With the new year in full swing, people are setting out to realise their New Year’s resolutions. By now, some may have already failed and others may be struggling to find ways to continue towards their new goals. A huge amount of New Year’s resolutions are financial related and of course, finding ways to make and save money is helpful for everyone. Here is 6 money hacks that can help you for 2019.
1. Track and Budget
Budgeting can hardly be seen as a hack. Everyone knows the huge difference it can make, however, very few people actually set out and follow an effective budget. Doing so can be one of the most powerful money hacks there is.
It’s important to know exactly how much money is coming in and what money must go out. Things like bills, groceries and transport are all necessities and must be paid. Once you subtract these things from your income, you can then see how much money you’re left with for saving and spending. Obviously, you should spend less than you earn and save as much as you can. Today there’s a huge amount of apps that can help you plan out and track your budget. If you’re not an app person, you can create a simple excel spreadsheet.
2. Start Investing
The best time to plant a tree was 20 years ago. The second-best time is now. No, we’re not telling you to stat selling trees, but this old Chinese proverb is a great way to get inspired and motivated to start doing things.
It can be easy to feel like you have missed all the opportunities. “Bitcoins rise and fall has come and gone”, “Apple stocks have reached their limit“, ”I’m too old”. The excuses can go on, but you will only miss more opportunities. There’s no time like the present to start investing and it can be easier to get started than you might think.
Apps like Raiz make it super simple by rounding up your purchases to the nearest dollar and investing the spare change. You can choose how aggressive your investments are, and how much you want to invest. Over a few years you could build up $1000’s in savings simply by rounding up your daily purchases.
If you want to get more serious about making your money work for you, you can consider trading on the Forex market. This strategy will take a bit more learning, but with the right strategies, taught by professional coaches like that of Learn to Trade, it’s possible to make money on the foreign exchange market.
3. Leave the Gym
Now we’re not telling you to stop exercising, but gym memberships can build up to be quite the expense. Think about what it is you do at the gym and consider if you actually need the gym. A lot of exercise can be done for free at your own home and in local parks.
Find body weight exercises you can do almost anywhere, such as pushups, situps, lunges and dips. Of course, running is super easy without a gym too. Getting rid of that membership can save you hundreds or thousands of dollars every year.
4. Lend & Borrow
Access is the new ownership, at least that’s the idea behind the sharing economy. Sharing your assets within the community is a much more affordable and efficient way of using things rather than everybody paying for new items. There’s really no limit to the sharing economy, from fashion with The Volte to space with Spacer.
5. Do a Vice Cleanse
We all have our vices, whether we know it or not. Think about what you regularly spend money on, that you don’t necessarily need. It might be smoking, drinking, clubbing, or the monthly hair appointment. All of these things can cost hundreds of dollars every week.
Try going for several weeks or months without one of your vices. You will be surprised with the impact it can make on your finances.
6. Cook at home
Cooking at home can save you a huge amount of money. Restaurants, cafes and fast food might be easy and delicious, but I bet that’s not what your bank account thinks. Learning to cook can be fun and rewarding, and when you see the savings building up, it’s sure to be a worthy investment.