How to effectively manage finances: useful life hacks

Smart financial management practices can significantly improve your financial situation. UAportal has prepared useful tips for automating savings and reducing daily expenses.

Automate your savings

Automating your savings is a great way to constantly set aside money for the future. Set up automatic transfers from your current account to your savings account to avoid the temptation to spend money before it is saved and to gradually accumulate funds.

Reduce daily expenses

Review your monthly bills to find unused or unnecessary services and cancel them. Instead of buying expensive food and drinks for your trip, consider packing a lunch and making coffee at home. Small changes like these can add up to significant savings over time.

Use the 72-hour rule for impulse purchases

Using the 72-hour rule for non-essential purchases helps control impulse spending. Whenever you want to make an impulse purchase, wait 72 hours before making it to carefully weigh the need and value of the item. This waiting period often makes the desire to make a purchase disappear and ultimately helps you avoid unnecessary expenses.

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