10 Personal Finance Hacks You Need To Know

When it comes to achieving your financial goals, saving and investing is great but it’s definitely not enough. Some people are able to save and invest but still struggle financially, others wonder why it takes longer than expected to reach certain money milestones. The simple reason is that there are other habits that contribute to the end goal. I would like to share some personal finance hacks (habits) that I think you should know. 

  • Have The Right Mentality:  If your intention is to take your personal finance seriously, you have to start by having the right mindset. Everything we do begins with the mind, therefore when your mind is conditioned to take certain actions, it makes it much easier to accomplish your financial goals.
  • More Streaming, Less Cable: These days, paying for cable can be seen as an unnecessary expense mainly because most people spend more time on streaming sites like Youtube and Netflix. If you’re looking for ways to cut down on your monthly expenses, I’ll suggest you save the money intended for cable payments and do more streaming.
  • Stop Impulse Buying, Buy ONLY What You Need: Impulse buying is the reason why a lot of people are struggling financially. It takes a lot of discipline not to buy every nice thing we see. This is why a budget is very essential to keep you in check at all times.
  • Borrow More: Before buying an item, find out if you could borrow it from friends and family. Most times, we buy items and use them only once, it makes more sense to borrow such item and save the money instead.
  • Save first, spend later: Don’t make the mistake of spending first and saving whatever is left, you would be setting yourself up for failure as expenses never end. Make the habit of saving first and then taking care of your expenses after.
  • Ensure you stick to your budget: The 50/30/20 rule is an important guide to achieving your financial goals. Make sure you’re strict with spending only 50% of your income on your essential needs, 30% on your lifestyle and 20% on savings and investments. You could decide to increase the percentage of your savings if you need to achieve your goals faster. 
  • Use An Investing App:  An App like Crowdyvest App was built to help you achieve your financial goals seamlessly by providing you with opportunities to save and invest and earn up to 25% returns.
  • Automate Your Savings: Authorizing a direct debit from your account into your savings is perfect for people who struggle with saving periodically. Your money is saved before you are tempted to spend it. The PACE PLAN on Crowdyvest was specifically created for this purpose. You are guaranteed to smash your savings goals since your money is saved automatically.
  • Unsubscribe from Store Emails: If you constantly get emails from stores or restaurants, telling you about a sale or promo, chances are you would be spending more money than you planned. Do yourself a favor by unsubscribing from such emails.
  • Change your eating habits: Cutting down on snacks and certain expensive foods could save you a lot of money. In addition, cooking your own meals should be preferred to eating in restaurants or ordering takeouts.
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