Do you wonder where your money went at the end of each month? Don’t feel bad; you’re not alone. Many people struggle with their bottom line daily. It can seem like managing your finances is like performing a trick regularly. The good news is that it doesn’t have to be that way. When you think about your budget, it may come to mind that you should have savings accounts and investments. However, some options are simpler to keep money in your account.
Listed below are some of ways to hack your finances that you probably hadn’t thought of
Use Credit Card wisely
Credit cards can provide a sense of financial security for many people. It is also true that they can be a financial liability if you use them too much. Consider a credit builder card if removing credit cards from your wallet for a bunch of purchases seems like too much trouble. If you are looking to build your credit, then these cards can be of great help to you. You establish a credit limit if you set up a funding transfer or initial deposit. After that, the card works just like a traditional credit card when making purchases.
Online Grocery Shopping
If you have difficulty getting to the store, this can be a very convenient way to shop. The cyber-grocery aisles have many other benefits besides allowing you to shop more conveniently. Whenever you are in the physical store, it is easy to add that new item to your cart just because you see it. This is probably something you have experienced more than you can recall, and it adds up over time.
Click the ‘Unsubscribe’ button
The suggestion that you should part with money is one of the essential parts of spending. Limiting those enticements can control the amount of cash that leaves your wallet. These days, you don’t see many advertisements in newspapers and magazines. Instead, you receive email notifications of sale offers and discount codes directly to your inbox. Promo codes are great, but if you click the “Buy” button too often, it might be time to stop being on the email list. You can click the “Unsubscribe” link or create a specific folder for those emails and check it occasionally.
Use the envelope method
This strategy is a very effective way to keep track of your cash flow. Keep an envelope for your frequent but expendable purchases. You can set a limit for spending on things you enjoy doing, such as watching movies with friends or grabbing coffee on the go. Keep your cash for those purchases in an envelope and pull cash from it in rare cases. When the envelope is empty, the cycle is over until the next. This is how you can stay within your budget. Additionally, you’ll be able to see how much you’re spending and decide if you want to reduce your spending.
Top-down debt reduction
When you owe a lot of money, it can be tempting to focus on paying off small debts first. Little amounts may seem more straightforward to manage, but that will not help you in the long run. Instead, you need to use the debt avalanche method. Whenever possible, pay off the accounts with the highest interest rates first. Over time, you will save money on interest payments. The feeling of chipping away at the mental and monetary pressure of large debts will also be very satisfying. In the long run, because you are paying less interest, you can free up more of your money.
Limit your credit card usage
Having a bunch of credit cards in your name might sound like a good idea. The process is simple you always receive new credit card offers in the mail. Having access to credit indeed helps you build a good credit score. There is, however, a risk in having too many cards, as this can result in a financial situation that is difficult to escape. Also limiting your credit card and its usage will help you to save more money if you are a habitual gamer and spend a lot of money in various online games like arcade games or online casino games.
Avoid bottled water
Drinking water is the best thing you can do for your health, but it doesn’t need to be in a bottle. There is no doubt that plastic is terrible for the environment as well as bad for your wallet. Some might think that buying bottled water only costs a few dollars here and there. In the long run, though, it will cost you a lot more. Let’s look at two alternatives. You should consider a full-house water filtration system for your tap water if you can afford it. These systems are expensive, but they can save you a lot in the long run. If you are looking for a more affordable option, a water filter pitcher in your refrigerator is a great option.