In 2022, food prices increased by 9.4% on average in the year to April. This marked the largest rise in 40 years.
Rising inflation is making life more difficult for many as people struggle to afford necessities such as groceries, gas, and rent. And earning to manage your finances and planning ahead is becoming crucial in order to survive.
Luckily, often it starts from simple steps and changes in spending habits. This thread has people sharing simple and useful financial life hacks they swear by, so you may want to get your notes ready!
#1
Inherit a large amount of money. It’s the secret they don’t want you to know about
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183points
#2
Adjust what you think your zero is. Everyone has that "oh s**t I'm broke" number-- I just inflated mine so I think I'm broke when I'm not. If I have $1000 in my bank account, I treat it like $0. $1050 is treated like I have only $50. It's weird, but it's been working so far.
181points
#3
Don't spend money you don't have! It's a revolutionary concept, I know, but it really works wonders.
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165points
#4
Eat before you go to the store and always make a list and stick with it.
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157points
#5
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.
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151points
#7
When you spend money think "Is this worth x amount of time that I spent at work?"
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136points
#9
Small hack:
If you pay your car off, continue paying your car payment into a new account.
This payment is already in your budget, so you should be used to it.
This new account is handy if you have any car-related repairs you need to make, like having to replace your fuel pump.
When you need to buy a new car, you can either buy it out right or you have a substantial amount to use for a down payment.
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132points
#14
Pay your credit cards in full every month. Don’t overspend. No exceptions.
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107points
#15
I started thinking of things in terms of hours worked instead of money. Let's say you make $15/hr. Eating McDonald's after work costs $10, doesn't seem like much. But thinking "I worked 40 minutes for this" has a different psychological effect on me. I'm less likely to buy things with my time than I am with my money, if that makes sense.
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107points
#19
Every time I want to buy something big or expensive, I ask myself one question:
Do I NEED this, or do I WANT this?
Do I NEED this, or do I WANT this?
Both answers are fine, I think it's just important to know WHY you spend money. Beeing mindfull of things is always a good choice in life.
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86points
#20
Banks are not your financial advisors, don't take their advices. They are a business and think about their profit.
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85points