Money is one of the most important things in life, but it can also be one of the most stressful. Whether you want to save more, spend less, or make more, there are always ways to improve your financial situation. But how do you find the best money hacks that actually work? 🤔
Don’t worry, we’ve got you covered. In this post, we’ll share with you 10 of the best money hacks that you need to know right now. These are simple, practical, and effective tips that can help you achieve your financial goals faster and easier. Ready to get started? Let’s go! 😎
1. Automate your savings
One of the easiest and most effective ways to save money is to automate it. This means setting up a regular transfer from your checking account to your savings account, preferably on the same day that you get paid. This way, you won’t have to think about saving money, it will just happen automatically. Plus, you’ll be less tempted to spend the money that you don’t see in your checking account. 💯
You can use a free app like [Money View] or [Walnut] to track your income and expenses, and set up automatic savings based on your budget and goals. You can also use these apps to get alerts and reminders about your bills, loans, and investments. 📲
For example, let’s say you earn ₹50,000 per month and you want to save 20% of it for your emergency fund. You can use Money View or Walnut to set up a monthly transfer of ₹10,000 from your checking account to your savings account on the first day of every month. This way, you’ll be able to save ₹1.2 lakh in a year without even noticing it. 🙌
2. Negotiate everything
Did you know that you can save a lot of money by negotiating everything? Yes, everything. From your rent, to your phone bill, to your cable subscription, to your insurance premiums, there are many things that you can negotiate for a lower price or a better deal. All you need is some courage, some research, and some bargaining skills. 😎
You can use a free app like [Bargain] or [Negotiate It] to get tips and scripts on how to negotiate anything. You can also use these apps to track your savings and share your success stories with other users. 🙌
For example, let’s say you pay ₹15,000 per month for your rent and you want to reduce it by 10%. You can use Bargain or Negotiate It to find out the average rent in your area, the demand and supply of rental properties, and the best time and way to approach your landlord. You can also use these apps to get a sample script on how to ask for a rent reduction politely and confidently. This way, you might be able to save ₹1,500 per month or ₹18,000 per year on your rent. 💸
3. Use cashback apps and websites
Another easy and effective way to save money is to use cashback apps and websites whenever you shop online or offline. These are platforms that give you a percentage of your purchase back in cash or gift cards, just for using their service. You can use them for almost anything, from groceries, to clothes, to electronics, to travel, and more. 🛒
You can use a free app like [CashKaro] or [CouponDunia] to get cashback on thousands of online stores and brands. You can also use these apps to get coupons, deals, and offers on your favorite products and services. 🎁
You can also use a free app like [Cred] or [MagicPin] to get cashback on your offline purchases using your credit or debit card. You can also use these apps to get rewards, vouchers, and discounts on various local businesses and services. 🎫
For example, let’s say you want to buy a new smartphone worth ₹20,000 online. You can use CashKaro or CouponDunia to find the best deal on the smartphone from different online stores like Amazon, Flipkart, Snapdeal, etc. You can also use these apps to get an extra cashback of 5% on your purchase. This way, you’ll be able to save ₹1,000 on your smartphone purchase. 📱
4. Invest in index funds
One of the best ways to make money is to invest it wisely. And one of the wisest ways to invest is to invest in index funds. These are funds that track the performance of a specific market index, such as the Sensex or the Nifty 50 in India. By investing in index funds, you can get exposure to a diversified portfolio of stocks without having to pick individual stocks or pay high fees. Plus, you can benefit from the long-term growth of the stock market without worrying about short-term fluctuations. 📈
You can use a free app like [Zerodha Coin] or [Groww] to invest in index funds with zero commission and zero hassle. You can also use these apps to learn about investing basics, compare different funds, and track your portfolio performance. 📊
For example, let’s say you want to invest ₹10,000 per month in the stock market for 10 years. You can use Zerodha Coin or Groww to invest in an index fund that tracks the Nifty 50 index, which is composed of 50 of the largest and most liquid companies in India. You can also use these apps to see the historical returns and risk profile of the fund. Assuming an average annual return of 12%, you’ll be able to grow your investment to ₹23.3 lakh in 10 years. 🚀
5. Start a side hustle
Another great way to make money is to start a side hustle. This means doing something that you enjoy or are good at in your spare time, and earning some extra income from it. There are many side hustles that you can start with little or no investment, such as blogging, freelancing, tutoring, podcasting, selling online, and more. 🚀
You can use a free app like [Fiverr] or [Upwork] to find freelance gigs in various fields and skills. You can also use these apps to showcase your portfolio, set your rates, and get paid securely. 💸
You can also use a free app like [Medium] or [WordPress] to start a blog on any topic that you are passionate or knowledgeable about. You can also use these apps to monetize your blog with ads, subscriptions, or donations. 💰
For example, let’s say you are good at graphic design and you want to earn some extra money from it. You can use Fiverr or Upwork to create a profile and offer your graphic design services to clients around the world. You can also use these apps to set your own prices, deadlines, and terms of service. Depending on your skill level and demand, you might be able to earn anywhere from ₹500 to ₹5,000 per project. 🎨
