Saving lifehacks

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DrewChan

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Does anyone have any money saving tips/tricks, or just nuances you have developed in order to keep as much money in your bank as possible?

Share your experience :D
 
Quit drinking, smoking, eating out at fancy restaurants all the time, buying things you don't need/cant actually afford. Stop making debt if you don't understand the interest.

That pretty much sums up my savings lifehack
 
Never let anyone (in a personal, non-work or non-recruitment type scenario) know what you really earn. If forced to divulge, 50% of the real figure will do.
 
Declare bankruptcy for a year. Save as much as possible. Spend only on essentials.
If you do that you should have a decent amount of seed money to invest for later.

'Spend only on essentials.' - That just described my life.
 
Compton_effect said:
Declare bankruptcy for a year. Save as much as possible. Spend only on essentials.
If you do that you should have a decent amount of seed money to invest for later.
Click to expand...

As long as you're not ever hoping to be a company director at some point in the future...
 
If you have a mortgage to pay, don't put any money into other saving plans. First finish paying the mortgage. Put all extra money in there.

If you are currently swiping your credit card and repaying your month's shopping at the end of the month (which requires you to be very strict), you can also 'save' your whole salary in your mortgage account for 30 days, then take it out and pay off the credit card and do the same with your next salary. Interest on mortgages are calculated per day, so for 30 days your interest was less when you do this. Maybe just a bit
 
tnt11 said:
And then after that, don't get divorced. That one's a killer.
Click to expand...

As a lawyer told me once: The only people that make money from divorce is the lawyers. (no, I'm still happily married).

Regarding tips. Two things that work well.

1) Budget (and keep to it). By budgeting correctly, you are able to limit yourself to impulsive shopping and also prevent excessive spending on items.
2) Put away the savings just after you received your salary (budget permitting). The old saying, money burning in the pocket, is relevant. Human nature leans towards spending if it is available. If you don't 'have' the money, you won't spend it. I tend to keep just the correct amount available as per my budget.
 
If you see a special you just HAVE to have, put the card back in the wallet, put the wallet back in your pants and go do something else for 5 minutes (If you're at the shops, go for a walk. If you're at home, fap.). Chances are you won't want to spend the money as much when you get back.

To cut down on social spending, find a good excuse. "No thanks Jeff, can't have that third beer, I'm try to get fit again. Think I'll have some water instead."

Cut down on short drives. "Just popping out" can turn into 50kms, once a weekend and that could be over R200 saved in petrol.

DON'T look at specials, remove the temptation to spend money by not knowing all of the great deals out there.

Don't get into the habit of letting people pay you back later. They won't.
 
creeper said:
As a lawyer told me once: The only people that make money from divorce is the lawyers. t.
Click to expand...

That is the truth. Seeing my brother spending R100k+ on lawyers was insane...

back on topic
And if you can save, put money in home loan....
 
YNAB looks like an awesome piece of software, but a bit expensive. The money rules they offer on their site is quite cool
 
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