An extra $500 could help you pay off a credit card, buy a new laptop, or simply provide more peace of mind. Here’s how you can potentially earn that extra cash by the end of the year. One way is to invest in a Certificate of Deposit (CD). Thanks to recent interest rate hikes, CD rates are around 5%. By putting $20,000 into a 6-month CD with a 5% APY, you could earn $500 in interest. Even with $5,000, a 6-month CD at this rate can yield $125. Another method is to max out your 401(k) employer match. Many employers match contributions up to 3% of your salary, potentially giving you an extra $1,800 if you earn $60,000 annually. Contributing $500 could get you a matching $500. Lastly, chasing credit card sign-up bonuses can be lucrative. Some cards offer bonuses worth $500 for meeting specific spending thresholds. However, ensure you don’t overspend just to meet these requirements. With these strategies, you can enhance your financial situation by year’s end.
Read the full article here.