Here is our ultimate collection of money tips and personal finance hacks, compiled in a list for an easy read. These tips cover topics such as making money, paying off debt, setting up a side hustle, saving for retirement, making wise investment and creating emergency funds and other forms of savings.

  1. To save money, spend more time at home

Going out on weekends for fun opens up plenty of opportunities to spend money, whether it’s on food, entertainment or a great sale that caught your eye at a retail outlet. To stop yourself from spending money unnecessarily, simply stay at home on weekends.


  1. To repay your credit card bill, make larger payments more frequently

If you hold credit card debt, interest charges add up every month that the bill is not paid in full and this can quickly multiply your debt because interest rates on credit cards run in double digits, sometimes as high as 20%. Instead of meeting the ‘minimum payment’ on your credit card debt, make more frequent and larger payments, which will not only allow you to lower the amount of accrued interest, but will also result in faster debt repayment.

  1. A high credit score will get you a lower interest rate on your loan

Not only do people with better, higher credit scores get approved for loans with lower interest rates, they may also receive better repayment terms. For instance, if you choose to apply for a balance transfer card, your introductory period may be longer if your credit score is higher, or you may be offered a concession on your balance transfer fee. Overall, people with high credit scores receive more favorable loan repayment terms compared to people with low credit scores.

  1. Carrying cash helps curb your spending


There are two reasons why carrying cash when going out shopping, helps limit one’s spending. Firstly, it’s easier to spend more when you use plastic money (credit cards or debit cards) compared to actual cash because you don’t feel the ‘pain’ of counting your hard-earned money and handing it over to someone when you make a purchase. Simply swiping the credit card and having your money transferred electronically to someone else’s bank account does not create the same feeling as parting ways with cash in your wallet. Secondly, by relying solely on cash during shopping trips, you will be forced to limit your spending to the amount in your wallet, which is like setting a predetermined budget for the shopping trip and sticking to it.

  1. You can lower (negotiate) your credit card interest rate

Reducing your credit card interest rate can reduce the rate at which your credit card debt grows. Fortunately, this growth rate (interest rate) is negotiable. Many credit card companies will oblige your request for a lower interest rate on your card if you simply ask them to do so. Sometimes, a little negotiation is required by highlighting your loyalty as a customer or your responsible credit card usage history, in return for which your reward is a lower interest fee. Alternatively, you can point out competing credit cards that offer lower interest rates, or share the fact that the high interest rate will make it very likely that you will default on your future credit card payments. All of these may get you a lower interest rate on your credit card.

  1. To determine the value of a purchase, calculate the cost by looking at the ‘hours worked’ to earn the price

When making the decision to make a big ticket purchase, do not simply look at the price tag of the item. Instead, look at the value of the item based on the numbers of hours you worked to earn the equivalent amount of money. The retail price of any item does not necessarily depict the true cost of a purchase to you – the amount of effort you put in to make that purchase, does. For example, if a new phone catches your eye, ask yourself, ‘Is it worth 70 hours of my life?’ This approach helps control impulsive buying that can ruin your budget planning.

When you determine the price of something new based on the numbers of hours you worked to earn the equivalent amount of money, instead of the retail price, you can’t understand the true cost of a purchase. This approach puts the purchase into perspective, such helps control impulsive buying and keeps your budget easy to stick to.