Money – however much you’ve got, it would always be useful to have a little more.
For many people, that means working harder, putting in longer hours – or even having a second job to bolster your income.
But, before you go making life more difficult and sacrificing more sleep – you should consider whether or not you can save money in any aspect of life. The result is the same – more money in your pocket – although when you’re saving, it’s generally a lot less hard work…
We’ll take you through 7 financial life hacks that’ll make sure your money stays in your pocket.
- Consolidating loans
Sometimes, the financially simpler option is the key to saving a lot of money.
If you’ve got a lot of lines of credit currently open, consolidating them into one place can do wonders for the amount of interest you pay. Generally, companies who lend smaller sums charge higher levels of interest – so, putting these smaller sums together can bring the interest rate you’re paying down significantly.
Talk to your bank or a loan provider about products that might fit your need – and if you’d like to know more, the website Face the Red has some great info in its article ‘How does consolidating loans work?’
- Buy clothes in the wrong season
There’s a huge amount of money to be saved if you’re willing to buy your clothes and keep them in your wardrobe for a few months.
Last year, retailer H&M sold winter coats with discounts of up to 90% when spring came around and temperatures started to rise – and other retailers do exactly the same each time seasons alter. The key is knowing when sales are about to begin – and jumping on the opportunity.
To stay on top – follow your favourite shops and brands on social media, pounce when the sales begin – and feel smug and better off when next summer comes around!
- Ask for discounts
As a nation we’re extremely polite – and while we might make a lower offer if we’re buying a car or a house, we tend to save haggling for those big-ticket items.
We’re here to tell you that this doesn’t have to be the case – a small fortune can be saved if you’re willing to ask for a discount in your favourite stores. Be bold, ask to talk to managers for the best discounts – and offer bribes! A letter to a company’s head office or a glowing review on social media is probably worth more to the outlet than the 10% discount they’ve agreed to give you.
- Clear your saved card details
Here’s a tech hack that’ll save you a small fortune.
Isn’t it great that companies save our card details so we don’t have to go to the trouble of re-entering them every time we want to make a purchase with them?
Here’s a reality pill. The only reason a website saves your card details is to make it easier for you to spend money with them. Physically reaching into your purse or wallet puts a small barrier in the way between browsing and checking-out.
Use your browser’s settings options to clear your card details – that way, you’ll have to go to some effort to buy your chosen item – and sometimes, a few more seconds is all you need to ask yourself if you really need what you’re spending on…
- Use real money
Credit and debit cards make money quite an abstract concept.
Rather than having a pocket full of change or some notes in your wallet – money is just a series of numbers on a screen, never actually passing through your hand. This makes it very easy to spend – as there’s no emotional connection to numbers on a screen – while there is to a fifty or a twenty that’s in your hand!
Experts suggest withdrawing a day, week or month’s worth of money and actually dealing with it in real coins and notes. Studies show that when we do, we’re far less likely to ‘break into’ those bigger notes for the series of smaller transactions we can often mindlessly make.
- Stand up for your rights
Consumer groups report that throughout 2017, customers have been due billions in refunds that they never pursued.
Modern retail is geared towards items being more disposable – lower cost stores often trade on the basis that if something is cheap enough, people will either settle for a lower quality or they’ll neglect to bring it back should it fail in some way.
Sadly for our bank balances – they’re right. We’re more likely to throw away a cheap pair of jeans when they split than we are to take them back.
In reality, consumer law states that any item bought has to be ‘fit for purpose’ – so, if your t-shirt shrinks, your Bluetooth speaker sounds distorted or you’re a child’s toy doesn’t stand up to normal levels of play – you’ve got a legitimate right to return it and ask for a new one.
If you face any resistance, ask a shop to define what ‘normal use’ is for the product that’s failed – and don’t be afraid to take your complaint to the next level if you’re not getting the help you deserve.
- Think about savings differently
This next hack is more of a ‘brain hack’ than a financial one!
Saving money is great. Statistics show that around 75% of us will have some large, unexpected outgoing that we’re not expecting every year – and unless you’re going to get expensive credit to facilitate finding your way out of that issue – you’re going to need some savings to fall back on.
For many people, ‘saving’ is what’s done with money that’s left at the end of the month. Well, I’m here to tell you – that attitude doesn’t work – especially because most of us report having nothing left in the days the come before payday!
Instead, you need to start looking at saving as a monthly outgoing. When you’re paid, allocate a small amount to be transferred into a savings account.
That’s right – we said ‘a small amount’. If you’re planning on suddenly putting away half your salary – it’s just not going to be sustainable. The very best saving is done with a ‘constant drip’ attitude – small amounts that add up over the long term. Reframe your thoughts on saving – and you’ll start to see the money stacking up.