This Is Literally Free Money

<div class="user-question">Hi Frich! I’ve felt a little disappointed with most financial advice out there – at some point how many subscriptions can you cut out to have more money? It doesn’t really seem to meaningfully impact my financial situation. Of course, I know that the best thing for me to do would be to find a job that pays more, but are there any other smart financial moves that I’m missing out on that could have a better financial impact than just cutting out coffee or canceling subscriptions?</div>

Hey Frichies! It’s Yuval here, Founder & CEO of Piere. As we start off a new year, I want to share something I like to call "hidden money" - money that's literally sitting right in front of you, but you might not even realize it. It’s not about cutting out your latte or your subscription to that random streaming service you forgot you still have. It’s about making your money work for you.

Here’s a checklist to help you figure out where your “free money” might be hiding (and keep reading to learn how to automate checking for all of these!)

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🫡 Ditch the Bank Fees

I bet you’re paying for your checking account - and I bet you didn’t even realize it. Around 70% of checking accounts in the U.S. have some form of fees attached, like monthly maintenance, overdraft charges, and foreign transaction fees. These fees are quietly draining your account each month.

Let’s break it down:

• If you have a $10/month maintenance fee, that’s $120/year.
• On top of that, if you use ATMs, incur overdraft fees, or make foreign purchases, those costs can easily add up to $300+ a year in total bank fees.

All of that for just keeping your account open and doing the basic things you already do.

Rule of Thumb: Common checking account fees to watch out for:

1️⃣ Monthly Maintenance Fees

2️⃣ Overdraft Fees

3️⃣ ATM Fees

4️⃣ Foreign Transaction Fees

5️⃣ NSF (Non-Sufficient Funds) Fees

6️⃣ Paper Statement Fees

7️⃣ Account Closure Fees

<div class="frich-tip">Frich tip: you can totally avoid all these fees by switching to no-fee checking accounts like Chime. No monthly fees, no overdraft charges, and no sneaky foreign transaction fees (and no catch!). Learn more about all the fees you could be avoiding here.</div>

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🫡 Make Your Money Work for You

Here’s a fun fact for you - 60% of Americans are keeping their money in savings accounts that barely make any interest. We're talking rates like 0.02%.

What if I told you that moving your money to a High-Yield Savings Account (HYSA) could be like getting free money? A typical HYSA can offer 4%+ interest, which might not sound huge, but let’s break it down:

• $10,000 in a low-yield savings account at 0.06% = $6/year.
• $10,000 in a high-yield savings account at 4% = $400/year.

That’s a $397 difference for doing nothing other than moving your money to a higher interest rate! And if you’ve got more money saved, that amount will only go up. HYSAs, as long as they’re with an FDIC-insured bank, have the same risk as a regular savings account. Sounds like a no brainer, right? Your savings should be working as hard as you do!

<div class="frich-tip">Frich tip: We’ve put together some of the best interest rates on HYSAs today here!</div>

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🫡 Take Advantage of Employer 401(k) Matching

If your employer is offering to match your 401(k) contributions, that’s literally free money you’re leaving on the table if you don’t take full advantage.

Here’s how it works:

Let’s say you make $50,000/year, and your employer offers a 100% match on the first 3% of your salary. That means:

• You contribute $1,500 (3% of your salary).
• Your employer matches that $1,500 — for free.

Boom. That’s $3,000 in your 401(k) without you doing anything extra. Just for contributing what you can.

This is one of the easiest, no-effort ways to boost your savings - and it only gets better over time thanks to compound interest. If you’re not contributing enough to get the full match, you're straight-up missing out on free money. Don’t leave it on the table!

<div class="frich-tip">Frich tip: Try using this Compound Interest Calculator to see how your contributions could grow over time. And here’s an article that explains more on 401(k) matches.</div>

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🫡 Forgotten 401(k)? It Might Be Waiting for You!

Speaking of 401(k)s, here's a hidden gem you might have forgotten about: old 401(k) accounts. If you’ve switched jobs in the past, you could have a 401(k) sitting with your previous employer, collecting dust and not working as hard for you as it could be.

But here's the thing: that money is still yours — and it could be growing without you even realizing it!

<div class="frich-tip">Frich tip: Old 401(k)s often come with higher fees or fewer investment options than what you could be getting now. It might be worth moving it into your current employer’s plan or an IRA (Individual Retirement Account) to have more control over your money and possibly pay lower fees.</div>

Here’s what you can do:

• Find your old 401(k): Contact your previous employer or plan provider to track it down. It’s easier than you think!
• Roll it over: If you’ve got multiple old 401(k)s, consider rolling them into one account for simplicity. You can roll it over to your new employer’s plan or an IRA.
• Check the fees: Old 401(k)s sometimes come with higher fees that can eat into your returns. Moving your money could help save on those fees and potentially give you more investment options.

<div class="frich-tip">Frich tip: See here for a step-by-step guide to roll over your 401(k). We also love the company Capitalize that helps you do this automatically!</div>

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🫡 Download Those Cashback Apps

This one is a game changer. Did you know you can get cashback for purchases you’re already making - whether that’s in-store or online? Here’s how:

• Rakuten gives cashback for purchases at stores like Target, Amazon, Macy’s, and more - up to 10% back, depending on the offer.
• Ibotta gives cashback for grocery purchases - just upload your receipt after you buy.

Let’s say you spend $500/month on groceries and store purchases and you earn 5% cashback. That’s:

• $500 x 5% = $25/month.
• $25/month x 12 months = $300/year.

Free money for doing what you were going to do anyway!

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Btw - here's how others are doing👀

How do you think your income compares to your peers?

💸42% I think I make more

🫂35% I think I earn similar to my peers

😓23% I think I earn less

These aren’t just tips; these are hidden financial secrets that can literally unlock thousands of dollars for you over time. You don’t have to work harder - you just need to work smarter. And the best part? You don’t have to do it alone. At Piere, we help uncover these opportunities for you, so you can put more cash back in your pocket, with zero stress. Oh, and did I mention? We even pay you to improve your finances - like the $200 reward we’re offering this month.

And just because we love Frichies, we’re also giving you 25% off when you join in the next week.

Time to unlock your financial potential and start making smarter moves with your money.

Yuval
CEO, Piere 👋