Benjamin Franklin once said that an investment in knowledge pays the best interest. While financial advice can often be a bore, it is extremely important that you stay on top of your financial situation, spending and budgets if you want to achieve financial security. Savvy shoppers have a whole host of tricks up their sleeve to stay organized and save cash on purchases. We reveal four financial hacks that every adult should know.
There is an App For That
Streamline your life and your finances with helpful apps that can be used right at your fingertips. With hundreds of available apps it can be a tricky task to know how to spot the gems from the duds. Manilla is one of the best apps if you want to see a visual overview of all your account balances. You can customize the interface with information from over 3,500 businesses and services including bank accounts, energy providers and even loyalty points! The Budget app provides a simple way to organize your finances and track your spending, plus the handy travel feature also lets you keep an eye on your spending while on the road. Other finance apps worth a mention include Spendy, Paypal, Money Wise, Check and Mint.
Pay Yearly and Monthly
Things like life insurance, home insurance and car insurance payments are often paid by the consumer on a monthly basis. However, studies suggest that you may be better off paying these policies in a lump annual sum. Why? Well, for several reasons. Firstly, some companies will charge an additional fee to pay in installments. Secondly, you will be getting those bills out of the way in one quick payment. You can even set up an automated money order to instantly transfer money out of your account and into your savings so that you have it ready to pay when the date comes around again.
Use Reward Cards
We all spend countless pounds on things like petrol, food shopping, clothing and bills. Why not make the most of purchases by signing up to several reward schemes. They will allow you to collect points and save cash on everyday items which can mean big savings in the long run. Some rewards cards will even let you trade in points for flights, hotels and other special goodies. Nectar, Boots cards, and supermarket loyalty cards are all worth signing up for.
Switch it Up
Some small adjustments to your everyday routine can help you to save you some big money over the course of a year. Switch up expensive take out coffees for home brewed goodness, try cycling instead of driving, cancel that gym membership that you never use. While extreme penny pinching is not recommend and special treats should still be allowed, by cutting out those habitual purchases you can save some hard earned money.
Follow the above tips and you will be well on your way to becoming a financial wizard. Good luck!