Financial hacks are quick and easy methods to improve money management and reach those goals you’ve set. The truth is that when it comes to financial wellness, there aren’t any real shortcuts. But it can be beneficial to implement easy steps that, when done right, can result in rewards.
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Want to be prudent with money? Try these financial life hacks we’ve curated.
Dig into Your Debt
Digging into your debt can completely transform your financial situation. Start by listing all your debts—credit cards, loans, everything. Then, prioritize them by interest rates and balances. Consult a reputable financial counseling agency to learn how to minimize interest charges.
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These professional counselors can analyze your entire financial situation and make recommendations for repaying debts that suit your needs.
Have a Dedicated Spending Account
Open a special account and configure it to automatically pay your monthly regular bills, including internet, cell phone, rent or mortgage, and other costs. If you automate this payment, it not only makes paying bills easier but also gives you the option to “set it and forget it.”
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You’ll benefit financially when it comes to paying bills every month and streamlining your monthly admin tasks.
Remove Your Payment Details Online
One of the coolest perks of online shopping is how effortlessly it transforms your shopping experience. They achieve this, among other things, by keeping your credit card details on record for easy “one-click” purchases.
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Removing your credit card will put a barrier in the way of impulsive purchases and reduce the possibility that you will overspend.
Carry and Use Cash
Debit and credit cards make spending super easy. With just a swipe, you can buy things on a whim. Before you know it, those little splurges can add up, throwing your financial goals off track.
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To solve this, always carry cash around. Just to turn things up, request fresh bills, as you’ll not want to spend the crisp notes.
Take Your Purchases With You
Skip the shopping cart and carry your stuff instead—it’s a simple trick to keep you from grabbing more items and splurging when you’re at the grocery or clothing store.
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That’s all because of the psychological pull that a shopping cart’s size has on filling it. Instead, consider using a basket instead of a cart to avoid this.
Turn on the LED Lights
The initial cost of LED light bulbs may scare off some people, but you must also consider the long-term energy and cost-saving benefits.
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LED light bulbs consume 20% less energy and have a ten-fold longer lifespan than traditional incandescent bulbs. Over the course of just one bulb’s life, you might be able to save up to $100.
Look Into Your Local Library
Want to make reading your passion? You wouldn’t have to break the bank. Instead of spending tons of money on books, hit up your local library! They’ve got reading lists, and book club kits, and can even order specific books. So, why pay when you can read for free and discover even more great reads?
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You can also benefit from the free, family-friendly program that libraries provide for entertainment purposes.
Buy and Sell Used Items
Purchasing used goods rather than new ones is an amazing financial life trick. Used household items, outfits, devices, electronics, and home décor can be found at fantastic prices. You can purchase them via yard sales, consignment stores, Facebook Marketplace, Craigslist, and community forums.
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Do you have any clothes or furniture that you’re no longer using? To get extra cash, think about selling them too.
Make a Meal Plan
People often overspend on online home delivery and takeout, but there’s a simple fix. Instead of dropping $20–$25 on delivery every time, try whipping up quick and easy homemade meals.
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You could save around $1,000 a year just by cutting back on takeout. Plus, repurposing last night’s leftovers can stretch your budget even further.
Maintain Your Property
Taking care of your house and car isn’t just a good idea—it’s a must! Regularly checking your tires, changing the oil, and getting timely service keeps your car running smoothly and cuts down on pricey repairs.
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Just like car servicing, maintaining your home prevents costly damage down the road. Caring for your property isn’t only smart but also saves you cash in the long run.
Try the Cheaper Brand
Consider switching to cheaper brands for your everyday products. You may also decide to go for a cheap product like bleach, or other cheap household products with good results. Such a switch may prove highly effective and profitable in the long run.
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Being open to budget-friendly options helps manage expenses better, as higher cost doesn’t always mean better quality. And don’t forget to follow us for more financial hacks!
