Financial life hacks. 4 ways to earn more and spend less.

Underlying strategy and financial life hacks

It’s very unlikely that a person will be able to improve their financial situation significantly if they do not have a solid strategy. Throwing random financial life hacks and trying to see what sticks is not the way for long-term stability.

Financial life hacks and thinking outside the box
Finance life hacks are thinking outside the box.

Financial life hacks are the support and out-of-the-box thinking you need to raise your financial plan to the next level.

#1: White lies are (sometimes) worth it

Picture this: you could increase your yearly income by around 30% simply by telling a little lie. Would you lie and enjoy a higher income, or would you rather live with a clean conscience? What would be more important?

This choice is known to most job seekers. When looking for a new job, eventually you will have to negotiate your salary with the employer. If you tell a little white lie about your current salary being higher than it actually is, there will be a higher chance the negotiation will conclude in your favour. Even if you say that your current salary is 10% higher than the reality, with bad negotiation skills you can add another 10%, totalling to a 20% increase from your current salary.

The choice is not that hard when you know that your contribution to a company is worth more than the salary you are being offered. Also, since most job seekers tend to exaggerate about their work experience and abilities, you would be at loss if you also did not do it.

Please take this advice with a grain of salt. Lying no matter how innocent it seems, will make a bad impression on your own conscience. Also, this life hack can backfire if the potential employer has the means or the intelligence to find out your current salary.

#2: Diversify, diversify, diversify

And I’m not talking about investment diversification. Loyalty programmes, bonus programmes, bank cards, air miles cards, etc. Every service or a company which is a mix of both spending and saving money should be diversified.

A personal example: once my bank decided to block my card completely out of the blue. With my card blocked and a waiting period of at least 2 weeks I was a bit short on cash. Of course, I could have gone to the bank branch to get my money directly from the bank account. But this would’ve taken some time out of a busy day. This situation could have been worse if I was abroad or in a place without a branch of my bank.

But I was never worried about these things! Because I have another card from another bank I use for smaller purchases. It never has more money on it than my spending limit for around two weeks. I did not have to experience stress simply because I diversified.

Loyalty programmes are the same. If you are OK with many companies having some personal information about you, then it is sensible to take advantage of any and all loyalty programmes. Some time (or no time at all ) spent filling out questionnaires is worth for saving money on purchases you would already buy.

#3: When to ask for a discount?

Every culture has certain norms related to negotiating discounts. In some places negotiations are rare, while in others it would look weird if you did not negotiate.

If you live in a place where it’s normal to negotiate in certain situations, you should take advantage of it.

A later delivery than you expected, a product with a minor problem, an offer that does not meet all of your needs – these are the situations, where you won’t be impolite if you try to negotiate a lower price.

Obviously, don’t come at the end of the day to a grocery store to harass a tired cashier. They don’t have a voice in their workplace or any decision-making power.

All places where the products are sold directly by the supplier are a good place to negotiate. Farmers markets, natural resource firms and service firms are the best places to negotiate. Don’t hesitate to negotiate if you are ordering a large order a pricey product.

#4: Referrals for the win

It may sound crazy, but you can earn a significant portion of your income through referral programmes. Try this list for great referral programmes.

Although referral programmes are often on the fifth page of a website, they are so worth it! Even if you can’t get the referral bonus straight to your bank account, you’ll still save on your purchases without doing anything significant.

How to maximise your referral gains? Go to every website and app related to spending, sales, finance, anything that requires your own money for purchases.

Check through websites for referral programmes. Almost every company these days has one.

Register for the programme.

Share your referral codes on referral websites and boards. If your friends and family don’t mind, get them to use your referral codes.

That’s it. People who want to save money are frequent visitors of referral sites. In no time at all, you will start receiving bonuses. It’s so easy to receive a bonus, even the laziest person can do it.

What else?

Financial life hacks can give you the confidence to improve your financial situation. They are easy to implement, and once you see how fun is saving money, you will be ready for a deeper look into your finances.

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