expected to multi-task my entire day, and I bet you are too. But how often do we demand the same multi-tasking performance from our money? Whether your money is coming in or going it, it can be doing two things at once.
Coming In (Income):
The easiest way to make your income multi-task is to take advantage of the entire benefit package offered to you at work. Putting part of your income into a 401(k) or similar program helps reduce your taxes, save for retirement, and can even earn you a substantial bonus in the form of a company match. Other payroll deduction programs for parking, child daycare, health, etc. will reduce your taxes and can help create a safety net for unexpected expenses.
Going Out (Expenses)
They say you can only spend a dollar once. That might have been true for your parents but it doesn’t have to be true today. Every time you make a purchase, look for ways to multi-task your money. Can you earn a rebate from the manufacturer or store? Can you earn rewards through a loyalty or credit card program? Can you save for college with Upromise or its newer competitor, LittleGrad? Can you negotiate a better deal and pocket the difference?
For the last year we’ve been seriously demanding that our money multi-task. Sometimes we are able to get six different rewards on the same purchase. We also fully utilize the benefits packages offered at work.