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Not sure what to do with the extra cash you have this Dry January? Check out these six financial products that will help you improve your financial health in 2022.
Senior Marketing Coordinator
Farewell to 2021 and hello 2022! With the holidays behind us, people are making resolutions to tighten their belts both figuratively and literally.
Enter “Dry January,” a month dedicated to reducing alcohol consumption to cut the calories and personal spend. According to USA Today, millennials spend on average $300 per month on alcohol, with Gen Xers spending half as much, which means that cutting out alcohol for January could leave you with extra spending money in your pocket. .
So, what should you do with that extra cash? I’d suggest re-investing it into your financial health. Regardless of how much or how little you spend on alcohol per month, you would be surprised at how far that spend can take your personal portfolio. Here are six low-cost financial products to help you achieve your financial goals in 2022.
1) Invest in Fractional Real Estate
Cost: Investments start as low as $1
Drink cost: 2 bottles of wine at $15 = potentially 2 years of property investment
Product Category: Fractional real estate investments
For Affiliates: Join addy’s affiliate program
Getting into the real estate market is a challenge for many. With soaring property prices and a continuously increasing cost of living, investing in real estate may seem impossible, especially for younger generations looking to purchase their first home. So how can you invest in real estate without buying property? Enter addy.
addy is an online investment platform that enables Canadians to invest in real estate for an amount that fits their budget. The benefit to their program is that you can start investing for as low as $1. Chances are, that’s even less than one drink at the bar during happy hour. addy also provides absolute accessibility, hands-off ownership, expert co-owner partners, and tangible investing opportunities. It’s a great platform for getting your foot in the door with real estate.
2) Tackle Those Pesky Student Loans
Cost: Plans start at $3/month
Drink cost: 3 packs of beer at $12 = head start on student loan repayment for an entire year
Product Category: Loan Repayment Tool
For Affiliates: Join ChangEd’s affiliate program
Paying off student loans and getting out of debt is a struggle that many people face. Sometimes student debt can feel like a tough hill to climb, but the sooner you get to the other side, the better. The next time you are out with friends, consider skipping the alcoholic beverage and put yourself one step closer to living a debt free life with the ChangEd App.
With the ChangEd app, student loan borrowers can eliminate their student loans sooner and save thousands in potential interest costs. As a member, you have the ability to link all of your student loans in one app and build an effective repayment strategy based on your debt and spending habits. For less than a pack of beer, you can get started towards paying off those annoying student loans – just one way to start off the year right!
3) Get Life Insurance While Meeting Your Wellness Goals
Cost: Plans start at $10/month
Drink cost: 1 cocktail at your favourite bar = 1 month of life insurance and wellness benefits
Country: US (except NY), Canada – Currently, Ontario, Alberta, PEI, Nova Scotia
Product Category: Life Insurance
Life insurance is something that not everyone thinks of when looking for ways to invest their money. But what if there was an easy, low-cost way of obtaining life insurance that also gives you access to tools to help you improve your overall wellbeing? That’s where Walnut comes in.
Walnut has simple life insurance membership that is geared towards Gen Z and millennials, although anyone can become a member. Users have full transparency on their life insurance plan making it easy to understand and accessible. The best part of their plans? They include memberships to Headspace for mental health, ClassPass for fitness on-demand, and Dashlane for password management. You can get life insurance and improve your wellness all through one plan.
4) Build Credit Without Accumulating Credit Card Debt
Cost: Plans start at $7/month
Drink cost: 3 bottles of wine at $28/each = one year of building credit and improving your credit score
Product type: Debit/Credit Card
For Affiliates: Join Extra’s affiliate program
While credit cards are a great way to build credit, there are many people who don’t want, or can’t get, a credit card. However, there are very few alternatives for establishing credit without them. Luckily, Extra provides a smart solution.
Extra’s debit card allows you to build your credit history and earn rewards points without accumulating credit card debt. The great thing is that there are no credit checks or interest fees, and it seamlessly integrates with your current bank account
5) Passively Invest Into a Diversified Financial Portfolio
Cost: $3.99/month for basic plan, $15/month for Moka 360 plan
Drink cost: 1 happy hour highball ($3.99) or 1 pack of coolers ($15) = smart investments and savings each month
Product Category: Bank account, Investing
For Affiliates: Join Moka’s affiliate program
With the start of the new year, your resolution may involve making smarter decisions when it comes to your finances. Perhaps you have an interest in investing your money into new accounts, but don’t know where to start. That’s where apps like Moka make it easy for you to invest your money and achieve your financial goals.
Moka rounds up your purchases and invests the spare change in a fully-managed diversified portfolio of EFTs, according to your financial goal, time horizon, financial profile and risk tolerance. Moka makes it easy to set up recurring deposits to help you put away more money without having to think about it. Calculate how much you spend on alcohol per month and then consider setting an automatic deposit for that amount into a savings account or EFT.
6) Get Financial Advice for Better Financial Health
Cost: $29.99/month for premium plan
Drink cost: 4 craft beers at $7.50/each = one month of smart financial advice
Product type: Personal finance
For Affiliates: Join Marble’s affiliate program
If your goal for the new year is to get in shape, you may decide to hit the gym and hire a personal trainer to help you achieve your fitness goals. But just as a fitness trainer can help you shed those extra few pounds from the holidays, a financial trainer can help you take charge of your financial health.
With MyMarble, an AI-driven personal finance trainer, you will get real-time guidance to motivate and drive you to increase your credit score, manage your spending budget, and reduce debt. Everyone is different when it comes to their spending habits and MyMarble’s personalized financial recommendations make it easy to make changes based on each user’s unique lifestyle. Think of it like a spotter at the gym: they’re watching your form, keeping you safe from making the wrong moves, and motivating you to help you reach your goals.
Stay Hydrated, Invest in Your Wellbeing, and Save Money
Dry January is great for your physical health and with these programs, it is good for your financial health too. The best part? It’s easy to start small. Instead of consuming an alcoholic drink with dinner, swap it out for a glass of water and take the first step towards better health and financial success. Small changes are the catalyst for helping you achieve and maintain your goals.
If you’re a publisher or influencer who is interested in partnering with any of the above brands, contact us and we would be happy to get you started.