Easy money hacks to improve your finances
by Abdul Aziz Mondal Finance Published on: 16 October 2018 Last Updated on: 13 April 2023
We all want to save money, and there is no denying about that. Whether by denying the expensive latte or putting off an exotic family vacation. Everyone has their ways to save. Personal finance doesn’t have to be complex at all. With the right mindset you can make a significant improvement in your finances quite effortlessly. Follow these easy hacks to improve your finances and create a corpus saving in the long run:
Shop Online:
Online shopping is one of the best methods to save money. Alongside saving money, you also have a wider range of products to choose from too. There is a range of online retail websites where you get attractive discounts and cashback offers on almost everything you buy (BrokeScholar, for example). With a bit of research, you can make the right purchases at the right time. It can save you a lot of money in comparison to shopping from a local store. Also, you’ll find a lot of options and varieties online which is not the case with local shops.
Go for used items:
When you want to get into money saving mode, it’s best to buy used products. Moreover, there is nothing wrong in buying used products as long as it serves the purpose. But make sure you do selective shopping of used products.
Some items age well and their quality do not degrade too much over time if they are maintained well. Things like old furniture and musical instruments could easily be bought online. Buying used items can benefit you as it would cost you less than half of the original price. Just make sure you have carefully gone through the inspection of the product before buying.
Use mobile for expense tracking:
Monitoring your monthly expenses is essential to get an idea about where your money goes and where it comes from. There are some free mobile applications that you can use which will help you save money in a variety of ways. These applications can keep track of your transactions and provide a detailed monthly budget that is easy to understand.
Keep money aside for emergency:
There could be uncertain moments in your life for which you might require money. You may end up taking a loan which would attract huge interest. You can prevent such situations by allocating some money aside in the emergency fund. Ideally, this should cover the expenses of 6 months so that you don’t end up in a financial crisis.
Recurring expenses should be made wisely:
Often one time expenses like car repair, house furnishing cannot be avoided. However, the recurring costs like an internet connection or insurance premiums can take a considerable toll on your finances. Smartly plan these expenses so that you can manage your finances well. Opt for a cheaper internet plan and cable bills.
Avoid minimum payments:
Many credit card companies often market their products with a ‘minimum payment’ feature. You should stay away from this as far as possible. When you make a minimum payment, the remaining balance continues to attract substantial interest which could take a toll on your finances. Therefore always pay your full bills to avoid penalty and interest.
Similarly, when it comes to income tax, it is advisable to pay the full tax which is due to you. This way you would save money on a penalty.
Spend to save more:
Investing your money in energy efficient appliances and lights could be costly in the long run. But over time this will reduce your energy bills and save a lot of money. Choose appliances wisely after doing a careful cost-benefit analysis.
Well, these are just some ways by which you can improve your financial health. Make use of them to have a secured investment in the long run.
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