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Guide: 30 Financial Hacks You Should Know
If you can hack your tech life and airport travel, you can also hack your financesWhile we don’t have any financial hacks that can magically add money to your bank account (trust us, we looked), we have plenty tips that can help stop money leaks, which is almost the same.
You probably know some of these financial hacks. You probably won’t know some of them in equal measure. Maybe some of them will finally make sense this time around. Either way, here are some of the best financial hacks you can use right now.back to menu ↑
Don’t use it if there are no obvious financial benefits. Credit cards make pocket money more abstract, what psychologically encourages you to spend more on impulse buying – 56% more in fact.
Set weekly reminders to pay off the credit card balanceThis will help avoid getting shocked about cumulative spend during the month. Plus, you know how much is left in your bank account, which is always good to know.
As a general rule, stick with cash back credit cardsOther types of reward cards can limit you to specific categories (with their own terms), but savings from cash back cards can be used any way you want.
Limit your credit cards. Yes, it can be useful to have different cards for different purposes. However, unless you have the time (and mental space) to remember all the different benefits, it’s best to stick with one or twoback to menu ↑
Pay off debts
Pay weekly instead of monthly. This helps reduce the interest and the total amount due
According to Dave Ramsey, the debt snowball method works best when you have multiple debts. Prioritize the debt with the highest interest rates firstOnce they are paid off, focus on the next highest rates.
Which is better: $ 2000 in savings account and $ 1000 in credit card debt OR $ 1000 in savings but no credit card debt? The latter of course! High-interest debt can cancel the interest you earn on a savings account, and then a little. Keep a modest emergency fund, then use the rest to pay off your debts
Do you have a high interest rate? Pay off debt with another debt is actually a common strategy, provided the new loan has a much lower interest rate. See if you qualify for any of them, then count the numbers.
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If you are making a large purchase on Amazon, try to leave it in the shopping cart for a few days or even weeks. Maybe receive an email with further discounts on the item.
Buy discounted gift cardsWebsites such as GiftCardGranny sell gift cards, which you can purchase for indirect savings.
Don’t consider shipping costs and miscellaneous costsAlways ask if this can be waived unless they are individual sellers not making much profit anyway. It’s also worth working with friends to make bulk purchases to qualify for free shipping.
Time your purchases. Have many items seasonal sales – then it is best to make the purchase. Here’s a general guide, from cars to mattresses.
Compare prices online. Check how much the item has been sold from at least 3 shopping platformsThis list of 39 price monitoring and tracking tools can help.
If you are weak against email offers, unsubscribe now. Use Unroll.me to unsubscribe quickly.
Don’t want to unsubscribe? OK, create a junk mail address instead. Sign up and send all offers to this address. Only check this email if you plan to make the purchase anyway, and see if there are any coupons / promotions that you can take advantage of.back to menu ↑
Use Google Flights to compare prices of all available airlinesIf your dates are flexible, it can also suggest other dates with cheaper plane tickets.
According to some anecdotes from Redditors, it might be cheaper to book return flights separatelyThere can also be savings if you book them through non-US travel sites.
It’s not a bad idea choose a vacation destination based on how much you can stretch your dollarsMany travel sites publish ‘value for money holiday destination’ annually guides
Pack light and avoid checking baggage if possibleHow this saves money: no check-in fees, and minimum indirect paymentsExample: You can take advantage of cheaper public transport options, instead of taking a taxi (just to lug that heavy suitcase to / from the hotel).
Pick a focusIs it a foodie trip, a sight-seeing trip, or something else? Then you can prioritize these experiences in your budgetand save money in less important areas. Use one of these travel apps to help you plan your trip.back to menu ↑
“Use it up, wear it out, have it done or not ”. Repeat if necessary every time you feel like buying something unnecessary.
If your rent is choking you, swallow your pride. Find a roommate or go back to your parents’ house.
Go for minimalist. Nothing but buy items with a purposeThis also prevents clutter, which saves you money. How many times have you bought something because you can’t find it?
At that point, turn to minimalist fashionThe capsule wardrobe is all about being creative mix-and-matchingThis person owns it with just 30 items of clothing, including shoes, tops, bottoms, outerwear, and dresses.
Cook your own mealsIt’s really easy to learn kitchen skills on YouTube (special shoutout to Jamie Oliver 1-Minute Tips) and find meal inspirations online. Check out 30-Second Recipes Twitter to learn easy meals, fast.
Choose as much as possible for multifunctional itemsExample: It’s cheaper to have a good phone with a good camera than average phone plus a good one cameraNote: Not applicable to professional photographers.back to menu ↑
Choose cheap investments. Do you know what’s cool? Robo advisersThey can give you personal advice based on the input you enter, and significant cheaper than the services of fund managers
Once you have selected an investment vehicle, make it easy to contribute regularly Automate deductions every month, right after paydayOut of sight, out of mind. Future you will be so happy.
When in doubt about where and how to invest money, ask the women in your lifeWomen tend to invest more safely, which makes them better investors.back to menu ↑
Joke: What are you paying for, but hope you never use it? Answer: insurance. It’s painful to part with the money, but you have to get them. The good thing is, you do not have to take out all types of insurance are sufficiently covered. You need these, but you can probably do without them.back to menu ↑
The financial hacks given above are not exhaustive. There are many more that we haven’t mentioned (grow your own garden, raise chickens), but these will generally help most of you make better financial decisions. Which were your favorite hacks?
Editor’s Note: This was written for Hongkiat.com by Suraya Zainuddin. Suraya is a freelance writer specializing in Personal Finance, Investments, Nonprofits, Women Empowerment, and FinTech.back to menu ↑
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