6 Signs the Way You’re Handling Your Money is Outdated (and Costing You) (2024)

Here we are in a brand new decade. The 2020s! Doesn’t that sound like such a cool, rad, futuristic time? Where are our flying cars and robot butlers, anyway?

Seriously, though: The future is now. Things are changing fast. So incredibly fast. Ask yourself this: Are you falling behind the times? Are you still handling your money the same old way?

C’mon, c’mon, you gotta keep up. And, hey, making these moves could save you a whole lot of time — and even money.

Here are five ways your finances are still stuck in the last decade:

1. Your Savings Account Probably Pays Less Than This One

If you have a savings account, that’s awesome! But chances are you’re not earning much money from it.

These days, the average savings interest rate is limping along at a measly 0.09%, according to the FDIC. Deposit a hundred bucks, and you literally won’t earn a dime in a month’s time.

But with Credit Karma Savings, you’ll earn more than six times the national average.

And unlike other savings accounts, Credit Karma doesn’t make you jump through hoops to collect interest. As long as you have at least 1 cent in your account, you’re good to go. Best yet: No fees. The account is completely free.

It takes no more than a few minutes to open an account.

2. You’re Still Paying Full Price for Cell Service

You don’t have to pay full freight anymore, you know.

Cell phone bills remain stubbornly expensive, so it’s past time that you look into a discount carrier. The 2020s have got lots of legitimate options, like Twigby.

Yup. With Twigby, you could cut your bill by more than 66%.

It worked for Zak Wilson. He’d been paying Verizon Wireless about $180 a month for two lines. So he tried Twigby. For both phones, he’s now paying $60 a month.

With Twigby, you get to build your plan. Each plan comes with unlimited texts, then you choose how many minutes and how much data you need each month. Plans also include free Wi-Fi calling and texting.

Twigby uses both the Sprint and Verizon networks for its coverage. Plans start at just $9, and you can bring your own phone. Plus, new customers get 25% off the first 6 months of service.

3. You’re Still Paying Too Much for TV

If you still have cable, maybe it’s time to finally cut the cord. With the cost of cable staying, on average, north of a thousand bucks per year, the cord-cutting trend continues to gain momentum.

If you’re subscribing to streaming services instead, take an inventory of them. With so many options, it’s easy to stack up bills for Netflix, Hulu, Amazon Prime, Disney Plus, Spotify, HBO, Showtime — the list goes on.

Seriously consider what you spend the most time using. Then cut the rest.

4. You’re Still Not Automating (Saving Money is as Easy as Sending a Text)

You, too, can harness the mighty powers of technology to save yourself time and money with automation. One of the most effective ways to use automation is with your savings.

If you automatically funnel some of your earnings into savings, you’ll be less tempted to spend it. Out of sight, out of mind, you know?

This doesn’t have to be difficult either. It can be as simple as sending a text.

Seriously! A free app called Dobot from Fifth Third Bank makes it that easy. When you connect Dobot to your savings account, it allows you to save money as easily as sending a text.

Just text Dobot, “Save $10,” and the app will take care of the transfer for you. We suggest doing this at least once a week.

It takes just a few minutes to sign up.

5. You Haven’t Cancelled Your Car Insurance

When was the last time you compared car insurance rates? Chances are you’re seriously overpaying with your current policy.

If it’s been more than six months since your last car insurance quote, you should look again.

And if you look through a digital marketplace called SmartFinancial, you could be getting rates as low as $22 a month — and saving yourself more than $700 a year.

It takes one minute to get quotes from multiple insurers, so you can see all the best rates side-by-side. Yep — in just one minute you could save yourself $715 this year. That’s some major cash back in your pocket.

So if you haven’t checked car insurance rates in a while, see how much you can save with a new policy.

6. You Still Haven’t Gone Paperless

Did you know going paperless can save you money? Lots of utility services and cell phone companies offer discounts if you sign up for automatic payments and paperless billing.

It’s time to go beyond that, though. It’s the 2020s, the heart of the digital age! Why do you still have so much paper lying around, taking up space?

Chances are, you’ve got a bunch of boxes and folders full of financial paperwork you don’t need anymore. Go through them and find what you do need. Scan that stuff and save it to a secure file on your computer.

The rest? Get rid of it! Throw out all that clutter. It’ll feel so good.

Mike Brassfield ([emailprotected]) is a senior writer at The Penny Hoarder.