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If 2020 is teaching us anything, it’s that nothing stays the same, and we have to adapt.

We’ve adapted our work environments, our living arrangements and our social lives. We’ve also had to change how we handle our money. 

Those pearls of financial wisdom we all grew up hearing? Some of them don’t seem possible to adhere to right now. In fact, some of them feel downright outdated at this point.

We’ve got a list of four alternatives to outdated advice. That way, you can still be financially savvy when 2021 finally comes around.

Outdated Advice 1: Stick With the Same Bank You’ve Always Had

In the past, you’ve always just stayed with the same bank. It’s a combination of convenience and inertia. But with national interest rates sinking lower and lower, it might be smart switching to a new bank — even in the midst of a pandemic.

A debit card called Aspiration lets you earn up to 5% cash back and up to 16 times the average interest on the money in your account. Plus, you’ll never pay a monthly account maintenance fee.

Not too shabby, right?

To see how much you could earn, enter your email address here, link your bank account and add at least $10 to your account.

And don’t worry. Your money is FDIC insured and under a military-grade encryption. That’s nerd talk for “this is totally safe.”

Outdated Advice 2: Have a Financial Adviser Create an Investment Plan for You

I mean, financial advisers are certainly helpful, but they can cost a lot of money. Many of us don’t have a lot of extra money to just throw around these days. That being said, investing is still important, so finding a way to grow your accounts is super important.

So if you haven’t started investing and have some money to spare, you can start small. Investing doesn’t require you throwing thousands of dollars at full shares of stocks. There are a number of popular robo-investment apps on the market that offer easy, automatic ways to start investing.

On a regular basis, they’ll slowly and steadily invest a certain amount of your money each week in the stock market. They’ve mastered the “set it and forget it” method of investing. You’ll start building investments for the future without even realizing you’re doing it.

Outdated Advice 3: Stay Loyal to Your Insurance Company for a Discount

Sure, sometimes loyalty pays off. Insurance companies sometimes give discounts to longtime customers, which can be a perk of staying with the same insurer.

But although a loyalty discount might take a few bucks off your monthly payments, there may be other companies out there that’ll provide the same coverage but for way less. We’re talking hundreds of dollars less each year.

That being said, shopping for car insurance is a pain. That’s why we like using one of the many competing online insurance marketplaces that will do this for you — for free. 

In just a few minutes you can see if any other companies are offering a cheaper rate with the same coverage and deductibles you already have. You don’t have to fill out any forms. Just link your existing insurance account and enter your driver’s license, and it will start looking for cheaper coverage.

Outdated Advice 4: Chip, Chip, Chip Away At Your Debt Every Month

Have you got credit card debts hanging over your head, like so many of us do? Even during normal times, it can feel like a burden. Add on a global pandemic and mass unemployment, and you’re looking at massive amounts of anxiety. A tower of anxiety.

While you’re stressing out, your credit card company is getting rich off those insane interest rates. But you could pay off that bill a lot sooner — and save yourself some money.

There are a number of websites that’ll match you with a low-interest loan you can use to pay off every credit card balance you have. The benefit? You’re left with just one bill to pay every month, and because the interest rate is so much lower, you can get out of debt so much faster. Plus, no credit card payment this month.

Totally worth it.

This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.

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