If one of your goals is to be smarter about your finances and to make the most of your paycheck, salary and savings, simply continue reading to discover 5 brilliant finance hacks.
5 Finance Hacks:
1. Make sure to choose a bank which offers high-interest bank accounts
Instead of simply leaving all of your money in the same bank account for decades, it’s a far wiser idea to investigate the interest rates offered by a variety of different banks. To ensure that you’re getting the best possible deal.
As even if you switch your bank accounts to a bank whose long-term bank accounts offer 1% more interest than your current bank account, you’ll be sure to earn hundreds of extra dollars over time. Especially if you have tens of thousands of dollars or hundreds of thousands of dollars in your long-term bank account.
2. Aim to invest some of the money which you earn as well as putting away money in a long-term savings account
Why should you consider investing some of your hard earned money in publicly listed companies or ETF funds, which are comprised of shares in dozens of different companies? If you invest wisely, you will be able to double your investment and you should receive a far better rate of return on your investment than the interest which you’d accumulate if you put all of your money into a long-term savings account.
3. Look at your bank’s digital statements in order to find ways to decrease your monthly expenditure
If you’d like to be able to save and invest a greater portion of your paycheck or salary, simply log on to your online bank account to take a look at all of your transactions over the period of a single month. As you may find that you spend far too much money on a certain bill or area of your life. As an example, you may find that you regularly spend hundreds of dollars each month on cafe and restaurant bills.
4. Consider saving a fixed percentage of your weekly income into your long-term savings account each week
Why not start up a reoccurring automatic payment from your primary bank account, which your salary or wage is paid into to your long-term savings account. Simply pick a fixed percentage of money which you’d like to save each week or each month.
As you should find it far easier to save money if you save it automatically and you don’t have a chance to spend it on luxuries which you don’t need. Examples of which may include cups of takeaway coffee or electronic items such as smartphones and tablets.
5. Don’t put all your money into a managed fund
As some managed funds go bust, don’t be tempted to place all of your savings into a managed fund. Even if its managed by a well known financial institution, who you couldn’t imagine going bust in the near future.
If you make the effort to use the information listed above in order to better manage your finances you should notice that it’s far easier to keep on top of your finances.