In this declining economy, nothing is more important than managing money. Whether you are doing well financially or barely making ends meet, it is important to keep the flow of money in control. The difficult times can knock anyone off their feet, but if you manage your money properly, you won’t have much to worry about.
Following are another some life hacks for managing money:
1. Make a box to save your $1 bills. At the end of each day, throw in all the cents, pennies, and $1 bills in it. Even if you throw in $3 each day, by the end of the year you will have $1095 saved.
2. When you get a discount, buy something for sale, get something from a clearance sale at 50% off, instead of wasting the saved money on something else, put it in your savings to actually save it.
3. When you go shopping, try to buy items in bulk. You can save more by bulk buying than you can by purchasing each item individually.
4. When booking tickets online, use ‘private browsing’ or ‘incognito’ mode. Many websites show higher rates to returning customers.
5. Use a money management app to manage and plan your finances, and to keep a record of your expenditures. Such apps are available for smart phones, windows, OS X, etc.
6. When getting change from a shop, go for $50 or $100 bills. Research suggests that we are less likely to break $50 and $100 bills.
7. Buy gift cards at discounted prices during holiday seasons, and use them later for shopping to save money.
8. The amenities you use often rack up high bills. Find how much each amenity costs you, and optimize your use to lower the bills.
9. Sell your used electronics and gadgets on the secondary market when you no longer need them. The better condition they are in, the more you can sell them for.
10. Save up on the bills by unplugging the electronics that you are not using. For instance, a microwave uses electricity when it flashes the time all the time, even when it is not being used.
11. You can save a lot on your bills by adjusting the thermostat. Adjust the temperature of the central heating and water heating, so it does the job properly, but do not turn it to very high. Experiment with the temperatures to find the suitable one.
12. Follow this simple rule: spend less than what you earn.
13. Invest in renewable energy. Install a solar plant for generating electricity and save money on the electricity bills. If you generate more energy than you need, the power supplying company will buy it from you, and will either give you the money or subtract the extra from your bills.
14. When buying books for a new college or university term, sell the old ones first, and then buy used copies of the books you need. You can save 25% to 50% of the original book cost by buying a used one instead.
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