10 Personal Finance Hacks

11 Nov 10 Personal Finance Hacks

The cost of living seems to get more and more expensive. Hence, it is important to hack our way to personal finance to manage our funds effectively.

There is an old saying that goes, “Be the change you want to see in the world.” This quote encourages people to start within themselves if they want change. This is also the same encouragement this article aims to provide to the readers. If you start developing these good habits in personal finance, then eventually these will prove rewarding. It is so easy to enjoy our new found financial freedom when we are in our 20s. Inadvertently, we fail to consider the consequences later in our lives.

As an experienced banker and a Finance Broker myself, I pretty much saw all the possible worst scenarios experienced by my clients in terms of managing their finance. In as much as I can, I share what I know to help them save and work on their personal finance by starting within themselves and/or within their homes.

Below are some of the personal finance hacks that personally worked for me. Hope these will help you as well!

Clear your browsing history.

The websites you visit store your browsing information so they know what are the things you’re interested in purchasing when you return to their sites. When shopping online and comparing prices, make sure you clear your cache and browser history. Doing so can make yourself appear as a first-time visitor to the site. Try doing this when booking your airline tickets! While it may or may not work, there’s no harm in trying.

Become a flexitarian.

This term refers to someone who is flexible with how they eat. It’s like being vegetarian but cheating, since you can also eat meat on some days of the week. It just makes sense to control your diet especially with the increasing prices of meat, you could potentially save money on groceries for your personal finance.

Exercise daily.

Studies show that regular exercise limits the amount of trips to the doctor’s office, which can ultimately lower medical bills. If you don’t have the luxury of time or budget to go to the gym, you can always DIY. There are helpful exercise videos online that provide a 30-day program which only run for around 10 minutes for each workout!

Drink water before eating.

There are times when you tend to overeat because you mistake thirst for hunger. This hack also tricks your mind into thinking you’re already full, which consequently lets you save money on meals.

Maximise end-of-the-month sales.

The end of the month is usually scramble time for sales representatives. They are required to get all of those deals in before the month ends and pull out all the stops to meet their quota. Hence, it is logical to schedule your big purchase at this time to maximise their offers. This especially holds true for car dealers! So next time you hear a finance brokers say you have to maximise end of financial year sales, they mean you have to maximise end of financial year sales!

Carry large bills. 

Practice this hack especially if you are an impulsive buyer. If you don’t have plans in purchasing anything every time you go out, leave your credit card at home and carry large bills. Carrying just cash makes it also easier for you to keep track of your expenses for your personal finance. Also, you will less likely break a large bill which ultimately saves you from that impulse buy. You’re welcome.

Get an insurance.

The most vital step in personal finance is securing yourself against any eventualities and unforeseen circumstances in the future. Ask your financial advisor on what are the best insurance plans for your and your family’s needs.

Reduce mortgage payment!

Have a high-interest debt? Paying off debt with another debt is actually a common strategy, provided the new loan has a much lower interest rate. This is called refinancing. Another hack is to make weekly instead of monthly payments. This helps to reduce the interest and overall owed amount.

Challenge yourself.

Set up a weekly, monthly, quarterly, or semi-quarterly challenge for yourself. Say for this month, it will be “Save Your Spare Change” Challenge. Think of all the amount of coins you can potentially save which you used to disregard before. Or you could have a specific amount and challenge yourself to save that amount, say, for $500 for 30 days. There are a lot of DIY challenges online but feel free to get creative! Motivate yourself to complete the challenge for your personal finance.

Ask and you shall receive.

There are companies that don’t really proactively advertise their promos and offers so the best and simplest way is to ask! Take advantage of whatever way you can lower your costs on your groceries, petrol, shopping, or electric bill.

Also, if you are serious about sorting out your personal finance, ask away! As I always say, it’s okay to not know everything, and if you don’t ask, the answer will always be ‘no.’ Give me a ring today!

Disclaimer:

Credit Representative Number 486927 is authorised under Australian Credit Licence 389328.

This article provides general information only and has been prepared without taking into account your objectives, financial situation or needs. We recommend that you consider whether it is appropriate for your circumstances and your full financial situation will need to be reviewed prior to acceptance of any offer or product. It does not constitute legal, tax or financial advice and you should always seek professional advice in relation to your individual circumstances. Subject to lenders terms and conditions, fees and charges and eligibility criteria apply.