7 Money Hacks That Definitely Will Not Work In 2018

7 Money Hacks That Definitely Will Not Work In 2018

In a perfect world, we’d be sipping cocktails on a beach house, our bank accounts full and fat every month; or living off a trust fund that our grandparents set up for us. Unfortunately, this isn’t New York city and we’re not on Gossip Girl. We live in the real world where financial planning is a real pain. Most of us are driven by instant gratification and therefore end up broke most of the time. It’s inevitable, because sometimes it’s hard to decide if we should pay our bills, buy groceries, and get that new lipstick by Kat Von D. On top of that, we are engulfed in debt – home loans, credit cards, study loans, and so on – so we need all the help we can get.

There are countless websites out there that offer creative and ridiculous money saving ideas for those of us who always end of spending more than we should. Some actually are sound, some are irrational, others are downright impractical. We’ve searched the internet and tracked down some unconventional money hacks – and here’s why we think these money hacks will definitely not work:

1. Use only cash when paying

Yes, this idea is unconventional in 2018.

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This is actually the most common advice we have come across when it comes to saving money. The idea is to carry only cash with you so you are aware of how much you’re spending. When you pay with card, you don’t actually see the cash so you don’t feel the pinch – until you check your balance and get a mini heart attack. While this may have been practical about 10 years ago, it’s almost impossible at this point of time when we’re heading towards a cashless society.

Most places actually offer a discount when you pay with card instead of cash, be it credit or debit. Grab, for example, gives you special benefits when you choose to pay with credit card or the Grab Wallet instead of cash. Lazada also gives you 5% off when you pay with the virtual wallet. So the truth is that you actually save more money by paying with your card or e-wallet.

Apart from that, it is also much safer walk around with cards rather than a chunk of cash in your pocket.

2. Stay at home

This could probably work for a select few who are probably Netflix junkies and hate interacting with people. If you love going out and catching up with your friends after work, this won’t work for you. Plus, it is also not advisable for you to stay locked up at home. Research has found that that staying indoors all day may fuel anxiety and insomnia, amongst other things. You can probably stay home for a few days, and anything beyond that may just drive you crazy.

3. Eating leftovers a restaurants

We could see this working if you’re a waiter, but not if you’re a patron at a restaurant. But if you’re waiter, you’re probably getting free meals anyway, or at least an employee’s discount. If you’re not a waiter, how does it even work? You walk into a restaurant, be seated, and then you don’t place an order? You sit and wait? Or do you order the cheapest item on the menu and wait for someone to walk away from an entree? Even if they do, the waiters clean up very quickly, so there’s no guarantee you’ll get there before they do.

4. DIY your plumbing and wiring

For both safety and financial reasons, we absolutely do not recommend doing this. You can learn almost anything from Google these days, and some people have gone as far as to perform a surgery on themselves based on YouTube videos. Simple plumbing work is okay, but then again you are not an expert to assess the severity of the situation. Wiring work should be absolutely off-limits to you unless you’ve had some sort of training. Even then, you should not risk putting yourself through that degree of risk. You can always survey and ask around for a cheap handyman, and get someone (who is experienced) to help you.

5. Don’t buy insurance, just be careful

You can be the most careful person in the world, and unfortunate incidents can still happen. One day you’re fine, running on the treadmill, the next day you’re admitted to a hospital with a broken hip. Of course there’s the option of going to a government hospital, but what if there is an emergency and you had to be rushed to the nearest private hospital? It’s always better to be safe than sorry, especially when it comes to the matter of life and death. Don’t take that kind of risk.

6. Go out without a wallet

We could come up with a million scenarios on why this move would be a disaster. Unless you’re going out for a jog or to pick up the newspaper, there’s no reason why you should leave your wallet at home. Any emergency could come up at any point, and you don’t want to be stranded without access to money. Or worse, be known as that friend who never has his wallet with him.

7. Cut your own hair

Haircuts are tricky, which is why people take courses and train to be a hairstylist. Otherwise, you might end up making a blunder – and then spend more money to get it fixed. You’re better off just letting your hair grow out, and then look up YouTube on how to manage long hair and get some styling tips.

Some people will go to great (and sometimes dangerous) lengths for the sake of stretching their budget. But who can blame them, because as the saying goes, “Money isn’t everything, but everything is money”. Have you tried any of the money hacks listed above? How did it go? Or do you have even crazier money saving tips that we’ve never heard of? Let us know in the comments below!

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