6 Wise Money Moves to Make in 2022
Billions are lost every year due to poor money management.
High fees, debt, discontinuity in income, undesired changes to your credit profile, and missing out on investment opportunities happen to be the unfortunate reality of the common people. These factors in combination with the lack of financial resources result in delayed fulfilment of financial aspirations such as buying a house, creating a retirement egg nest, saving for a rainy day, and settling down with a family.
However, embracing tech-powered financial tools and services could significantly reduce money drain, offer an investment roadmap used by hedge funds, reveal your credit health, and keep money flowing on the side. Here are 6 wise money moves you should make in 2022:
1. Gain complete control of your finances with Curve
Have you ever felt embarrassed when your card payment didn't go through? Have you mistakenly used a card you didn't intend to? Have you gotten stung by poor exchange rates and high ATM-withdrawal fees when abroad?
Curve brings you never-seen-before features with their intuitive app and Curve cash card that will help you rule over your money. The Curve app allows you to convert your credit/debit cards into one card without changing bank accounts. When you add your cards through the app's encrypted gateway, you will get access to a virtual curve card. A physical card will also be delivered to you in a few days.
Bank-level protection ensures complete data safety while the anti-embarrassment feature eliminates any scope of card declines. All you have to do is navigate to the feature on the app and add up to two backup cards. In case your payment doesn't go through, either one of the backup cards will automatically be activated to ensure a smooth transaction.
The Go Back in Time feature lets you turn back the clock by switching transactions from one card to another in case you pay with the wrong card. You can undo a debit card purchase, for instance, by switching the transaction to your credit card within 30 days to free up cash without affecting your credit score. You can then expect the refund to your debit card bank account within one to five days.
Shopping with Curve can become very enticing as well. They offer up to 20 percent cashback on online purchases from many participating global brands like Nike, Marks & Spencer, Steam, Amazon, Apple, H&M, Starbucks, and Burger King.
You may also escape fees when you go on vacation since there are no foreign transaction or ATM-withdrawal fees (limits apply). At the same time, you may benefit from one percent cashback on bookings made through EasyJet or booking.com.
Join Curve's community for free today.
2. Earn real cash by shaping future products and services
Did you know that you can now create a passive income stream simply by giving feedback on products that are yet to hit stores? Market research platforms bridge consumers and global brands looking for feedback on their products before they launch. Consumers are paid and the feedback is then used for product design and improvements.
Swagbucks is a long-time rewards platform that has partnered with several leading brands. They offer member Swagbucks (SB) points when they complete certain tasks. These tasks include completing surveys, reviewing apps, installing browser extensions, playing games, and using their search engine to browse the Internet.
Moreover, you can enjoy cashback from shopping at 7,000 online stores. Each completed task, which can take from seconds to minutes, accrues SB points redeemable through gift cards and PayPal. 100 SB points is equivalent to $1.
So far, Swagbucks has already paid out millions of dollars in rewards and it can be a fun way to keep the cash flowing during your leisure hours. It is a 4.3-rated platform on TrustPilot based on over 27,000 reviews.
Sign up today.
3. Keep track of your credit profile
Have you ever wondered why your loan application was rejected or why your insurance premiums are so expensive? It's probably because you have a poor credit score. Your credit score determines your creditworthiness.
Major credit bureaus compute credit scores based on the FICO scoring model, which considers your loan repayment history, credit utilisation, mix of credit products, frequency of loan applications, and late payment entries. Upon computation, you will be assigned a 3-digit number ranging from 300 to 850.
A high score portrays you as a low-risk borrower and significantly improves your chances of securing credit cards, loans, and mortgages. FICO claims that 90 percent of lenders check credit scores to determine a person's credit eligibility. While credit reports from different bureaus might differ, they all contain details of loan accounts, credit limits, loan enquiries, credit utilisation, and credit history to help you understand the factors that might be affecting your credit score.
In addition, there are several more advantages of checking your credit profile frequently. Incorrect entries and cases of identity theft are on the rise, and these could tank your credit score and invite legal troubles if not dealt with early. myFICO could be the easiest way to keep tabs on your credit profile and updates from three major credit bureaus: Experian, TransUnion, and Equifax.
