Juggling with money matters is a great task that calls for attention and meticulous efforts. But let’s make it effortless by using these smart hacks. These money saving hacks are trending and will let you save bountiful money.
Let’s get the ball rolling.
Smart Money Saving Hacks for Everyday Expenses
1. Skiplagging
It is a common travel hack that most travelers are unknown about. It means instead of booking a direct flight to your destination; you can take a lag and then move to the intended destination.
These connecting flights are cheaper and end up saving money. But to make it comfortable; you need to travel light, keep all your documents handy, and select the best route.
Many airlines have strict codes of conduct when it comes to skiplagging and you have to adhere to the strict policies otherwise you can lose the bonus points, and privilege points, and even can be banned by the airlines.
2. Save Money
This cliché never fails and it is something that we are always taught. These are few ways to pocket money.
- Set aside a portion
The best money-saving hack is to set aside a portion of your salary for savings or investments. And from the remaining, you can do expenditure. On day 1, when the salary is credited, set aside 20% of it and automate it to different savings accounts and this is what the rule of paying yourself first teaches you. Don’t wait until the month’s end to save money.
- Automate the savings
It is another smart way to accumulate money without hollering. All you have to do is instead of using separate savings account you can invest the amount on the same day by crediting it to different investment options like SIP, and mutual funds; isn’t a simple and practical approach to earning returns.
- Invest
Youngsters might feel it is annoying but it is a smart hack to preserve money for retirement. However, instead of sticking to traditional en route, we advise you to invest money in mutual funds, equity, and debt instruments to generate more funds.
- Save on Car Insurance Premium
Car insurance is a splendid way to reduce the sudden fatality risk. But to ensure that you are getting the fair price; you have to evaluate and assess your car’s model. It has a direct impact on the insurance policy. Also, assess the insurance provider and compare the different plans before zeroing into a suitable plan.
3. Track your Spending Habits
While we all can identify the elephant in the room but we fail to pay attention to minuscule things. For this and much more, the expense tracker app could be of great help.
These apps are easy to operate and can help you determine how much money you spend on rent, utilities, and groceries. The small bills go unnoticed but with this tracker, you can get in touch with every chunk of income.
4. Too Many Loans are a Recipe for Disaster
EMI is a convenient option to get what you want but control the bridle of your desires by avoiding discretionary expenses because it is a recipe for disaster and it might slip you into a debt spiral and become a burden if not used judiciously.
As per financial experts, you should not spend 30% of your income on spending credit card bills and pay it by the due date to reduce the losses. Failure to repay the same might attract a financial burden and may contribute to fund paucity.
Related: How to Use a Credit Card Wisely: Top 10 Tips
5. Create a Financial Goal
The most effective to pay the big ticket expenses is to stash away the fixed amount at the initial of the month.
If the financial goal will last for 3-4 years; plan the investment according and go for investments that enhance capital appreciation.
6. Form an Emergency Fund
An emergency fund comes to your rescue when everything else fails. Unexpected expenses can top up and create financial problems. The sudden cropping up of expenses can dismantle the investor’s confidence.
The best way to rebuilt it or to tide up unforeseen expenses without borrowing is to keep emergency pool of savings; it will be useful.
The size could depend on your financial scenario. If you have loan repayments, expenses, or utility bills to be paid, set aside some amount at least.
Related: Why is an Emergency Fund Important: Building an Emergency Fund
7. Coupons and Gift Cards
Coupons and Gift Cards are the millennial way of saying yes to savings.
Different companies have launched cash offers that can prove to be a huge blessing in disguise.
8. Skimp Down your Budget
Grabbing those grocery items and fun goodies from those shopping market aisles can empty your pockets soon and blow up your budget.
The smart way to keep track of your money is to plan the grocery. Think and decide what is there in the pantry before heading to the outlet. Because you don’t want to buy more of what you already have.
You can even try online grocery to save you from the temptation of those freshly baked cookies or chips or Oreo Minis.
Related: 6 Practical Budgeting Tips to Save More Money
9. Use Energy-Efficient Products
Fast, dependable, and latest technologies should be integrated into your home to reduce the utility bill. Even the most basic ceiling fan, has now become energy efficient, quickly with the advancement of technology.
These fans, AC cut the power consumption by 65 percent and have an inherent copper cable that prevents it from overheating and thus damage.
10. Let Your Woman Handle the Financial Matters
It may sound to be disgusting advice and some may accuse them of being a compulsive shopper or inept.
But my pet argument is a bit different. Women by nature have a different perspective and have inherent neatness and organization skills, which makes them better financial planners than men.
Related: 7 Best Money Saving ideas for Women
Personal Advice
Don’t get dictated to and driven by relative opinions or peer pressure; find a way that is easy, inclusive, and bespoke.
Bottom Line: Money Saving Hacks
Making money is not a cakewalk, this accusation flies strong and thick, but it is a faulty thought.
Progressive thinking, thoughtfulness, and these smart hacks can preserve your money and save it for a greater cause.
