The best money hacks are often little changes or tweaks you can make to your lifestyle that’ll help you save cash and make even more money.
After all, money is something we all have to deal with daily.
We need it to pay the bills, buy groceries, and put gas in our cars. But sometimes, keeping track of our finances can be hard.
So, let’s discuss some of the best money hacks and habits you can use all year long!
Daily Money Hacks
Start your day by doing a quick money check-in. This means taking a few minutes to look at your bank account balance, recent transactions, and upcoming bills.
This will help you start the day on the right foot and avoid nasty surprises. You can set up a daily money reminder on your phone, so you don’t forget!
Check Your Net Worth Using a Net Worth Tracking App
A net worth tracking app is a mobile application that helps you track your financial assets and liabilities to see your net worth at a glance.
This can be a helpful tool for budgeting and financial planning, as it can help you see where your money is going and where you may need to make changes.
There are dozens of net worth tracking apps available, so find one you like and use it.
Invest at Least an Extra $5 Each Day Into an Account
Investing is key if you’re looking to build your net worth over time.
And while it’s a slow process, consistent
Over time, those small
Find a Way to Make an Extra $50 Today
Making money doesn’t have to be complicated. Make it a goal to earn an extra $50 today.
For example, you can:
- Find a short-term job
- Sell unwanted items online
- Provide pet-sitting services
- Provide local cleaning services
- Rent out a room in your home on Airbnb
- Do odd jobs for people in your community
- Sell handmade goods online or at local fairs
- Offer yard work services or help someone move
- Offer freelance services, such as tutoring, design work, or writing services
Review How Much You’ve Spent The Past Few Days and On What
Look at your bank and credit card statements from the past few days.
Then, note what you spent money on and how much you spent. After you’ve taken note, compare your spending to your budget or goals.
And then adjust your spending as needed if you’re happy with your purchase; cool. If not, make a change!
Weekly Money Hacks
Each week, spend at least 10 minutes with your money.
Check Secondary and Passive
If you have a side hustle or another source of
Track how much money you’re bringing in from each source. This will give you a good idea of what’s working and not.
Check Credit Card Charges From The Past Week to Look for Discrepancies
Like most people, you probably don’t check your credit card statements daily.
However, it’s a good idea to check them at least once weekly to ensure all the charges are correct. This is especially important if you’ve been the victim of fraud in the past.
You can check your credit card charges for discrepancies in a few different ways. One way is to review each charge carefully and compare it to your records. If you see anything that doesn’t look right, report it immediately.
Another way to check for discrepancies is to use an app like Personal Capital. This software allows you to track all your transactions in one place, making it easy to spot any unusual activity.
If you see anything suspicious, you can quickly report it and take action accordingly.
No matter how you choose to do it, checking your credit card charges, every week is an important part of protecting yourself from fraud and other financial crimes.
Look for Missing Payments Others Owe You
If someone owes you money, there’s a good chance you’ll forget about it at some point.
That’s why it’s important to check for missing payments every week. This way, you can quickly follow up with the person who owes you money and get them to pay up.
There are a few different ways you can do this. One way is to keep a running list of money you’re owed and check it weekly. Another way is to set up an alert.
Monthly Money Hacks
Block out 30 minutes or an hour each month to review your money.
This is your money date.
Review Monthly Saving Performance
Track your monthly savings performance to ensure you’re on track to reach your financial goals.
Are you saving enough money each month? Or are you spending too much money in certain areas?
Try and Increase Your Savings Percentage By At Least 1 Percent
Saving money can be difficult, especially if you have a lot of
But, one money hack you can use to make it easier is increasing your savings percentage by at least 1 percent. This means that for every $100 you earn, you save an extra $1.
Sure, this may not seem like much, but it adds up. Plus, the more you save, the easier it becomes to save.
Manually Pay Your Monthly Bills
One way to better handle your finances is to pay your monthly bills manually. This may seem painful, but it can help you save money.
You’ll be more aware of where your money is going each month by manually paying your bills.
For example, you can:
- Gather all of your monthly bills in one place. This could be a physical location, like a folder or drawer, or digital, like a specific folder in your email inbox.
- Set up a budget for your monthly bill payments. That’ll help you ensure you’re not overspending on other areas of your budget while still being able to pay all your bills on time.
- Choose a day of the month when you’ll pay your bills. This could be the first of the month or any day that works best for you and your schedule.
- Make sure you have enough money in your account to cover all of the bill payments you need to make for that month. If you don’t have enough money, consider transferring money from another account or cutting back on other
expensesto free up some extra cash.
- On the day you’ve chosen to pay your bills, go through each and make the payment using either an online banking system or by mailing a check (if applicable). Keep track of when each bill is due to avoid late fees.
Analyze Your Personal and Business Cash Flow
Your cash flow is the money coming in and out of your household each month. This includes money from your job,
Your business cash flow is the money coming in and going out of your business each month. This includes money from sales,
Analyzing your personal and business cash flow can help you better understand where your money goes each month. This information can then be used to change your budget and spending habits.
Estimate Your Cash Flow for The Upcoming Month and Year
It is important to track where your money goes each month to improve your financial situation.
[snippet]One way to estimate your cash flow for the upcoming month is to look at your spending patterns from previous months. This will give you an idea of how much money you will likely spend in the coming month.[/snippet]
And to estimate your cash flow for the upcoming year, look at your
Quarterly Money Hacks
Do the following at least four times per year.
