Personal Finance Life Hacks
Many financial advisors stress the importance of frugality. A quick Google search tells us the definition of frugality is:
Noun; the quality of being economical with money or food; thriftiness.
So not only is being frugal considered a quality but most importantly it is considered economical. And even the everyday economist knows that reducing costs is bound to improve your bottom line – with extra points if you can also find ways to increase your income. The following are a few personal finance life hacks our team at MWL have utilised themselves.
Many businesses and marketers engage the tactic of ‘retargeting’. In essence, this means targeting a consumer who has already shown an interest in the product or service being offered. When shopping online, many businesses will undertake retargeting efforts, often with an added discount or incentive, for consumers who abandon their carts online. Whilst it may not always be the case, wait a few days before finally making the commitment to buy, and you may be surprised what offers pop up in your email inbox or social media feeds.
The rise of digital has also seen the rise of deals websites, such as Scoopon and Catch. These websites often have deals and savings of up to 80%. But be wary, it is claimed that up to 25% of coupons or vouchers are never redeemed, so make sure you are purchasing a deal that you will definitely end up using.
The do-it-yourself mentality can be applied to a magnitude of things in your everyday life. That $20 eggs benedict from the local cafe? Do it yourself! The $4 coffee at work? Bring your own coffee pod. That car wash? Wash it yourself. You get the idea.
Talk to Providers
Sometimes a simple phone call is all you need to save money every year. Whilst often the pantomime villain, the truth is that product and service providers (such as phone and internet and even banks) often do reward loyal customers – or purely customers that are shopping around. Give them a call, let them know you are thinking about switching and ask for a better rate, you’d be surprised at the results.
Buy in Bulk
An oldie but a goodie, made even more accessible by the emergence of stores such as Costco. It is a basic economic principle about economies of scale, the more you buy, the lower the cost per unit. Take advantage of this where you can.
Yes, these things do still exist! The back of your receipt from Woolies or Coles can be home to some handy little coupons and discounts for products or services that you may regularly use. Check them before you chuck them!