What is your best financial life hack?

What is your best financial life hack?

What do you think?

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  1. Every time you get a raise, hide it. Increase your 401(k) contribution, or put it into an IRA, or invest in stock, or just put it aside in savings.

    In other words, don’t get used to a higher level of consumption. This is especially important when you’re young.

  2. Not sure it applies so much today, but my wife used to overstate checks written and understate deposits to the nearest 10 in her check register.

    So if she had a check for 16.75, she recorded it at 20.00

    And if she had a deposit of 16.75 she recorded it at 10.00

    Then every year she would true up the balances in her checkbook. She would have a few hundred more than expected, and this would pretty much assure she wouldn’t bounce any checks.

  3. A bit lame/dated probably but get cash out once a week and only spend that amount. I started doing it years ago when I drank a few times a week at uni. I’d be getting cashback at the bar every other hour and spending like mad. Instead I’d just withdraw a reasonable amount when sober and leave cash card at home. I still do this to this day even though I quit drinking a few years ago. I get out a set amount and just leave the cards at home.

  4. Bootstraps. Just pull yourself up by the bootstraps. I work two jobs and was able to afford a $750,990 house. Like Dave Ramsey says lower your expectations. Why are you drinking Starbucks when you can make a good cup of coffee right at home? Take that Starbucks money and put it into Management of Portfolio fund and in 3 years at 8% you can invest in a home. /s

  5. If you are good at sometime – don’t do it for free.

    I can plant gardens and mulch them. It’s relaxing, fun, easy and rewarding. Some people want a nice garden with edges and mulch. Takes me a few minutes to pick out some perrenials, and order them, with a bulk load of mulch and soil. I can drive it to a house, unload, cut out a garden and install the new one within a few hours, then go to a spot and unload to scrap I dug out (grass usually).

    I did this for free for a buddy. His neighbour wanted the same, and I said we could do it. They paid me $500 for a few hours labour and the materials. Now I charge $500 and walk away with $350 profit for a few hours, for the same work I was doing for fun on Sunday mornings.

  6. When you have a partner and share finances, but you have different styles of managing money, it’s a good idea to keep separate accounts.

    When my wife and I got married, we agreed that any expense over a certain amount, we would have to discuss and agree to. That amount is fairly low.

    Low-fee market index funds are the best investment.

    When you are considering a purchase, give yourself at least 24 hours, if possible, before pulling the trigger.

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