Pay Off The Cards. You’ve heard it time and time again – pay off your credit cards, and you’ll start to amass a sum of money that can really fatten your bank account. Pay more than the minimum payments on your card, as these are designed to keep you in debt for longer. For example, if you owe $5,000 on a card with an APR of 18%, it will take you five years to pay it off making just the minimum payment of $137.06 – just by adding $200 a month to that minimum payment, you’ll wipe out the debt in just three years!

Invest In High-Interest Savings Accounts. Don’t just let your money sit in an ordinary savings account – make sure it’s working double time by investing in a high-interest savings account with an interest rate above 4%. Deals like this are quite simple to find, especially at consumer-friendly credit unions. $200 a month will turn into $15,000 in just five years.

Throw More Money Towards That Mortgage. It’s beneficial to put more money towards your mortgage – however, don’t just add more money to your next mortgage payment, as this may just end up going towards interest. Instead, make a second mortgage payment mid-month that’s designated towards the principal only (check with your lender to make sure that you can utilize this option). You can save thousands on interest alone, not to mention cut the time spent repaying your mortgage in half.

Become An Investor. Have you heard of the old adage that “money makes more money”? Well, when it comes to investing, nothing is more true – so don’t let the recession scare you away from making safe and lucrative investments! Make sure your portfolio is balanced out between safe and risky investments (like stocks), as the latter will make you more money faster. Safer investments like bonds will help to balance out any losses that you may experience with the more risky investments.

When it comes to straightening out your finances, paying off your debt is key – however, once you have the surplus cash in your pocket, don’t just let it sit there! Instead, make your money work for you by investing in the market, making extra mortgage payments and putting it in higher-interest savings accounts. You’ll have plenty of cash to play with in a few years’ time – not to mention an emergency cash fund that will prevent you from getting into any more debt trouble!