Anytime I splurge on something I take the same amount of money and invest it. So if I want to buy a $400 pair of shoes, I also have to buy $400 worth of stocks. If you want to buy something nice, you have to afford it twice. I call this The 2x Rule.
Aim for low cost funds (etfs) over a lifetime fees can amount to hundreds of thousands of dollars!
Instead of dropping over $1,000 a month on your dream car today, buy your dream car from 10 years ago and upgrade some of the tech (Carplay, etc). If it was good enough for you then, it's probably still a fun ride today.
Take advantage of employer benefits like retirement plans and health savings accounts.
find an easy to use budgeting app like copilot that helps you monitor cashflow
Avoid impulse purchases by waiting 24 hours before making a purchase.
Optimize your credit score to get better loan and credit card rates.
Pay off debt: Prioritizing debt repayment can help you save money on interest charges and improve your credit score.
Avoid debt traps: Be cautious with credit cards & loans; only borrow what you can repay (on time & in full)
Shop around for better insurance rates for your car, home, and health.
make your kid an authorized user of your credit card, then hide the card. You've begun their credit history. When they're of age, they'll be years ahead of their peers on avg age of credit line. thx dad
Negotiate your bills with your service providers to get better deals.
Set up automatic savings transfers from your checking account to a savings account.
Learning how to do DIY is such an underrated personal finance tip. If you’re a homeowner, invest in decent tools and save thousands of rands over time. YouTube has you covered.
Use a programmable thermostat to save money on heating and cooling costs.
Save money on groceries by buying in bulk and shopping at discount stores.
Cut down on eating out and start meal prepping. This can save a lot of money on food expenses.
if buying a house, keep it well below your budget
Use cashback credit cards to earn rewards on your purchases.
Automate your finances. Direct deposits to your investment portfolio (index funds, etc) out of your paycheck before you can spend it. This won’t even give you a chance to touch it.
Make your own coffee at home instead of buying it at a coffee shop.
Use a budgeting app to track your spending and keep yourself accountable.
Buy generic brands instead of name brands to save money on groceries and household items.
Statistically day trading, short term stock picking, long term stock picking, angel investing, personal investing, VC investing ALL massively UNDERperform market indexes you can buy with low fee ETFs
Pay off high-interest debt first to save money on interest charges.
If you increase your savings rate from 5% to 10%, you will retire at least 7 years earlier. But, if you increase your savings rate from 50% to 55%, you will only retire one year earlier. Saving something is more impactful than trying to save everything.
Make your own cleaning products with natural ingredients to save money on household expenses.
One of my favorite hacks is the 50/30/20 rule. It's a simple way to budget your money. Basically, you allocate 50% of your income for needs like rent and groceries, 30% for wants like entertainment and dining out, and 20% for savings and debt repayment
A personal finance hack is to regularly audit your social media. A lot of us underestimate the influence of social media on our purchasing decisions.
Delay every luxury purchase for as long as possible and re-evaluate whether it will provide any real value, meaning and long term satisfaction to your life
If you use a particular service frequently. Think of how to hire in-house/purchase the product. E.g you order food everyday. Have you considered getting a cook to store for you?
Cut out subscriptions and memberships you no longer use or need.
Live with family for as long as you can bear. Use that time to save for a down payment, pay down debt and/or figure out your investing risk tolerance.
hello
I recently had a pay rise and was feeling the lifestyle creep a little. Opening an S&S ISA and putting some of the increased take-home into it has helped me spend so much less than I would have otherwise, simply because the money 'isn't in my account'.