What Are The Best Life Hacks For Saving Money? (r/AskReddit)


– [Narrator] What are some interesting life hacks for saving money? This is not mine, but the 72-hour rule is pretty damn helpful. Basically, the gist of it is, if you want something
that is not a necessity, instead of buying it immediately, add it to a list, in my
case I use a spreadsheet, but whatever works, then wait 72 hours. If after 72 hours, you still
want it, then you can buy it. It seems that 80 dash 90% of the time, after the 72 hours is up, I don’t end up buying the
item I thought I wanted. The reason I like doing
it with a spreadsheet is, I can then at the end of
the year, easily add it up, and see how much money I
didn’t impulsively spend. Try buying reusable objects
in place of single-use ones. It’s better for your
wallet and environment. Steel water bottles, reusable K cups, dish towels instead of
paper towels cetera. Over time the costs of
little things really add up. Don’t buy something that you normally wouldn’t buy just because
you have a coupon. Right after graduation, I
became a Slickdeals addict. Oh wow, item that is pretty useless to me is on sale, better get it. At some point, I found that my whole place was cluttered with stuff that I used once. Now, I’d rather pay full price for an item when I’m sure I want it,
than buy on a discount on the hopes I’ll want it someday. Funny enough, that is
quite cost effective. I can’t tell you the number of hard drives I have avoided buying with that strategy. When at the grocery, look at the price, oz or whatever unit it is
instead of the total price. It’s usually posted in one corner. It’s not going to save you tons of money, but it does add up. Plus it takes out the guess work when comparing similar items. If you can buy a tool to complete a repair for the same price as the repair itself, buy the tool and repair
it for free next time. I try to cost things
as portions of better, or more fulfilling
things, that is a coffee is one stroke 10 of a new game. Ten meals out is a weekend away et cetera. Always eat before going food shopping. Only drinking water is a solid one. Soda at restaurants or
other drinks add up a lot. Learn how to login to
your online banking system and review your statement regularly. You’ll see how quickly
money flows out for coffee, snacks and unnecessary purchase. Also set a budget and stick to it. Not much of a hack but
cook your meals at home. I am the laziest asshole
on earth and as a result, I was spending like $20 per day on food just to avoid cooking. You don’t realize how it adds up, even if you just bring your lunch to work every day it
makes a huge difference. I’m still a lazy asshole but now I just cook a
big batch of very basic, simple recipes throughout the week and eat them over a few days. If you can avoid it, never
take out a payday loan. I don’t smoke but live my
financial life as a smoker. Meaning every Monday I transfer the sum of one week’s worth of
cigarettes to my savings account. If people that earn less than me can afford smoking, so can I. Easy one, buy your own modem. You can get a good one
from Amazon for $100. Internet companies charge you $10 minus $12 a month to rent yours. Buy your own, return the
rented one to internet company, and get that charge
removed from your bill. Pays for itself in under a year. Get yourself a library card. It’s not just books, but
also movies, workshops, education, software, computer time, music. I’ve probably saved thousands
on all sorts of crap. If it weren’t for the library, I probably wouldn’t have been introduced to awesome books like “American
Gods,” “The Way of Kings,” “All Systems Down,” or “The Road.” I don’t spend $1 bills. I collect them in a box
and at the end of the year I usually have a few hundred dollars. Learn to cook four or five reliably delicious recipes will go a long way. Pay your savings account immediately, and treat it like a bill. Each cheque $100, $400, $50 whatever you can afford gets
put away no matter what. Educate yourself on finance as well, the best way to save money is to be savvy about it in first place. P.S. The amount that
they tell you put away, 10% is not nearly enough. Making one extra payment
on your mortgage per year will reduce a 30-year
mortgage to roughly 17 years. Live below your means. Acting broke, trust me. Nothing helps you save
more than acting broke. And there is a way to do that
without becoming a mooch. Eat at home if your friends have a dinner plan at an expensive place. Pregame if you’re going clubbing. And if anyone asks you
why aren’t you eating, drinking, coming for that
vacation just say you’re broke. I learnt this the hard way. Because I remember becoming a recluse and slowly stopped socializing
just because my friends always had these extravagant
and expensive plans and I realized it really
started weighing down on me. But eventually I learnt
that there was no shame in wanting to save money, being broke and definitely none in saying so. When buying online, leave items in the shopping cart for awhile. There is a good chance that
the website is tracking this, and will lower the price overtime
to entice you into buying. I’ve saved a lot by being patient. Like when I got a surround
sound amp for $350 that was listed everywhere
for $450 to $500, just by leaving it in the
online shopping cart for a week. Buy defective clothes. They’re usually way cheaper than regular clothes and most of the time you can’t even tell
what’s wrong with them. Usually it’s just something like the arms being marginally too long or a pattern that was from last season,
and even then most people can’t tell what’s from
this and previous seasons. Separate shit out, use
multiple bank accounts. Use one for bullshit money, use one for rent, mortgage, wtfever. Use one for recurring bills, gas, car payment, insurance, bills etc. You know one easy way to not accidentally blow your rent money on dumb shit? Keep it separate from your go party with Jeff on a Friday night money. (upbeat music)

Leave a Reply

Your email address will not be published. Required fields are marked *