iQuanti: 2022 may be the year of record-breaking inflation. However, if you're in need of financial assistance, there are still plenty of resources available. Here are a few good places to find free money in 2022:
1. Credit card rewards
Without a doubt, one of the easiest ways to score free money is to sign up for a new credit card. Many of the major credit card brands run promotions where they'll award new cardholders tens or even thousands of dollars of rewards points. These can then be converted into cash, gift cards, and even free travel.
There are typically requirements that come with these new cards. The most common one is to make a certain amount of purchases within the first few months (for example, spending $4,000 in 3 months). Also, take into account that some cards have an annual fee that may or may not get waived in the first year.
2. Bank sign-up bonuses
Just like credit cards, banks also like to entice new customers by offering one-time sign-up bonuses. These will generally be anywhere from $100 to $500 depending on the bank, type of promo, and the amount that you deposit.
Be sure to read the fine print. The requirements for bank bonuses can sometimes be stricter than those for credit cards such as keeping the account open and active for 12 months. You'll also want to double-check if there is a monthly fee for this new account.
3. Government relief
During the early days of the COVID pandemic, many people qualified for the three stimulus checks that were issued by the federal government. People who were laid off also received additional increased unemployment benefits.
While that kind of financial relief isn't likely to happen again any time soon, there are still a fair number of active government programs designed to help struggling Americans. Here are a few:
- The Child Care and Development Fund - Assists with the cost of child care.
- The Lifeline Program - Offers discounted phone or internet service.
- The Low-Income Home Energy Assistance Program - Helps people to afford their heating and cooling bills.
Eligibility requirements will depend on the specific program rules, your income, and where you live.
4. Home equity
Home prices are up almost 20 percent from last year. Even if you're not looking to move, there's an easy way to gain access to all of that newly found equity: a home equity loan.
Home equity loans (also called second mortgages) allow homeowners to borrow against the portion of their house that they own. In some cases, this can give the homeowner access to tens or even hundreds of thousands of dollars. In turn, they can then use this money to:
- Pay off high-interest debt
- Perform a major renovation
- Accomplish any other financial priority they might have
A home equity loan is not technically free money because you do have to eventually pay it back. However, when used for a sensible purchase like erasing debt or making updates that will increase the value of your property, it can definitely be a good return on investment.
The bottom line
Don't let inflation drain your savings. Take advantage of free money offered by credit cards, banks, and even the government. And don't forget that even the value of your home can be a major untapped financial resource if need be.
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Senior Public Relations Specialist
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Original Source: 4 Ways to Get Free Money in 2022