Ever had someone promise you they can turn your life around?

...there's always a BUT

“I can turn your financial life around BUT it requires you to cut out all coffees, stop purchasing anything remotely unnecessary in your life and pretty much never have fun ever again”

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Yehhh…nah. That’s a hard pass.

That’s why we’ve created a list of the 3 best money hacks of 2024 that could change your life, but not your lifestyle.

In other words, these are all quick fixes that take little effort but can make serious impacts on your financial position.

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1. Increasing your income

Stop coming at us! We know it’s easier said than done. But the truth is, there are only two ways to improve your financial position. You either increase your income OR you decrease your costs.

While it’s good to put in place mechanisms to reduce your expenses, asking for a pay rise can be a pretty straightforward to increase your financial position. And you might be surprised with the response.

First things first - you need to prepare your justification for the pay rise

• Has it been over 12 months since your salary was last reviewed? 
• Is the market rate for your salary above your existing salary? 
• Are you exceeding all targets set for you? 

This is all great ammo to take into a salary review meeting - but these negotiations don’t happen overnight. You should be starting to plan at least 3-6 months in advance. 

Even if you negotiate a 5% increased salary on the average Australian salary ($98,000) that would mean an extra $4,900 in pre-tax dollars. Kaching!

2.  Shop around

Ever heard of the loyalty tax? Yep, it’s literally a premium that you pay for being a loyalty customer. 

You see, financial service providers like banks and insurers know that once you settle with them, you probably won’t bother shopping around for a more competitive deal. 

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The best way to avoid the loyalty tax is to shop around at least once a year on everythnig from your:

• Home loan
• Insurances (car insurance, health insurance, income insurance)
• Energy (electricity and gas)
• Broadband and mobile

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We know, contacting your bank, energy provider and phone plan provider sounds more painful than finding a parking spot at a shopping centre on the daybefore Christmas. But it’s worth it.

In fact, a Finder report from 2020 found that Australians could save up to $8,496 across four common financial services products (home loans, credit cards, health insurance and savings accounts). Not baaad at all. And it only takes a few hours of work.

Wanna learn more? We did a whoooole course on how to get a better deal

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3. Loyalty cards

On the one hand, it pays not to be loyal to a particular company in order to get a better deal. 

On the other hand, loyalty programs are actually a pretty easy way to save money with a company you’re already shopping with. Loyalty programs often get a bad rap because they can often feel like a big marketing gimmick and definitely clog to your inbox - but they can also save you some serious dough if you use them correctly. 

For example, it’s likely that you already shop at Coles or Woolworths so having their loyalty cards makes sense. With these programs, you can earn vouchers for spending money. And yes, the vouchers won’t change your life, but it might make you feel a little better when splurging on some gourmet cheeses.

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On top of that, many loyalty programs give you freebies on your birthday (we did a whooole article on it!). Anything from a free Boost juice to $15 voucher for Nandos or a free whopper burger from Hungry Jacks. 

So sometimes it's the little things in life that can actually bring you the simplest rewards! Happy saving!