Money hacks come in various shapes and sizes, and you should not be sleeping on this opportunity to make more money by implementing these hacks to your daily financial routine.

Who doesn’t want to make money? Some extra income can come in handy now and then, you can save money for future usage, but it’s even better when you can earn it without exerting any effort.

A money hack is just a means to add more money to your wallet without making a significant financial commitment. If you have full-time work or a chaotic schedule but still want to generate some additional cash, money hacks are a terrific way to go. You should be able to effortlessly include at least a handful into your daily routine.

You can take the approach of incorporating a variety of money hacks into your daily routine to increase your monthly earnings. You might also attempt just one or two that take a little longer to set up but pay off.

There are numerous money-making hacks available, ranging from basic things like downloading an app or installing a browser extension to beginning a side job that generates passive revenue. You can choose some money tricks that you will appreciate and that are appropriate for your lifestyle.

You’ll soon discover yourself making money without even trying. Simple money hacks are ideal for people looking to make a quick buck or earn a few additional dollars quickly and easily.

Cancel Unnecessary Subscription Services and Memberships

Smartphones and enticing introductory offers have made subscriptions easier to sign up for than ever before. However, once the honeymoon phase is passed, expenditures can skyrocket. If getting your finances in order is one of your goals, you can start by eliminating monthly or annual membership fees.

Keep subscriptions that ensure your safety, such as home security and antivirus software, but categorise everything else into “want” and “need” categories. Keep in mind that everyone’s priorities are different. The gym rat can’t live without his or her exercise membership, but the meal delivery service may be skipped. The news junkie may not be able to live without his or her newspaper subscription, but he or she may be able to live without Spotify.

Sign Up For Rewards and Loyalty Programs

Client loyalty programmes have shown to be one of the most effective strategies for growing revenue and encouraging customer loyalty. Consumers are more likely to stick with a brand that offers a loyalty programme, according to 84% of consumers. Furthermore, 66% of customers feel that the option to receive rewards influences their shopping habits.

We know that selling to repeat customers is less expensive than acquiring new ones, which is why companies spend on loyalty and rewards programmes. Customer loyalty schemes are nothing new, despite their effectiveness.

The majority of them are divided into four groups: points, tiers, social media, and paid programmes. That’s why some shops are attempting to mix things up and come up with new and imaginative ways to promote consumer loyalty and reward programmes.

Purchase with Cash

Think twice about using your credit card to pay your taxes, mortgage, health insurance premium, or any other recurring obligation to earn reward points, miles, or cash back. Even if the service accepts credit card payments (which many don’t), a convenience fee will almost certainly overshadow the value of any award.

Avoid making rash credit card purchases. Debt is expensive. Don’t give in to the desire to spend more than you can afford just because your wallet contains a credit card with a balance. Instead, think of it as a tool to help you get more out of your budgeted spending. To keep your expenditures under control, buy using cash, especially when shopping.

Set Up Automatic Bill Payments if You Make a Steady Salary

Automated payment is exactly what it sounds like: a payment that is automatically made from your bank account or credit card account to one of your billers. Your debit card, credit card, checking account, savings account, or money market account can all be used to make an automatic bill payment. The amount due for payment is automatically collected by the biller per your payment plan.

To begin, you can use ACH transactions to make automated payments. Automated Clearing House (ACH) is a type of electronic funds transfer (EFT) to or from a bank account. When you use your bank’s or credit union’s online bill payment system to set up an automated bill payment, for example, your biller is paid via an ACH transfer.

You tell the bank or credit union how much you want to pay each month and when you want to pay it. The bank then permits the amount to be withdrawn from your chosen account and transferred to the company you must pay each month.

The second option is to use your credit card to set up automated payments. If you need to pay your Netflix or Hulu subscription each month, for example, you may set up an automated payment that charges your credit card.

You would give the biller your credit card information, including the card number, expiration date, and CVV, for automated payments made with a credit card.

The biller would then make a monthly charge to your credit card for the amount owed. Instead of paying the biller, you’d make a payment to your credit card company, which would be applied to your balance.

Sell All Your Old or Unwanted Stuff

If you want to sell your used items—from musical instruments to apparel and appliances—you have a lot of alternatives, whether you want to sell them online or through local stores and dealers. All you have to do is know where to look. Find out where you can sell your unwanted items for the most money.

Even so, if you enjoy exploring used bookstores, it’s a pleasant way to spend a day. Sort through your best clothes and resell them on the many available platforms such as Mudah, or Carousell.

Set SMART Money Goals

SMART is an acronym that stands for Specific, Measurable, Attainable, Realistic, and Timely. You’ll improve your odds of success by simply following the SMART goals template, whether you’re seeking short-term victories or creating long-term personal finance roadmaps.

#1. Make Your Goals Specific

The first step is to define your objective. This is crucial, especially if you have big goals like saving a million dollars. A hazy plan like that is certain to fail without specifics on how and when those seven figures will arrive in the bank.

#2. Build Measurable Goals

Because they’re defined, to begin with, measurable goals are simple to track. When your objectives are measurable, you can set checkpoints along the route to show that you’re on track. For example, if your goal is to save RM8,000 in a year, you can establish a 6-month goal of at least RM4,000 as a halfway point. You can even establish a daily goal for yourself. Because there are 365 days in a year, saving RM22 for all 365 days will get you RM8,030!

#3. Motivate Yourself with Attainable, Action-Oriented Goals

Now that you’ve defined your objectives, it’s time to put your strategy into action. Let’s assume you want to save RM100 per month to either pay off your credit card debt or put it into a summer vacation fund. Where will you acquire the money to pay off your RM100 credit card debt or locate RM100 in cash for your summer vacation? Will you put the money in a savings account or pay it off straight immediately to pay off your debt?

#4. Identify Needs vs Wants

A need is something that is required to survive and function.

Something that can improve your quality of life is referred to as a want.

A need, according to these criteria, is defined as food, clothing, shelter, and medical care, while a want is defined as anything else. These concepts, however, are more ambiguous than they look at first glance, and certain products may appear to fit into both categories. Allowing some time to pass before gratifying your desire for the thing is a useful strategy for differentiating desires from needs. The want for a need becomes greater over time, but the desire for a want becomes weaker.

Conclusion

While the growing of wealth is often a slow and methodical process, it doesn’t mean that every aspect of cash management has to be painful and arduous. In the end, these money hacks might be able to accelerate your journey towards financial wellbeing and help you achieve your goals at a faster rate.

 

What other life hacks would you like to share? Let us know in the comments down below.