Check Your Net Worth Progress
It’s a good idea to check your net worth progress at least once per quarter to see how well you are saving money and growing your wealth.
There are a few different ways to calculate your net worth, but the most important thing is to be consistent with how you calculate it. This will allow you to track your progress over time.
Look At Your Asset Allocation and Rebalance if Needed
Asset allocation is deciding how to invest your money across different asset classes. The main asset classes are stocks, bonds, and cash. Each asset class has different risk and return characteristics.
Asset allocation aims to diversify your
Rebalancing is when you adjust your asset allocation to its original target mix. This can be done either manually or automatically.
Rebalancing forces you to sell assets that have increased in value and buy assets that have declined in value.
Check Your Credit Score Using a Free Service
Your credit score is a number that lenders use to determine your riskiness as a borrower.
A high score means you’re unlikely to default on a loan, while a low score could make it harder for you to get approved or result in higher interest rates.
There are many ways to check your credit score for free. One option is using an app like Credit Karma, Credit Seasame, or Annual Credit Report. These services will give you your credit score and basic information about your credit history.
Once you know your credit score, you can take steps to improve it if necessary. For example, if you have a high balance on your credit cards, you can work on paying them down to improve your score.
Evaluate Your Personal and Business Cash Flow
Your cash flow matters. Like… a lot!
It is one of the most important things to monitor in your personal and business finances. Why? Because it can be a leading indicator of financial health.
Think of it this way: cash flow is to your finances what blood flow is to your body. Just as blood carries oxygen and nutrients to the cells, cash flow provides the money you need to pay your bills, make
When cash flow is low, it can signal that you are overspending or that your business is in trouble. On the other hand, if you have a healthy cash flow, you are making more money than you are spending, and your finances are in good shape.
So, how do you know if your cash flow is healthy? Here are four signs to look for:
- You can pay your debts on time.
- You can save money each month.
- You have money left over after paying your bills each month.
- You have money left over after
investingin your business or yourself.
If you can tick off all four of these, congratulations! You have a healthy cash flow.
Adjust Your Cash Flow Projections
Even if you have a healthy cash flow, there are always going to be unexpected
One way to do this is to create a monthly cash flow projection for your finances. This will help you anticipate what your
To create a cash flow projection, start by looking at your
Next, estimate how much you will spend on variable
Yearly Money Hacks
Once a year, it’s a good idea to take a step back and evaluate your overall money situation. This includes looking at your
This is also a good time to reassess your financial goals and ensure you are on track to meet them. If you find that you are off track, don’t be discouraged. Just make a plan to get back on track.
Investments and Payments
Like most people, you probably have several automated payments and
These can include everything from your mortgage or rent payment to your utility bills and credit card payments.
While automated payments and
Here are some tips for reviewing your automated payments and
- Review the interest rates on your automated
- Check the due dates and amounts of your automatic payments. Make sure the dates and amounts are accurate and that you have enough money to cover the costs.
- Look at the fees associated with your automated
investments. Some investment vehicles charge fees that can eat into your returns over time. If you’re unhappy with the fees, look for alternatives that charge lower or no fees.
Prepare for Tax Optimization and Minimization
Tax optimization and minimization is reducing your taxes owed by taking advantage of deductions, credits, and other tax breaks.
By optimizing your taxes, you can keep more of your hard-earned money in your pocket instead of giving it to the government.
There are several ways to optimize your taxes, but one of the most effective is to invest in a retirement account like a 401(k) or IRA.
Retirement accounts offer tax breaks that can help you save money on your taxes now and in the future.
Project Cash Flow for The Upcoming Year and Analyze Your Estimates Over The Past Year
There are two main ways to manage your cash flow: by using a budget or by using an estimating system.
Let’s take a look at each method.
This method tracks your
The downside to this method is that it can be time-consuming to keep up with all your transactions. And if something unexpected comes up, it can be hard to make last-minute adjustments to your budget.
With this method, you estimate your
The downside to this method is that it’s easy to underestimate your
So, which method is right for you? Well… It depends on your situation.
Budgeting may be the way to go if you have a regular
No matter which method you choose, cash flow management is an important part of personal finance. By tracking your cash flow, you can ensure that your budget is on track and you’re prepared for anything.
Review Investment Account Fees to Ensure They Haven’t Increased
Investment account fees can eat into your returns, so reviewing them at least once a year is important.
You can usually find fee information on your account statements or the website.
If you see that fees have increased, you may consider switching to a different investment provider.
Review Annual Subscriptions to Magazines, Streaming Services, Memberships, etc.
It’s important to keep track of which subscriptions you’re using and which ones you’re not.
If a subscription isn’t being used, it’s best to cancel it.
This will help you save money on your annual
Review Your Annual Donation Strategy
If you donate money to charity, it’s important to review your strategy annually.
You may want to consider changing the amount you donate or the charities you contribute to.
It’s also a good idea to track how much you’ve donated to get the most tax benefits.
Decide Which Hacks Work for You
There are a lot of money hacks out there, but not all of them will work for everyone.
It’s important to evaluate each hack to see if it’s something that can work for you. If it doesn’t work, don’t force it – discard it and move on.
The key is to find the hacks that work for you and stick with them.
Use Money Hacks to Get Ahead Financially
So there you have it, some of the best money hacks to help get you ahead financially.
You don’t have to be a financial genius to get ahead. Sometimes, all it takes are a few money hacks.
Try out some tips from this blog post and see how much progress you can make in your financial journey.
You might be surprised at how easy it is to save money and put yourself on the path to financial success.