Four Financial Tips to Put More Money in Your Wallet

Making money generally requires a lot of hard work. There are, however, some easy ways that you can add a few extra dollars to your wallet. Starting with a mortgage refinance, consider these simple and painless methods for generating cash.

Why does it always seem like the wealthy squawk the loudest about having to spend money? While this initially appears to be the sign of a miser or a cheapskate, it's also an indication of how people generate wealth: By scrutinizing every cent they spend, or sweating the small stuff.

There are some very simple ways that you can sweat the small stuff, too. Each of them is guaranteed to save you money over the long haul. The key to increasing the amount of cash in your wallet is not to let any of that loose change fall through the cracks.

1. Consolidate your debts

If you're mired in credit card debt, you're not alone. The world is full of people heavily in the red. One way to cut back on those hefty credit card payments is to refinance your mortgage and consolidate your debts. A mortgage refinance or a home equity loan offers lower interest rates than credit cards, and will generate significant savings.

2. Be accountable for low interest rates

Do you have thousands of dollars sitting in a checking account? If you do, you risk losing money. Most checking and savings accounts pay extremely low interest rates, and could risk being overtaken by the pace of inflation. If you want cash on hand, move your money to a liquid money market that pays a higher return.

3. Open a HELOC for an emergency

Conventional financial wisdom recommends keeping three to six months worth of your salary on hand in case of a financial crisis. If you would rather use those funds for more lucrative investments, consider using a home equity line of credit (HELOC) as your emergency fund. The only risk is that you'll have to pay interest on any funds that you use.

4. Refinance to riches

Maybe a refinance won't land you on Easy Street, but it could save you significant amounts of cash. Check out the current mortgage rates and compare them with your mortgage. Are you paying a rate that's a percent or two higher? You may want to refinance your loan. You can also save money by refinancing to one with a shorter term. Switch from a 30-year to a 15-year mortgage. You'll save thousands of dollars in long-term interest.

The wealthy people of the world have their own secrets for making millions. But many of them will say that paying attention to detail is essential. You can take the first step toward generating more cash by following these four simple tips. Your wallet may not overflow immediately, but over the long haul, you'll save yourself a pretty penny.