If you feel that you are constantly failing when it comes to the act of saving money, then you might want to consider trying out some of the financial hacks listed below. From switching to cash to taking out specific types of insurances, by giving them a go, you’ll be sure to reach your saving goals sooner rather than later.
Here are the four financial hacks you didn’t realize you needed in your life until now:
Switch to cash for daily expenses
Resolving to use cash instead of your debit or credit card for your daily expenses will help you to keep a tighter grip on your spending. This is because, when you use a piece of plastic to pay for things, you don’t really have much consideration for how much you are actually paying out — you may only a spend a few dollars each time you use your card, but the overall amount that you spend in say, a week will soon add up. When you pay with cash, however, you are more aware of exactly how much you are handing over to the cashier. Also, when you run out of cash, you actually feel like you have run out, no matter how much you have stored away in the bank, and having this mindset will stop you from spending too freely.
Shop at grocery stores, not convenience stores
It’s true; convenience stores are convenient when it comes to buying many different items at one time in bulk (the clue is in the name). You will, however, find better deals and lower prices at the grocery store. This is because grocery stores are often privately owned, meaning it is the store owner who has free rein to dictate the pricing system — more often than not, they will lower their prices to attract customers away from the big convenience store companies and brands.
If you value being able to shop around for a great deal of items at one time, stick to the convenience store; if you value unearthing great deals, head to the grocery store.
Check out price comparison sites before you buy anything
It can be easy to get trigger happy when online shopping. While you might need a certain product, you don’t necessarily need it from the most well-known brand. Have a shop around and check out price comparison sites like Only Reviews before you jump to purchasing the first thing you see on a google search. These purchases wind up costing a lot more than you might anticipate when you add up all of the little purchase that you might need to make over the course of a whole year! Think smart with your purchases and you’ll free up lots of extra cash for your savings at the end of the year.
Take out ROP insurance
Return of Premium (ROP) insurance is a type of life insurance that will see you reclaim the money that you put into your premium if you are still alive when the cover ends. Basically, if you take out this kind of insurance and you are lucky enough to still be around when your term of cover ends, you will have had years’ worth of life insurance protection for free. For more information on ROP and term life insurance, make sure to check out Local Life Agents.
Buy used items
Some items just aren’t meant to be bought second-hand — you wouldn’t buy a used toothbrush, for instance. There are many items that can be bought used, however, and you can find them online on sites like eBay and Craigslist. By buying items that have been previously owned whenever it is feasible to do so, you will instantly find yourself saving a lot more money.
The four financial hacks listed above could help you meet your next saving goal.