15 Money Hacks That We Should All Know

While money can’t buy you happiness, it does pay the bills and like it or not, we all need the greenback, regardless of our lifestyle. Some of us are better at managing personal finances than others, and with that in mind, here are a few money hacks that we should all be using.

1. Automate your savings – Open a bonus interest savings account that allows you to set up direct credits; simply choose an amount to be automatically transferred into the savings account and try to forget the account exists and it will grow. Annual interest rates are as high as 4.55% p.a. and you can set up online banking.
2. Track your expenses – Most people have no idea how much they spend on coffee and snacks every month; make a list of all non-essential expenses you have and look at what you could cut out. You can probably shave a couple of hundred dollars from your monthly outgoings, or maybe more if you are determined. Click here for strategies for achieving financial goals. 
3. Check your subscriptions – You might not know that there are mobile apps that track your subscriptions, reminding you that you hardly use the service and cancelling it will save a few dollars a month or quarter. Monthly subscriptions go out automatically and we can easily forget about them and end up paying for things like gym membership which you never use.
4. Set savings targets – If you set realistic targets for your savings, you will save more than if you did not. Don’t be too optimistic, as failure to reach your financial goals might impact morale. Think about what you will do with the money you save, as this will add to your motivation; it might be a new car, a foreign holiday or a new laptop.
5. Eliminate impulse spending – When we shop for groceries, it is very easy to pick up items and throw them in your trolley and the best way to prevent this is to write a shopping list and don’t deviate from that.
6. Online shopping – The lowest prices can be found with the e-store, as they do not have the huge overheads of brick-and-mortar stores, which are passed on to the customer. Google can take you to many sites that sell what you’re looking for, making it easy to compare products and prices.
7. Review your smartphone package – Some telecom corporations offer you a free iPhone, which you can change every year; it should be understood that the smartphone is not free, rather the cost is added to the rental cost, which means you are paying a lot more than you should. Buy the phone from an online supplier and find a cheaper package (they are around), which would save up to $1,000 per year.

The above are just a few of the money hacks that you can find online and there are lots more if you search with Google. Money is essential for all and the Australian government offers free advice on money management, which might help you.

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