We had the Parent Hacks earlier this week, and I was thinking it would be fun to do the same with finances â€” ways to trick yourself, to get around obstacles, to boost your accounts, without it hurting.
Improving your finances improves your happiness, in general, so I thought it would be important to share stuff thatâ€™s worked for me.
Iâ€™m in the best financial shape in my life, despite quitting my job and my wife recently quitting hers too. A lot of that is thanks to you guys, the readers, but itâ€™s also thanks to frugality, to eliminating debt, to saving as much as I can. To these hacks.
Hereâ€™s what works for me â€” please avoid flaming me, as Iâ€™m not saying theyâ€™ll work for everybody. Share your tips and tricks in the comments!
- Use cash. Instead of charging things to credit cards or debit cards, use cash for non-bill spending such as eating out, gas, groceries. Spending cash makes the spending more real, and thereâ€™s an added advantage of knowing when youâ€™re out of cash, instead of spending more than you
- Small weekly savings transfers. I got this idea from my friend Trent at The Simple Dollar, who automatically deducts $20 a week from his check to savings. I decided that I could live with $40/week without really feeling it â€” itâ€™s a relatively small transfer that I barely notice, and I save about $2,000 a year on top of my larger bi-weekly savings transfers.
- Stay home. Going out makes you more likely to spend unnecessarily. You eat at restaurants, go to the mall, stop at the gas station for snacks. Itâ€™s hard to avoid spending when youâ€™re on the road. Instead, stay home, and find free entertainment. Itâ€™s also a great way to bond with your family.