Money Hacks That Will Save You Thousands - AskViewers

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live below your means and get out of debt there is no excuse what are some financial hacks that save you a lot of money it's simple really cook from home take public transport when you can and pay for things and installments if you do the math it's amazing how much you can save in a single month one last thing that people truly underestimate compound interest use the money you saved up from your paychecks at least 20 plus the money you save from the first three hacks and put them into an account with the highest rate you can find when you're 50 plus years old you'll thank your younger self every week go to the atm and take out the amount of cash that you're allowed to use for that week at least with me when i use my card for a payment i don't tend to completely understand how much i'm spending i still have the same card before and after the payment when i have the money in cash i see the amount shrink so it's a bit harder to go spending it all i am nearing 30 and have noticed four major strategies to save money long-term firstly live with a friend your parents or the local community to drastically cut living expenses until your mid-20s this also allows you to look forward to eating food at the end of the day secondly although this limits your reachable distance not owning a car reduces the cost of living due to not wasting money on gas and insurance however this is more practical if you live in an urban environment and less manageable in rural communities due to closer resources thirdly do not spend more than you make this racks up debt more than anything i've met so many people who earn more than 80k annually and are in debt due to lavish spending lastly for long-term earning learning a marketable skill such as programming or plumbing etc is more useful that working in retail for four years in your 20s not picking up on a new skill when you're still young only wastes time and energy long term working in an industry with little growth and acquired skill limits the likelihood that employers will hire you in the future only pay in cash and put away smaller bills lose change and receipts it might seem like it wouldn't add up but it does keep 100 50 20 bills to spend but stash away anything lower we were living on my husband's seasonal income and needed to put away an emergency fund and savings to survive his off seasons while renting a bedroom he would cash his check pay our bills and the rest was divided between us and cash i would also keep our receipts and add them up every week you become more aware of how much you're spending when you keep a record of each purchase this made us contemplate whether said purchases were worth the money and if we should wait for a sale or save later on by the end of the first month we had over one thousand two hundred dollars in cash stashed away by living light poppers and survived the winter without an income now we're renting a two-bedroom home in a nicer neighborhood and saving for our family and a car if you wanted to buy something let's say a new sneaker laptop or anything you can think of as a once instead of needs wait for at least a week before you actually purchase it because if you wait around that time your mind will either forget about it or you eventually lose the interest to buy it you can also try putting your money into investment first after receiving the paycheck and only leave money that you need for the next month most of the endorphins boost that you get isn't from owning the stuff that you bought it comes when you're browsing the catalogs browsing for different sneaker options etc you can already get the fun by just browsing instead of buying this simple method has actually saved me from buying stupid unnecessary stuff that i won't even use or need it hope it helps you guys as well one if you can't handle your tap water get a water filter some people do live in areas where the tap water is less than palatable if that's your situation simply ask around for a good water filter that makes the tap water more pleasant for drinking and invest in that filter if you consistently drink water instead of other beverages it won't be long before the cost of the water filter is completely absorbed by the savings coming to you from the tap if that filter turns drinking from the top into a routine for you it's going to be well worth it 2. try the store brand version of every product you use and stick with the ones that actually meet your needs whenever you're in the store and considering which brand of a product to buy make the choice to buy the store brand especially if you've never tried it take it home and give it a fair shake it's a very rare situation where the store brand lets you down completely at worst you'll just be mildly dissatisfied with it and buy the regular brand the next time often you won't notice the difference occasionally you may even like it better why do this the store brand of a product is almost always cheaper than the name brand of a product store brand hand soap is almost always far cheaper than mrs meyer or soft soap store brand dish soap is almost always far cheaper than dawn store brand ketchup is almost always far cheaper than heinz if you find yourself happily using the store brand version of at least some of your regular household purchases your grocery or household bill will go down and you don't even have to stick with any store brands that don't work for you set up an automatic transfer to move a little of your checking into your savings each payday this is how you build an emergency fund and an emergency fund is how you handle difficult life problems without panic and without going into debt just ask your bank if they can set up an automatic transfer into your savings account on a regular basis