7 Money Moves People Who Make Less Than $60,000/Year Should Make This Year

a woman sits at a table with a worried expression on her face and holds a credit card.
grinvalds/Getty Images
Some of the links in this post are from our sponsors. We provide you with accurate, reliable information. Learn more about how we make money and select our advertising partners.

There’s a lot of financial advice out there. But when it comes to managing your money, most things are not one-size-fits-all. Most of these decisions depend on your personal situation — your income, your expenses, your debt. 

If you’re making less than $60,000 a year, the way you handle your money should be tailored to match that. But this can easily become overwhelming — what goal do you attack first? Budgeting? A savings plan? Debt repayment? 

We have money moves you should make if you make less than $60,000 a year.

1. Make Sure You Have a Budget

Chris Zuppa/The Penny Hoarder

No matter how much money you make, the first thing you should do is create a solid budget. It’s important to first get a clear idea of where your money is going, then create a plan and stick to it.

We get it, though. Budgeting isn’t fun. But you don’t need to spend hours on end playing with complicated Excel equations. The 50/20/30 budgeting method makes it super easy. It’s one of the most straightforward budgeting strategies, and it offers a lot of flexibility.

Here’s how it works:

  • 50% of your income goes toward essentials.
  • 20% goes toward financial goals.
  • 30% goes toward personal spending.

Once you get the hang of it, you can tweak the ratios to fit your specific situation. Some people like to put more toward their savings, while others need a bit more for expenses. Take some time to find what works best for you and your goals.

2. Ask This Website to Pay Your Credit Card Bill This Month

A woman sitting at the beach smiles as she uses her phone and holds up her credit card simultaneously.
martin-dm/Getty Images

If you have credit card debt, you know. The anxiety, the interest rates, the fear you’re never going to escape…

And the truth is, your credit card company doesn’t really care. It’s just getting rich by ripping you off with high interest rates. But a website called Fiona wants to help.

If you owe your credit card companies $100,000 or less, Fiona will match you with a low-interest loan you can use to pay off every single one of your balances.

The benefit? You’ll be left with one bill to pay each month. And because personal loans have lower interest rates, you’ll get out of debt that much faster. Plus: No credit card payment this month.

Fiona won’t make you stand in line or call your bank, either. And if you’re worried you won’t qualify, it’s free to check online. It takes just two minutes, and it could help you pay off your debt years faster.

3. Add up to $225 to Your Bank Account This Month

Carmen Mandato/ The Penny Hoarder

Now that you’ve made your monthly budget, you might decide you could use a little extra income. Heck, who couldn’t?

You might not want a full-blown side gig, but a website called InboxDollars will pay you up to $225 a month just for watching videos from your computer. One minute you might watch someone bake brownies and the next you might get the latest updates on Kardashian drama.

All you have to do is choose which videos you want to watch and answer a few quick questions about them afterward. Brands pay InboxDollars to get these videos in front of viewers, and it passes a cut onto you.

Unlike other sites, InboxDollars pays you in cash — no points or gift cards — so you can put the money directly toward your monthly expenses. It’s already paid its users more than $56 million.

It takes about one minute to sign up, and you’ll immediately earn a $5 bonus to get you started.

4. Secure Up to $1 Million in Life Insurance; Rates Start at Just $8/Month

A woman receives a kiss on her nose from her daughter, and their dog watches nearby,
Carmen Mandato/ The Penny Hoarder

If you make less than $60,000 a year and support a family, life insurance probably isn’t at the top of your list. But have you thought about how your family would manage without your paycheck after you’re gone?

No matter your income, now’s a good time to start planning for the future by looking into a term life insurance policy. And you don’t have to have millions of dollars to make this a smart move.

It doesn’t have to be difficult, either. With a company called Bestow, your application can take minutes — and, if approved, you could leave your family up to $1 million by spending a low monthly fee.

The peace of mind of knowing your family is taken care of is priceless.

If you’re under the age of 54 and want to get a fast life insurance quote without a medical exam or even getting up from the couch, get a free quote from Bestow.

5. Cancel Your Car Insurance

valentinrussanov/Getty Images

If you want to free up some extra room in your budget, one of the easiest places to start is to cancel your current car insurance.

In most places, it’s straight up illegal not to have it, so you’ve probably accepted that you’re going to pay through the nose for it. But you don’t have to.

A free website called The Zebra will do the shopping for you — in just two minutes. 

All you have to do is enter basic information about your car and driving history, then The Zebra compares prices from more than 100 companies to find you the best price.

The Zebra says it saves its users up to $670 a year.

If you find a policy you like, you can sign up online instantly.

6. Download This App to Get Up to $500 in Free Stock

If you feel like you don’t have enough money to start investing, you’re not alone. But guess what? You really don’t need that much — and you can even get free stocks (worth up to $500!) if you know where to look.

Whether you’ve got $5, $100 or $800 to spare, you can start investing with Robinhood.

Yeah, you’ve probably heard of Robinhood. Both investing beginners and pros love it because it doesn’t charge commission fees, and you can buy and sell stocks for free — no limits. Plus, it’s super easy to use.

What’s best? When you download the app and fund your account (it takes no more than a few minutes), Robinhood drops a share of free stock into your account. It’s random, though, so that stock could be worth anywhere from $5 to $500 — a nice boost to help you build your investments.

7. Open Another Bank Account

If you don’t already have a hands-off savings account — in case of emergencies only — we recommend one. It’s a simple, mindless way to squirrel some money away.

Look for a high-yield savings account, so you can earn some interest on your money. Then, update your payroll settings to automatically funnel a percentage of each paycheck into that separate account.

What you don’t see, you don’t miss!