If you have no credit or are trying to improve your credit score, using a credit card responsibly will help because it will:

Build your credit history
Reduce your interest rate
Help build your credit score
Help you get the best interest rate

Here are the 3 main reasons to do this:
1. Increase your credit score by getting help from financial experts like the ones at SoFi.
2. Reduce your interest rate
3. Help build your credit score

If you need to rebuild your credit to reduce your interest rate, you can start by visiting one of these free services:
Credit.com (new credit cards come out every week)
Credit Karma (best credit scores out there)
Credit Sesame (Credit score is the best part)

Flexible Spending I would also recommend flexible spending to people who are saving money. My son doesn’t know how to save, so I started putting him on the path of flexible spending so he could save as he has grown older. As he got older, we expanded on his flexible spending and started adding new things. The benefit of doing this was that it taught him how to put his money to use. It was like training wheels on the way to financial independence. You can read more about our flexible spending here. Tax-free Savings Account (TSA) This is an amazing retirement asset if you have been saving for it. I’m not a financial advisor, so I’m not going to tell you that you should have a TSA. It really depends on how much money you make. I had just worked my way up to $500,000 when I decided to open my TSA. The advantage of a TSA is that it’s tax free. In addition, if you have your own savings account, you can invest in the TSA and get that tax free money as well. If you have a brokerage account you can invest the money, and if you’re a long-term investor, you can get $25,000-$40,000 every year with your $5,000-$10,000 investment into the TSA. What you want to do is put your money as much into the TSA as possible. As an investment it’s a great way to get back to basics, but that’s a big decision to make. You have to make sure that your money will do the things that you want it to do.

How long do you invest in a TSA? I generally put it in for between 1-6 months and sometimes longer. I know that a lot of people that do this use a regular index fund that will do well for you and give you a good return. If you do this, take into account that you will have your taxes taken out of the funds and you may end up getting taxed at a higher rate.