then set it up to transfer 20 or 50 or 100 into your savings account each payday or each time you have a deposit over a certain amount then just forget about the savings account until a crisis hits when that crisis hits that's the time to tap that savings account it'll be there for you when you need to pay for an unexpected car repair or travel across the country for three days to be with a relative where you suddenly lose your job and need to make the rent clean out your closets and sell everything you haven't used in the last few months people often accumulate unwanted items in their closet over time the items that they use stay at the front or not even in the closet at all while undesired items gradually slip to the back cleaning out your closet and pulling out those forgotten items is a great task to take on every once in a while when you do so not only do you free up space in your closet and probably make the cost of eventually moving substantially lower you also put some money directly in your pocket which you can use to pay off debts and save money on insurance just go through your closet identify things you haven't used in the last few months and sell off those items on craigslist or ebay [Music] if you're going to college make sure you pick a major that will make you a good living going into loads of debt for a degree that will just lead to you staying in a low-paying minimum wage job isn't worth it if you still want to study underwater feminism maybe try double majoring in a stem field in underwater feminism or business and underwater feminism you could also minor in it if you don't want to be a double major so you can still study what your passion on the side i double majored in guess geographic information systems and spanish i love both majors and career fields very much the guest degree will make me way more money but i can still use spanish on the side don't go into thousands of dollars of debt for a degree that will end up keeping you broke you can still do what you love but pair it with something that will earn you enough to pay your bills have upward mobility and live don't give up your passion but don't go broke for it either cooking weekly instead of every single day if possible wait your food with a scale it will give you an idea of how much you eat cook once a week that huge amount of food and make sure you keep it in glass containers it won't go bad it is a hassle at the beginning but the amount of time and money you save is priceless pro tip do not peel anything until you actually eat it works wonders with sweet potatoes and hard-boiled eggs hope it helps my fellow ice cream sandwiches buy in bulk it may not sound too smart but you'll get more value for your money take toilet paper or paper towels for example if you buy one roll you might think you're saving more than if you buy a big package of them but the truth is eventually buying things singularly it's going to add up to be more than what you can buy a bulk pack for this is something i picked up while not having a lot of money and i still do it to this day this saves you both time and money when cooking at your local grocery store buy a big pack one kilogram of frozen vegetables they cost two bucks tops buy a big pack of french fries or any form of potato same price there finally buy some protein i am vegetarian but meat eaters can find quality meat for a decent price all of this should cost you around six to seven dollars at home put everything in the oven and just like that you have several meals that are ready to be eaten it's great for both work and when you don't feel like cooking also don't be scared to buy brands that are not well known through commercials and stuff just because you don't know the brand it does not mean that it is awful not having a car i am in college and used to have a car until i got into a car accident my parents said they would get me another one after i got a scholarship i got the scholarship a year later and don't get me wrong i want the car but i have been saving over 150 a month by walking to places instead of driving a car is way way more practical but it's far more expensive than you realize i told them to hold off on getting me a car until i needed one when i became a flight instructor at which point i won't be able to rely on the school shuttle to go to the airport and i would make more money that would compensate for owning a car in a twisted way that car accident was probably one of the best things that happened to me i was able to save up a lot of money invest some of it and do amazing things with friends like rent airplanes i am a pilot and have a lot of money left over even when i get a car again i don't plan on using it as much as i did before when you don't have the means to drive you realize how many useless trips to make and how much you spend on gas paying into your pension fund as soon as possible if you have a job with a pension or a private pension the general rule of thumb is to save a percentage of your wages that's equal to half your current age i'm currently 22 years old so according to the rule that would mean i would be putting 11 percent of my total wages into savings every year this is of course dependent on factors such as income if you want proper advice speak to a financial advisor shop around for the best place to bank and strategize find a bank that doesn't charge monthly fees also find a back with options with overdrafts is there a line of credit option pull from savings just decline my bank offers all of these and i haven't paid a cent in overdraft or just having an account since switching from the big wf also put your savings in an account where you might see a good return the higher apy the better if you don't want to invest or have it locked away in something find a decent savings lots of online banks have great savings account