What are some great hacks in the world of personal finance

Personal finance is the process of planning and managing personal financial activities of income generation,spending, saving, investing, or protection. The process of managing one\'s personalfinances can be summarized in a budget and financial plan.WhenPlanning Personal finances, the individual would take into account the Suitability of various banking products (checking accounts,savings accounts, credit cards, and loans), insurance products (Health insurance,disability insurances, life insurance), and investment products (bonds,stocks,real estate) as well as participation in monitoring and management of credit scores, income taxes, retirement funds and pensions.Before a specialty in personal finance was developed invarious disciplines which are closely relates to it, such as family economics, and consumer economics, were taught in various colleges as part of home economics for over 100 years. Building investment habits, especially in your twenties is very important for long term success. Many youngsters are not adequately prepared to handle their finances due to poor money management. Some Great Hacks in Personal Finance= 1. Automate Savings. 2. 50/30/20 Budget Rule. 3. Use credit card Rewards wisely. 4. HighInterestdebt. 5. Optimize Emergency Fund. 6. Employer Match on Retirement. 7. Avoid Lifestyle Inflation. 8. Leverage Tax- Advantaged Accounts. 9. Negotiate Bills. 10. Set Financial “Fire Drills”. 1. Automate savings = • Pay Yourself First: Set up automatic transfers to a savings account immediately after your paycheck is deposited. • Round-Up Apps: Use apps like Acorns or Revolt that round up your everyday purchases and invest the spare change automatically. 2. 50/30/20 Budget Rule = • 50% for Needs: Allocate 50% of your income for essential expenses like rent, utilities, groceries, and insurance. • 30% for Wants: Spend 30% on things you enjoy, like dining out, travel, or entertainment. • 20% for Savings/Investments: Use 20% for building savings, emergency funds, or investments. 3. Use credit card Rewards wisely = •Cashback Cards: Maximize rewards by using cashback or points-based credit cards for regular purchases. Just ensure you pay off the balance each month to avoid interest. •Card Stacking: Use different credit cards for different types of purchases (e.g.one card for groceries with 5% cashback, another for travel rewards). 4. High Interest debt = •Debt Avalanche: Focus on paying off debts with the highest interest rate first. This minimizes interest payments over time. •Debt Snowball: Pay off the smallest debts first for quick wins, then roll over the payments to larger debts. This provides psychological momentum to keep going. 5. Optimize Emergency Fund=Keep 3-6 months’ worth of expenses in a high-yield savings account for easy access in emergencies, while earning some interest. 6.Employer Match on Retirement = • If your employer offers a 401(k) match, contribute enough to at least get the full match, as it’s essentially fr