Try These Ten Financial Life Hacks

As interest rates increase and prices for everyday items continue to move higher, many people are looking to make their money go farther, save more, or make their financial life easier. You might also look to manage consumer debt as part of your overall financial picture.

A financial life hack refers to a simple and effective way to manage your money better and achieve your goals faster without a lot of extra effort. While there are no true shortcuts when it comes to financial health and wellness, it can be helpful to take simple actions or habits that, when applied consistently, can lead to improvements in your financial well-being.

We’ve learned many tips over the years through talking with clients who face some of the same challenges you might be experiencing. Here are some of our favorite – and simple — “financial life hacks” you can do to improve your financial life.

One of the most powerful financial life hacks is to save money on interest. Look at what you’re paying each month in high interest credit card debt. To understand the best approach to reducing interest fees, work with a trusted national financial counseling organization like GreenPath. Caring, certified counselors will take the time to understand your full financial picture and suggest debt payoff options that work for you.

Set up a dedicated account to automate payment of your monthly recurring bills, such as rent or mortgage, utilities, cell phone bills, internet and other expenses. This not only simplifies the bill paying process, it also provides a way to “set it and forget it” when you automate a transfer deposit into the account each time you are paid. So if you are paid twice a month, split the number needed to cover all your expenses in half for two monthly automated deposits. You’ll reduce the chance for late feels, simplify your monthly administration tasks, and gain peace of mind when it comes to paying those monthly bills.

Part of the reason why online stores are so successful is because they make your purchasing experience as frictionless as possible. One way they do this is by storing your credit card information so you can conveniently “one-click.” By deleting your credit card, you create an added barrier to impulse shopping that will make you less likely to spend unnecessarily.

One of the downsides of debit and credit cards is that it makes spending seamless. This makes impulse buying that much easier, which can prevent you from keeping up with your financial goals. Studies show that people spend less when they carry cash, particularly bills that are hard to break, like $50s and $100s. To kick it up a notch, make sure to ask for new bills. The crispness makes you less likely to want to spend on unnecessary items.