December 29th 2023.
The quintessential motivated individual is always looking for a way to take their money game to the next level. This usually involves setting goals and having a persistent drive to achieve them. There are many money hacks for the New Year that can help those motivated individuals reach their goals and make the most of their finances.
One hack is to bring it back to the old school and implement the envelope system. This system involves setting up a budget for each category of your spending and withdrawing money from the bank and inserting it into labeled envelopes. This will ensure that you don’t go over budget since it’s impossible to overdraft. Additionally, new apps created by the fintech industry have added a new-age spin to this old model. Fintech has greatly improved payment solutions, invoicing, and many other aspects of businesses.
Another money hack is to take advantage of credit card rewards for everyday purchases. This is something that can be employed as a New Year’s resolution. Even though it may take some time, the points will add up and could eventually lead to free trips. It’s important to choose the right credit card and use it correctly, such as setting up all your bills on auto-pay. Just remember to pay off the balance each month, so you don’t pay unnecessary interest.
Negotiation is an art form that can save you a lot of money. Chris Voss’ book Never Split the Difference is a great tool to learn the principles of negotiation in our daily lives. After hearing his interview on The School of Greatness Podcast with Lewis Howes, I called my cable provider and ended up with a month’s refund of service and a $100 credit.
Side hustles can help you find a couple extra bucks to save in your budget. Examples of side hustles include freelancing, starting a small business related to a passion, or moonlighting as a bartender. It can take away some of your personal time, but sacrificing now for the betterment of your future can pay dividends.
Finally, making an extra mortgage payment every year can save you time and money. Per Interest.com, their calculations show that a $200,000 30-year home loan with an interest rate of 5% would cost $186,512 in interest with the traditional 12 payments a year. Making the equivalent of 13 monthly payments every year would result in the loan being retired in 26 years and a savings of $32,699 in interest.
These are just some of the money hacks for the New Year that can help motivated individuals take their finances to the next level. Good luck!
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