Online Money Hacks – First Bank

If you are active on social media, you’ve probably tried a “life hack” at some point. Life hacks are little things you can do to make your life easier. For example, tying a small piece of bright colored fabric to your luggage makes it easier to tell which bag at the airport. Life hacks are great, but do you know what’s even better? Money hacks! Money hacks not only make your life easier, they help you save your hard earned cash.

Money Hacks Worth Trying

Money hacks can be anything from saving your spare change in a piggy bank to skipping your morning Starbucks run and making coffee at home. Small money hacks will help you save a little bit of money, but if you’re looking to save in a big way, try these money hacks from Forbes and from your very own First Bank.

• Borrow against your home’s equity. This money hack is specifically for homeowners, but it’s useful to know if you are ever planning on buying a home. If you find yourself needing a personal loan for a large amount of money, it might be better to borrow money against your home’s equity. Since you already have been approved for a mortgage the loan application process will typically be easier. Another benefit is that interest payments on home equity lines of credit are typically tax-deductible, unlike interest paid on personal loans. Consult your tax advisor for details on the deductibility of interest.
• Pay insurance premiums once a year. You’re probably currently making monthly payments for policies like life insurance and auto insurance, but it isn’t required that you make your payments that way. You can opt to pay your insurance policy in one lump sum, which can save you money in the long run. Paying by the month may be convenient, but insurance companies typically charge a courtesy fee.

Fun Tips to Save More Money

• Try a service contract. Instead of shelling out hundreds of dollars for a car or home repair, offset the costs by considering monthly payments for an auto warranty or home protection plan.
• Stay cool. Preserve the longevity of your batteries, hosiery, and candles by storing them in your freezer.
• Raise a glass to energy savings. Cooking for two? Save energy by microwaving both bowls at once. Just place a glass underneath one to cook both dishes evenly.
• Go bananas. Don’t let those extra bananas you dutifully planned to eat for breakfast for the week rot and go to waste. Repair minor scratches on CDs and DVDs by rubbing a banana on your disks.

Whether you’re crowding your freezer with stockings or changing the way you pay insurance premiums, it saves to plan ahead and get resourceful. Want to learn more about how you can save money? Contact or visit a First Bank branch near you.

To learn even more about First Bank, check out our financial education and wellness resources, or browse the First Bank website to get a sense of the many products and services it offers.
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Sources:

LifeHack: http://www.lifehack.org/articles/lifestyle/100-life-hacks-that-make-life-easier.html

Forbes: http://www.forbes.com