rates my best tip make a bunch of accounts i have a free savings account for each bill payment i have when i get paid i transfer the money i need for that bill into that savings account for example 75 electric 11th this means i need 75 in that account for electric due on the 11th when the bill is due set up that autopay i transfer it back into checking i'll also see a few pennies of interest at the end of the month the money left in checking after i pay my bills into savings accounts is divided into money to live and savings are fun every dollar needs a job this helps cut down on overspending forgetting payments and keeps you organized and aware of your money don't take out student loans for a bachelor's degree this may be extreme but only take out as little as possible go to community college for two to three years to do prerequisites and basic classes work part-time while you're in community college and save it up then transfer to a state school to complete your education and get your degree if necessary work part-time when you're in the state school that probably saves you thousands of dollars in debt for the love of god don't go to a private college unless you have a scholarship or if you want to get around 100 000 in debt better yet those prestigious state schools have online degrees that are cheaper per credit than community college for example the university of florida has online bachelor degrees in computer science biology psychology and many more you don't have to worry about bad professors and listening to boring lectures because the lectures are optional and most of you will watch youtube videos to help understand the material you don't have worry about board or food you stay at your parents house i know it sucks but you can have freedom now and face a lot of debt or delay gratification and have little to no debt also go to college only if you will get a high-paying job later such as engineering medicine and law these may require debt for grad school but do well in undergrad score high on standardized tests and have good extracurriculars this will help you get scholarship to college for grad school if you still can't get to it there is the military it's better to do a few years of service than to be indentured for 20 to 30 years there are programs that help you pay for grad school tuition such as the gi bill and hpsp by the off chance that you have already taken debt live below your means don't spend more money on whole foods clothes a car etc the military can pay off most of your debt if you serve for a few years live below your means and get out of debt there is no excuse if you are a college student in the u.s and you have had to take out student loans for your education if you end up with extra money after the funds have been given to your school please please for the love of everything sacred send the rest back to the loan company i know it's very tempting to keep the money and go on a spending spree especially when you've been broke for a while but seriously resist the urge if you have a need like a new computer then that's fine but after you have your computer still send whatever you have left of that money back this will greatly reduce the amount you will owe after graduation and shorten the length of time you'll have to pay it back don't go shopping when you're hungry eat at least a little something before you go get your groceries when you're hungry you tend to buy much more than you actually need also in shelves more expensive stuff is usually in areas on eye level or slightly below so that you immediately see them more cheap stuff is often below those areas greetings from a fellow retailer this is less of a hack and more of a lifestyle choice but drinking less or not drinking at all i had some health issues a few years ago which resulted in me being very allergic to all types of alcohol after that i pretty much gave up drinking including wine which is still my favorite now i drink wine or cocktails once a year i noticed by not spending money on alcohol i saved more cause cocktails and wine at restaurants or bars are expensive and i never touch hard liquor upcycling thrifting and selling my old clothes to places like depop and poshmark has saved me the hundreds of dollars over the years it is not a life-changing hack and it won't net you thousands of dollars but shopping second-hand and reselling or upcycling your clothing can cut spending and helps reduce your carbon footprint seriously fast fashion is terrible i've found brand name tops for under 20 in thrift stores and online and i've made a bunch by selling my handmade clothing or clothing that's still in good condition that either doesn't fit me or that i don't wear any more depop or poshmark are both great places to start if you're looking to sell or buy second-hand but don't have thrift stores near you thanks for listening to radio tts and special thanks for submitting your answers hit the subscribe button and activate the notification bell for more community videos click the right box for the related playlist let us know in the comments what you think about these stories
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Channel: Radio TTS
Views: 79,968
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Keywords: reddit, reddit stories, best of reddit, askreddit, reddit story, ask reddit, reddit cringe, askreddit funny, reddit funny, r/askreddit, top posts, reddit best, r/, reddit top posts, askreddit top posts, reddit top post, radio tts askviewers, askviewers, Personal Finance Hacks, Money hacks, financial life hacks reddit, money hacks reddit, reddit money hacks, real money hacks, r/askreddit money, askreddit save money
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Length: 16min 19sec (979 seconds)
Published: Mon Dec 07 2020
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