Paid-off credit cards or other loans.
Your car is paid off? Fantastic! The $359 (or whatever) you were paying to the car lender should go straight into savings. A few transactions like this and your savings balance will soar!
Take money out of your savings or money market account to pay off high-rate credit card debt. This makes sense as you're likely only earning 3 or 4 percent (max) on your savings, while you're paying 16, 18, even 24 percent on your credit card. By eliminating the debt, you gain an instantaneous 12 or 14 or 20 percent. Why? Because you're no longer spending the money on interest. 8 more ways to start saving now
Please note: This is general information and is not intended to be legal advice. You should consult with your own financial advisor before making any major financial decisions, including investments or changes to your portfolio, and a qualified legal professional before executing any legal documents or taking any legal action. Harpo Productions, Inc., OWN: Oprah Winfrey Network, Discovery Communications LLC and their affiliated companies and entities are not responsible for any losses, damages or claims that may result from your financial or legal decisions.