I was listening to a podcast the other day when the host mentioned an easy way to nab $500 with little effort. If you read through this entire article, I’ll share how you can double it to $1k.

He had recently bought a house and was in the middle of furnishing it. Instead of paying with cash he shopped around for the best credit card to use. I’m always on the lookout for a better card than the one I currently use, so I perked up. Paying attention paid off. He mentioned the Capital One Savor card and said it gives you $500 if you put $3k on it in the first three months. That’s a ridiculous offer – the equivalent of 16.66% cash back.

Now that’s a deal worth savoring (sorry).

I didn’t just buy a house but I did buy a baby. And she was expensive. I have a high deductible health plan and am on the hook for a fair bit of money. I don’t need three months to find $3k in expenses. Give me three seconds and I’ll meet the threshold. My baby girl just got $500 cheaper.

The card does have an annual fee of $95, but it’s waived for the first year which gives you plenty of time to cancel it after grabbing the $500.

Now, here’s how you can double that $500 to $1k. It requires you to be married so if you have a girlfriend/boyfriend and have been on the fence, consider this 500 reasons why you should finally pop the question.

Your spouse could get her/his own card. If you can’t find $6k in expenses over the next three months then don’t get the second card yet. Do it after you’ve put $3k on the first card.

Through stratagem did I just make my baby $1000 cheaper? Yup. But it gets better -more on that in a second. First, even if I didn’t have a large expense, I’m sure I could find $1k of my usual spending each month to go on the card. That would meet the $3k in the first 3-month threshold.

The HSA

I use Health Savings Accounts anytime I have a health insurance plan that qualifies for one. And the plan I started this year does indeed qualify. They just bumped the contribution limit up to $7k for 2019. Any monies I put in the HSA reduces my taxable income. Kind of like an IRA would.

If you have a health care plan that allows for an HSA and you’re not using one, you need your head examined. Stop living beneath your privileges. If you’re in a 20% tax bracket, then the $7k would reduce your tax burden by $1,400 this year.

So here’s my comprehensive plan for max efficiency in paying for my baby (we named here Savannah, by the way).

Step 1: Throw $7k in an HSA

Step 2: Pay $7k or so in medical bills using two Capital One Savor cards

Step 3: Take the $7k back out of HSA to reimburse myself for the medical bill payments

Step 4: Save some $1,400 or whatever in tax benefits from the HSA and grab $1,000 cash back from the credit cards.

Step 5 (bonus!): Take the $2,400 I saved and buy 100 shares of EEM on margin to compound covered calls until Savannah graduates.

Step 6 (double bonus!): Score best dad in the universe points when I present Savannah with the tidy sum this $2,400 grew into over 18 years.

Step 7 (bonus of all bonuses): With undying gratitude, Savannah takes care of her papa when he’s an old man in need of a diaper change.