What does it mean to be smart with money? To be smart with money is to have a lot of it, right?

Spoiler alert: You don’t have to have a lot of money to be smart with it. Being smart with your money comes down to your mindset and some simple decisions you make. 

Here are five of my favorite ways you can be smarter about your cash:

Get a high-yield savings account

The first tip? Make your money work smarter, not harder. Ditch the low-to-no-interest savings account now. Open yourself a high-yield savings account that pays you interest at a higher rate.Not only will a high-yield savings account keep your savings separate from your checking, but you will earn even more money on what you put away. Interest will compound, meaning you’ll also earn interest on your interest!

Learn more: Best credit cards of 2023

Build an emergency fund 

Life truly is full of surprises – and sometimes those surprises may be rather costly. Building an emergency fund consisting of three to six months of your living expenses helps protect you from the unexpected.That fund can prevent you from racking up debt in case of an emergency, natural disaster or an unexpected lapse in employment. Also, make sure you keep your emergency fund in a high-yield savings account!

Consider changing careers

High yield savings accounts:These are at the top of the list

Let’s be honest – it doesn’t really pay to be loyal to a company … not monetarily at least. If you’ve noticed your salary isn't keeping up with the job market, you may want to make a move. Switching jobs, around every three years or so, will make you more money than being a company loyalist. You can expect an average pay increase of 8% to 15% each time you move on to a new company. That's much better than the average 4% annual raise you can expect from keeping the same job year after year, according to recent surveys of what employers expected to pay.

Start investing now

I often say that by putting off investing, you are losing money in a way. Compounding returns means you earn money not only on your initial investment but also on top of what your investment has already earned. So, when it comes to investing there is no time like the present. 

Don’t know where to start? This is your time to open a Roth IRA. This type of retirement account can be self-directed meaning you can choose how to invest your money. You also put post-tax dollars in them, meaning you don’t have to worry about paying taxes on the distributions during your golden years. 

Investing 101:Have you started investing? There's no time like the present.

Pay off your high-interest debt 

Having high-interest debt only costs you money. Wouldn’t you rather pay yourself instead of credit card companies and lenders? Credit card debt is the worst culprit, having some of the highest interest rates, usually around 24%. 

By carrying balances on your credit card month to month, you are losing money by paying interest and possibly fees. Student loans are another drain, and carrying this debt can be crippling, too. This is why I made paying off my $225,000-plus in student loans in just two years a priority. 

Conclusion

Being smarter with money isn’t necessarily having a big bank account. It’s all about how you approach your finances, from building your emergency fund (and stashing it in your new high-yield savings account) to investing right away. Bigger moves like paying off your high-interest debt and landing a new job that pays you more are also smart moves you can make to secure your financial future.