5 Money Hacks To Save More

Already heard of most of the usual tips to save? Do you want something you can start on that’s low effort but could yield high savings? Many of us already know the essentials of saving money such as budgeting, cutting down on debt, and spending on essentials first. But there are also some lesser known tips or “money hacks” that could keep your wallet fuller.

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Consider the store brand for your groceries

Although well-known branded products may usually be better in quality, don’t forget to consider store brands. Sometimes, the quality difference is small but there are huge savings. So don’t be hesitant about store brands. No one will judge you for eating store brand cereals!

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Improve home energy efficiency

Make it a habit to switch off devices that would otherwise consume energy needlessly before going to bed. Also, remember to unplug! Even if the device is not in use, it can still consume electricity as long as they are plugged in. Another way to save energy is to set your refrigerator temperature to the manufacturer's recommendation to avoid excessive cooling and wasting energy. By doing these, you not only save energy, you’re also saving the planet!

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Make your own coffee

Going through a working day without a good cup of coffee can be tough for some of us. Many of us buy our daily coffee for convenience but don’t think twice about the cost. Although the cost of one cup of coffee may seem small, they can add up quickly. For example, a conservative RM10 cup of coffee a day for 30 days already adds up to RM300!

Consider coffee machines! They are by no means affordable, but the cost savings of making your own instead of buying coffee in the long-run is huge. For even greater savings, do take the time to research costs between coffee machines.

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Cancel unused subscriptions

Many of us have made mistakes on our subscriptions such as signing up for that free trial and forgetting to cancel before being charged or even auto-renewing a subscription but not making full use of it. Set aside some free time to go through all your subscriptions and cancel those you don’t use. If you’re subscribed to two similar services, e.g. two streaming services, consider cutting out one of them.

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Save money on fuel

Most of us spend money on fuel for our transport. That’s one reason why fuel price movement always makes the news as it very much affects our wallet. So here are some things you can do to save money on fuel:

a) Make sure your tyres are properly inflated.

b) Remove excess weight from the car.

c) Timely car maintenance to avoid a less efficient engine or gearbox.

These seemingly minor adjustments could end up saving the equivalent of a monthly car payment over a year of driving.

Money hacks can add up to significant savings, but they can be wiped out by an unexpected event. That is why it is important to get insured. Starting from only RM3.90 a month, save on your insurance with i2u that includes life insurance, medical insurance, and critical illness insurance.