Putting your money to work for you is a common financial goal. We get it—you work hard for your money so it’s only fair that your money works hard for you too! But optimizing your finances doesn’t always mean shooting for the highest return on every dollar. In fact, that’s a good way to destabilize your finances because a higher potential reward also means higher risk. Instead, think about what level of return is reasonable for the purpose of your money. 

We all know that we should be saving — and yet, nearly 60% of Americans could not cover a $1,000 unexpected expense in cash. While income and the cost of living are issues for many people, that’s not always the case: sometimes we are getting in our own way when it comes to saving. Are you holding yourself back by making any of these saving mistakes?

A health savings account (HSA) can be a useful part of your financial toolbox. Like retirement accounts, HSAs come along with powerful benefits like tax-free spending on healthcare, but they also have some odd rules. Knowing the ins and outs of your HSA will help you get the greatest benefit from it depending on your own financial situation.

As you accumulate money in your HSA, you can actually invest those funds so they can grow for you over the years. As long as you spend that money on qualified health expenses, you never pay taxes on your contributions or your investment gains.

Finances can feel so serious, but they don’t always have to feel like that. Savings challenges are a great way to add a little “fun” into finance. They can help you save for a specific purchase, holiday gift money, or just to boost your overall savings. These challenges force you to step outside your day-to-day routine and get creative.

There are a few strategies to make you the most likely to succeed at your savings challenge. First, set the rules before you start and put them in writing so you are clear on what counts as success to you. You should also choose what you want to use the money for in advance and track your progress to keep up your motivation.

Have you ever thought about making money as you spend money? It may be a foreign concept to some, but there are great tools out there to help you earn money when you need to spend it.