7 Surprising Money “Rules” Most People Don’t Know (But Should Know)

You’ve probably heard common financial advice, such as: B. sticking to a budget and trying not to spend more than you make. However, other tips that can help you save a lot of money and live a financially healthy life are less known.

From daily hacks to long-term tips, we spoke to financial experts about the not-so-obvious money advice they follow. Here’s what you should know:

“A low price for a poor product is actually a bargain because in the long run you will spend more to replace cheaply made items that break easily.” Andrea Vorocha consumer finance and budgeting expert told HuffPost. “Focus on quality and spend more if it means it will last.”

Woroch tries to save on high-quality goods by purchasing second-hand products from well-known brands. For high-priced items, she recommends taking advantage of retail sales events (like Amazon Prime Day) and purchasing seasonal items (like outdoor furniture and winter clothing) at the end of the season. Other tips: Join free loyalty programs and look for online coupons before purchasing.

“Although a detailed budget will keep you on track to achieve your financial goals, an overly restrictive budget will actually quickly backfire due to burnout,” Woroch explained. “[And] If you try to change all of your spending habits overnight, it will be difficult to stick to the plan.”

Instead, she suggests making a few small changes to your spending and saving habits—and then expanding on them as they become routine.

She said it’s also important to make room in your budget for expenses that are important to you. For example, if dinner with a friend or partner is a priority, you should factor this into your budget. Find other ways to reduce your expenses, such as canceling unused subscriptions and unplugging devices to reduce energy costs.

“It is extraordinarily easy in our society these days to spend money without thinking about it,” he said Anne LesterAuthor of “Your best financial life.” “You can sign up for auto-renewal…you see something cute on Instagram, tap and boom, you bought it.”

But buying things too carelessly can lead to unconscious spending. Instead, Lester advises slowing down to make spending a more conscious decision.

One way to do this is to always make a shopping list before going to a store or purchasing items online. For onlineWhen it comes to shopping, she suggests setting aside a specific time once a week to shop. As you look through your list, ask yourself: Do I really need this? Is there a specific moment when I know I will use this? Just making the list gives you time to think about whether the purchase is worth it.

When it comes to subscriptions, it can be easy to forget about the ones that are set to auto-renew. Lester suggests doing a regular “subscription cleanup,” reviewing all of your subscriptions and canceling the ones you no longer use.

“You should automate everything related to saving so you don’t have to make a conscious decision to do it,” Lester said. “[If you don’t] You have a conversation… with yourself about what you could do with that money, and often you lose because it’s more fun to get things than to save them.”

Michael FinkeProfessor of wealth management at the American College of Financial Services, suggests setting up an automatic transfer to a high-interest savings account. For example, if you get paid at the end of the month, you can initiate a transfer on the first day of the next month.

“Money in a checking account can be tempting to spend,” he said. “By making regular transfers to a high-interest savings account, you can build an emergency fund without the pain of writing a check.”

Lester also recommends automatically transferring money into a retirement account. If you work for a company that offers a 401(k) plan, it’s ideal to enroll in the full employer match.

“Not taking advantage of a game is like leaving hundred-dollar bills on the floor,” Finke explained. “Even if you got out after a year and paid a 10% penalty, you would still be way ahead.”

If you don’t have access to a 401(k) plan at work, you can set up an individual retirement account (IRA) and still have money transferred automatically, Lester explained.

When you review your credit card statements, it’s easy to focus on the higher fees. But it’s actually important to check the smaller line items too.

“Not every fraudulent accusation is a four-figure shopping spree.” Sara Rathner, Personal finance expert at NerdWallet told HuffPost. “Thieves often test your card on a few purchases worth just a few dollars.”

These purchases are easy to miss, and missing them can result in larger fraud charges later.

Rathner recommends checking your credit card statements monthly. If you see something you don’t recognize (even a charge of a few dollars), report it to your credit card company immediately.

“[While] Most of my clients have at least a long-term one [investment] I encourage you to consider opening another investment account for medium-term goals,” seeHelp Elaine Kingcertified financial planner and founder of Family and Money Matters.

Medium-term goals could include buying a home, funding an education, purchasing an investment property or starting a business.

“When separating investment accounts, our goal is to tailor the portfolio allocation to specific goals and time horizons, ultimately saving you time and money,” she explained. For example, if you are planning to buy a home in the short term, the “real estate fund” should be invested in short-term assets.

“Personal Finance [are] personal and seasonal … [they should be] based on values [and] living conditions,” said Kara StevensFounder of The Frugal Feminista and author of “Heal your relationship with money.” Once you understand that other people’s priorities don’t align with yours, “you’ll be better able to identify the tools that make the most sense for you.”

Before you create a financial plan, Patrick YonoFounder and CEO of Sure Life Financial, recommends figuring out what’s important to you: What type of home do you want? What type of work-life balance suits you? What interests do you want to pursue? Once you have the end goal, you can figure out how to make the money you need, what kind of investments to make, etc.

Stevens added that we also need to be flexible and responsive to what’s happening in our everyday lives and in the world, and not feel bound by our financial “rules.”

“There are a lot of rules of thumb when it comes to money, but you shouldn’t feel pressured to follow them all,” Rathner said. “The best thing you can build into your personal financial plan is the flexibility to make changes when necessary.”