Alternatively, let’s say you are interested in personal finance and you want to share your knowledge and opinions with others. You can use Medium or WordPress to create a blog and write articles on topics such as budgeting, saving, investing, debt, retirement, etc. You can also use these apps to monetize your blog with ads, subscriptions, or donations. Depending on your traffic and engagement, you might be able to earn anywhere from ₹100 to ₹10,000 per month. 📝
6. Track your net worth
One of the best ways to improve your financial situation is to track your net worth. This means calculating the difference between your assets (what you own) and your liabilities (what you owe). Your net worth is a measure of your financial health and progress, and it can help you set and achieve your financial goals. 🎯
You can use a free app like [Perfios] or [Moneycontrol] to track your net worth easily and accurately. You can also use these apps to get a complete picture of your finances, including your income, expenses, assets, liabilities, investments, and more. 📝
For example, let’s say you want to know how much money you have and how much money you owe. You can use Perfios or Moneycontrol to enter all your financial details such as your bank accounts, credit cards, loans, investments, etc. You can also use these apps to see your net worth in real time, as well as how it changes over time. This way, you’ll be able to see if you are moving closer or further away from your financial goals. 💯
7. Save on taxes
One of the best ways to save money is to save on taxes. This means taking advantage of the various tax deductions and exemptions that are available to you, such as the Section 80C, Section 80D, Section 80G, and more. By saving on taxes, you can reduce your taxable income and pay less tax, or even get a refund. 🙌
You can use a free app like [ClearTax] or [ETMONEY] to save on taxes easily and efficiently. You can also use these apps to file your tax returns online, get expert advice, and plan your taxes better. 🧾
For example, let’s say you earn ₹10 lakh per year and you want to save on taxes. You can use ClearTax or ETMONEY to find out the best tax-saving options for you, such as investing in ELSS, PPF, NPS, health insurance, donations, etc. You can also use these apps to calculate your tax liability, claim deductions and exemptions, and file your tax returns online. This way, you might be able to save up to ₹1.5 lakh on your taxes. 🎉
8. Switch to a cheaper bank account
One of the easiest ways to save money is to switch to a cheaper bank account. This means choosing a bank account that has low or no fees, high interest rates, and good customer service. By switching to a cheaper bank account, you can avoid paying unnecessary charges, earn more interest on your savings, and enjoy better banking experience. 💳
You can use a free app like [BankBazaar] or [PaisaBazaar] to compare and switch to the best bank account for you. You can also use these apps to find the best credit cards, loans, insurance, and more. 🏦
For example, let’s say you have a savings account with a bank that charges you ₹500 per month for maintenance fees, offers you 3% interest rate on your savings, and has poor customer service. You can use BankBazaar or PaisaBazaar to find a better savings account with a bank that charges you no fees, offers you 6% interest rate on your savings, and has excellent customer service. You can also use these apps to apply for the new account online and transfer your funds easily. This way, you’ll be able to save ₹6,000 per year on fees and earn ₹3,000 more per year on interest. 🤑
9. Cut down on unnecessary expenses
One of the most effective ways to save money is to cut down on unnecessary expenses. This means identifying and eliminating the things that you spend money on but don’t really need or value. These could be things like subscriptions, memberships, eating out, coffee, cigarettes, alcohol, and more. By cutting down on unnecessary expenses, you can free up more money for the things that matter to you. ✂️
You can use a free app like [Spendee] or [Money Lover] to track and categorize your expenses, and find out where you can save money. You can also use these apps to set budgets, goals, and alerts for your spending habits. 📉
For example, let’s say you spend ₹5,000 per month on subscriptions and memberships that you don’t really use or enjoy. These could be things like Netflix, Spotify, Amazon Prime, gym membership, magazine subscription, etc. You can use Spendee or Money Lover to see how much money you are wasting on these things every month and year. You can also use these apps to cancel or pause the subscriptions and memberships that you don’t need or want. This way, you’ll be able to save ₹60,000 per year on unnecessary expenses. 🙌
10. Learn new skills
One of the most rewarding ways to make money is to learn new skills. This means acquiring new knowledge or abilities that can help you advance your career, increase your income, or start a new venture. There are many skills that you can learn online for free or at a low cost, such as coding, design, marketing, languages, and more. 🚀
You can use a free app like [Coursera] or [Udemy] to learn new skills from the best instructors and universities in the world. You can also use these apps to get certificates, degrees, or diplomas that can boost your resume and credibility. 🎓
For example, let’s say you want to learn how to code and create websites or apps. You can use Coursera or Udemy to enroll in courses that teach you the basics of programming languages such as HTML, CSS, JavaScript, Python, etc. You can also use these apps to get feedback from peers and mentors, practice your skills with projects and quizzes, and earn certificates that showcase your achievements. Depending on your level of interest and commitment, you might be able to learn how to code in a few weeks or months. This way, you’ll be able to enhance your career prospects or start your own online business with your new skills. 💻
There you have it: 10 of the best money hacks that you need to know right now. We hope that these tips will help you save more, spend less