The online platform offers identity monitoring and restoration services that alert you of any potential identity theft. They do this by continuously scanning countless websites, chatrooms, and public records. In case of fraud, data breaches, or stolen identity; you might be covered up to $1 million through identity theft insurance underwritten by the Americans Bankers Insurance Company of Florida.
Their Premier membership offers complete 3-bureau coverage with monthly updates in addition to the above feature for $39.95 per month.
Enrol on myFICO today.
4. Use investing strategies usually limited to top hedge funds
Investing strategies that revolve around a data-driven and quantitative approach can reduce portfolio risks, research time, and introduce portfolio diversification. It could also ramp up scope of profitability in trading shares and commodities.
Unfortunately, developing quantitative investing strategies require capital, financial analysts, top coders, and data science experts. This usually makes it limited to top hedge funds. In addition, around 80 percent of hedge fund managers expect institutional investors to adopt quant strategies in the near future.
Aikido Finance is an online platform that is democratising this space by eliminating long-existing barriers to entry by offering quantitative investing strategies for free. These strategies can be integrated with over 750 brokers/exchanges and used to create as many portfolios as needed in your preferred trading/crypto app.
Their free membership offers an intuitive stock screener, portfolio analytics tools, and unique indicators to stay on top of market trends and help you make well-informed investment decisions.
Aikido Finance's premium membership costs $9.99 a month. It comes with an automated investing and rebalancing feature that will create portfolios and make changes to it based on your risk appetite and financial goals. At present, over 3,800 users have created 2874 portfolios and have cumulatively invested $1.7 million with the help of Aikido Finance.
Invest today.
5. Check asset liquidity, security layers, and fee transparency before choosing a crypto exchange
While conservative investors and traditional asset managers believe that the crypto "bubble" could burst anytime, a growing number of people and institutions continue to buy during the ongoing dip. While cryptocurrency is known for its volatility, investors who bought and held Bitcoin a decade ago have amassed massive gains in net profit.
Although the blockchain-based currency continues to navigate an uneven climb, many people are investing in crypto. This is thanks to the rising global awareness of its benefits, an easy access to crypto exchanges, and its acceptance as payments in stores.
When investing, however, you should be mindful of the exchange's security standards, trading fees, and storage wallets options offered. CoinSmart is one of the few cryptocurrency exchanges that enables same-day account verification, funds deposits to your account through multiple payment options, and has default cold storage options. Cold storage simply means that your holdings will be kept away from the Internet and can be accessed with a private key that is only available to you.
When you sign up with your basic details and ID, CoinSmart will run a comprehensive verification process. They will run your data against information available through data collection agencies to prevent fraud and keep your personal information confidential.
You may fund your newly-created account through bank wire transfers with no fees or via credit/debit cards with up to six percent in fees. Withdrawals incur a one percent fee. CoinSmart hosts a wide variety of crypto coins and offers 24/7 omnichannel customer support via email or live chat to resolve all your queries.
Create an account on CoinSmart today.
6. Send money to over 200 countries and territories hassle-free
The pandemic-induced worldwide lockdown and remote work culture led to rapid software development. This led to the creation of cutting-edge tools that allow us to conduct business remotely and send and receive money seamlessly from anywhere in the world.
Right now, you can transfer money internationally through bank accounts and mobile wallets with ease. However, poor foreign exchange rates, high transfer fees, and transaction holdovers or waiting periods can still make the process troublesome.
MoneyGram's money transfer app has helped millions send money from the UK. When you create an account, all you have to do is input the receiver's details, how they want to receive the funds, and the amount you want to send before proceeding to pay with your card or directly from your bank account. You can check the fees by clicking on the 'Estimate Fees' option to check transfer costs and current exchange rate.
Once the transaction is initiated, you may track the transaction status via the transaction history or the 'Track & Receive' tool. You can send a maximum of £7,600.00 per online transfer, and up to £7,600.00 every 30 calendar days.