15 financial hacks for the money-strapped

One of the single greatest misconceptions about personal finance is that you can “grow your wealth” when you are low-income.  Survival, not growth, is the name of the game when you are scraping by.  Still, there are some great ways to save a few bucks here and there and, if you are willing to invest some time away from the usual daily time wasters, save some serious money over time.

• -          Use cash whenever possible.  If you plan on using a debit card, opt-out of overdraft protection.  It will save you huge, and force spending discipline.
• -          If you use “pay at the pump,” choose the credit option on a checkcard.  Purchases using this option on checkcards are often granted extra protection.
• -          On a related note, most (not all) gas stations authorize only $1 on a credit or checkcard when using the credit option.  If you have a few bucks in the bank and payday is the next day, you can “float” this purchase.  Contrary to what gas stations say, they do set the authorization amount.  The bank, however, decides when to release.  Be careful with this, too.  Many stations have gone to same-day clearing.  Watch your statement - timing is everything.
• -          Be aware that many online stores now charge “transaction fees” because they are not based in the United States.  These fees are “sneaker charges” which appear as separate line items.  If you see it on your statement and it was not included in the purchase price, notify your bank about fraudulent charges.  Undisclosed charges are fraudulent, regardless of intent.
• -          “Pay Yourself First” is a time-honored savings adage, but the “change jar” Is a proven savings practice.  Coffee cans, pasta sauce jars, etc, are outstanding ways to save change.  Be a hawk about this.
• -          Negotiate everything when it comes to bills, even utilities.  While power and gas companies are not inclined to help with monthly bills, some companies will apply a longstanding deposit in a pinch when a review of the account is done.  Cable bills usually can be negotiated downwards are least once every six months (even satellite).  Also, know the website for your state's Public Utilities Commission.  A well-placed, politely and professionally worded complaint when utilities get rude (which is frequent) gets results.  Always ask for a supervisor.
• -          If your job offers rebate cards for health surveys or program participation such as smoking cessation or weight loss, enroll!  You make some money, and you can also get healthy.  Win win!  Word of caution - watch your paycheck; some companies count this as taxable income and deduct accordingly.
• -          Car insurance companies use a risk-assessment score which includes accidents, citations and credit score.  Shop around and look at independent agents.  Many mom-and-pops know the companies which do not use credit to set rates, and the rates are typically 15% lower.
• -          Cleaning hack:  rubbing alcohol is an effective - and environmentally safer - alternative to bleach for disinfecting counters.  Hydrogen peroxide does the same job and whitens.  In both cases, use gloves – if you have a scrape on your hands you’re not aware off, you’ll find out fast.
• -          There are some scrap metals worth recycling, and others are simply better off giving to a construction crew to take off your hands.  Copper, silver, gold, are all great income sources for scrap metal.  Steel and aluminum are horrible sources – both are pennies-on-the-dollar scrap rates, and the cost in gas to transport outweighs the money made.  Same goes for scrap newsprint.  Donate to a charity or scout troop instead.
• -          Work hack:  if you work in a service or retail job, buy your uniform pants at a second-hand store.  The pants are dirt-cheap and, in most cases, you won’t care if they get stained up or ripped.  As always, turn ripped to rags.
• -          Car payments should be paid on time for one very important reason – finance companies often front-load the interest on the note and charge interest for every day you are late.  If you are late by 20 days average on a 4 year note, the principal balance left at the end can be in the thousands and this must be paid in full or the leinholder still retains repossession rights!
• -          Starbucks offers dirt-cheap refills if you stay and drink regular coffee.  Dunkin Donuts (most locations) does not.
• -          Caffeine hack:  ultra-dark chocolate offers the same boost as coffee.  A square of 85% cacao chocolate can replace a cup of coffee in a pinch.  If you can handle the taste, “bakers chocolate” – 100% cocoa, no sugar – is the best option.  For a real mocha, toss the square into your coffee.
• -          Cheap hot chocolate hack:  keep a small container of half-and-half (milk/cream mix) on hand during the winter months.  After making pouch-style hot chocolate, add the half-and-half for a super-creamy, coffee-shop quality hot chocolate.  For gas station hot chocolate from a machine, use 4 creamer shots for up to a 20 ounce cup.