With the rising cost of living and economic instability, several people have had to think of innovative ways to save money and make their life easier. A user on the forum asked – What are some interesting life hacks to save money? The answers he got were interesting, to say the least.
FOLLOW THE 72-HOUR RULE
“This is not mine, but ‘The 72-hour rule” is pretty helpful. The gist is, if you want something that is not a necessity, instead of buying it immediately, add it to a list (in my case, I use a spreadsheet, but whatever works), then wait 72 hours.
If, after 72 hours, you still want it, then you can buy it. It seems that 80-90% of the time, after the 72 hours is up, I don’t buy the item I thought I wanted. I like doing it with a spreadsheet because, at the end of the year, I can easily add it up and see how much money I DIDN’T impulsively spend.”
BUY REUSABLE OBJECTS
“Try buying reusable objects in place of single-use ones. It’s better for your wallet and environment. Steel water bottles, reusable K cups, dish towels instead of paper towels, etc. Over time the costs of little things add up.”
CHECK THE PRICE/OZ INSTEAD OF THE TOTAL PRICE
“When at the grocery, look at the price/oz or whatever unit it is instead of the total price. It’s usually posted in one corner. It won’t save you tons of money, but it does add up. Plus, it takes out the guesswork when comparing similar items.”
BUY THE TOOL INSTEAD OF GETTING SOMETHING REPAIRED
“If you can buy a tool to complete a repair for the same price as the repair itself, buy the tool and repair it for free next time.”
REVIEW YOUR BANK STATEMENT REGULARLY
“Learn how to log in to your online banking system and review your statement regularly. You’ll see how quickly money flows out for coffee, snacks, and unnecessary purchase. Also, set a budget and STICK TO IT.”
LIVE YOUR FINANCIAL LIFE LIKE A SMOKER
“I don’t smoke but live my financial life as a smoker. I transfer the sum of one week’s worth of cigarettes to my savings account every Monday. If people that earn less than me can afford to smoke, so can I.”
DON’T BUY THE CHEAPEST OPTION
“Often, the middle-priced option will be the best value. Things that are too cheap are worth what you paid for them.”
NEVER TAKE A PAYDAY LOAN
“If you can avoid it, never take out a payday loan.”
“If I were president, governor, or even mayor… I would ban payday lending as far as my reach would allow. There is absolutely nothing right with it.”
GET A LIBRARY CARD
“Get yourself a library card. It’s not just books but also movies, workshops, education, software, computer time, and music. I’ve probably saved thousands on all sorts of stuff.
If it weren’t for the library, I probably wouldn’t have been introduced to awesome books like American Gods, The Way of Kings, All Systems Down, or The Road.”
SAVE $1 BILLS
“I don’t spend $1 bills. I collect them in a box, and I usually have a few hundred dollars at the end of the year.”
USE YOUR EXTRA PAYCHECKS TO PAY OFF DEBT
“Usually, paychecks are issued every two weeks while bills are monthly. You have to pay bills twelve times a year, but you get paid twenty-six times a year, so you get two “extra” paychecks every year. Don’t spend that money; use it to pay off debt or put it in the bank.”
ACT BROKE
Acting broke. Trust me. Nothing helps you save more than acting broke. And there is a way to do that without becoming a mooch. Eat at home if your friends have a dinner plan at an expensive place. Pregame if you’re going clubbing. And if anyone asks why you aren’t eating/drinking/coming for that vacation, just say you’re broke. I learned this the hard way. Because I remember becoming a recluse and slowly stopped socializing just because my friends always had these extravagant and expensive plans. I realized it really started weighing down on me. But eventually, I learned that there was no shame in wanting to save money/being broke and none in saying so.
LEAVE ITEMS IN THE SHOPPING CART WHEN SHOPPING ONLINE
“When buying online, leave items in the shopping cart for a while. There is a good chance that the website is tracking this and will lower the price over time to entice you into buying. I’ve saved a lot by being patient. Like when I got a surround sound amp for $350 that was listed everywhere for $450 to $500, just by leaving it in the online shopping cart for a week.”
BUY YOUR OWN MODEM
“Easy one- Buy your own modem. You can get a good one from Amazon for $100. Internet companies charge you $10-$12 monthly to rent yours. Buy your own, return the rented one to the internet company, and get that charge removed from your bill. Pays for itself in under a year.”
TAKE HOMEMADE LUNCHES TO WORK
“Make your own lunches for work. The cost of making/preparing your lunch for the week can be less than what you pay for buying one day’s lunch. Also, it can provide health benefits.”
Anika Jindal
Anika is a CPA and founder of What Anika Says. She shares simple and actionable frugal living, money management and money-saving tips to live a debt-free financially independent life. She has been featured on popular websites like Bankrate, Forbes, Mint ,and Authority Magazine. Byline: MSN