The 10 Best Wallet Hacks for 2023 – Earn, Make & Save Money

There seems to be a subgroup of people who have their stuff together all the time. They are never late with their payments, always comfortable financially, can buy anything they need without credit, have paid off their debts and student loans, and, most importantly, appear to get ahead in life and finances quite effortlessly.

But in the real world, that is not the reality for the vast majority of us. Many people who do not have parental or family support in their finances nowadays must be particularly conscious of their finances. Millennials and Generation Z are finding it more difficult to purchase a home than their parents and grandparents. Inflation, rising costs, stagnant earnings, astronomical student debts, and an ever-increasing need for at least a Bachelor’s, ideally a Master’s degree, all have implications.

In this article, we will examine 10 wallet hacks that you may use in your life to help you get out of this loop and create healthy and prosperous financial habits. Reading alone will not suffice; try to put them to use while also making them your own. At the same time, the goal is not merely to save money but to earn more and compound it more quickly.

best wallet hacks

See Also: Cash Producing Assets

Wallet Hack #1 – Never Pay Full Price

Purchasing nice things for yourself makes you feel good, and many of them are necessary. However, wealthy people frequently remain rich because they make wise financial decisions. Buying things at a bargain is a part of it. Almost anything you want to buy can be bought at a lower price. Also, compare prices ever so often at multiple stores and wait for the best deal. Finally, don’t be scared to approach the store for a discount; there is often an opportunity.

To further upgrade this concept, take the difference between the full price and the discounted one, and put it in your personal savings account each time you make a purchase. It will blow your mind how much money stays in your pocket, and you can save it right away.

Wallet Hack #2 – Assign a Job to Every Dollar

Tracking your income and expenses is the single, most important step toward financial success. Pros create a spreadsheet (you can find plenty on personal finance subreddits) and slightly customize it to your needs. Of course, you can use pre-existing apps to do the job, but having to open your spreadsheets and do it yourself gives you full mental ownership of your finances with no distortion.

Note every single dollar you spend. Some expenses often overlooked in budgets might add up to a large amount in a few months if not tracked. Some of them are banking fees, parking fees, insurance fees, on-the-go items such as bubble gum or random bottles of water, and so on. Include them, as well as expected expenses such as birthdays, holidays, and items that need to be replaced regularly.

Wallet Hack #3 – Break the Bad Habits

Break bad habits to make room for better ones. This probably sounds slightly terrifying. However, most people who have an addiction want to put it off for years. That doesn’t mean you have to live like a monk. Simply maintain a reasonable set of habits that keep you sane and healthy while also leaving room for prosperity. For a month, give up your excessive drinking and smoking habits, as well as your expensive coffees, and see how much money you save. You may find that it is well worth it. You can also find less expensive but better alternatives, such as purchasing a high-quality coffee machine and grinding your own beans. In the long run, you can get much better quality coffee for less money.

Researching your purchases and buying more expensive but higher-quality pieces can save you a lot of money over the long term, rather than having to replace them frequently. In addition, having a reasonable cash reserve allows you to avoid debt and to purchase items at a discount when there is a good opportunity. Sometimes the solution is not to give up but to restructure.

Wallet Hack #4 – Invest- Not Just In Yourself

The economy and society are in a major shift at the moment for several reasons. This is an opportunity to invest time and money in learning new skills to make more money in the long run. You might be better off learning something than simply focusing on getting cheaper groceries. Many careers don’t necessarily require formal training, and there are plenty of online courses. You can learn about tech/IT, marketing, languages, graphic design, and many more to make some serious side money.

Investing is not easy, but it doesn’t have to be complicated either. And don’t make the mistake of falling for the latest fads and investing all your money in crypto or some shady-fancy new stuff. Stick to the classics first and regularly invest in S&P 500, ETFs, Vanguard, Max out your 401k. After that, having the basics, you can try to invest around 10-20% of your saved capital into riskier stuff like crypto.

Investing in yourself also means paying yourself first. This should be your priority to set aside money for future you before you make any other purchases.

Most people don’t get rich overnight with one brave decision, but many smart small ones. Try that approach and also leave limited space for higher-risk & reward investments.

Wallet Hack #5 – Passive Income

Unfortunately, earning a passive income has become today’s biggest clich├ęs, right after hustling till’ death. It doesn’t have to be this way. People confuse’ true’ passive income with simply having more income streams. There aren’t many real passive income opportunities, but one of them is having a dividend portfolio. You don’t have to be an absolute finance geek to create one on your own. Several professional communities are offering help. Getting regular dividends, while your money works for you and against inflation as well, is real passive income.

Many think that real estate is a passive income, but there comes a significant amount of hassle with it. That is not passive.

One very much underrated passive income is owning copyrights and royalties to books, patents, innovations, and profiting off of them.

Creating a youtube channel with soundscapes and background music that people reuse and rewatch frequently is another way to make a passive income work for you. You only have to make them and upload them once, and over time they will generate some money, depending on the quality you provide.

Buying property and rentals are expensive, and for many, unattainable. But you can budget yourself to buy a worn-down food truck, refurbish it then rent it continually. This isn’t essentially passive since you have to put in the work previously but is hassle-free for the most part.

Wallet Hack #6 – Debt and Stress Go Hand-in-Hand

Saving and investing large sums from your paycheck is much easier if you don’t have to deduct a significant amount to pay off debts. They accumulate and are only beneficial to the debtor and not to you most of the time. Of course, there are exceptions, but paying off your debt should be your priority. It allows for a focused, clear mind and takes away a lot of anxiety. Learn more about the Debt Snowball or Avalanche methods if you have several ones crippling you. If you feel lost in your loans, read Total Money Makeover by Dave Ramsey for many small tricks to help you get there faster for a debt-free life.

Wallet Hack #7 – Always Develop Skills Without Skipping a Beat

Take 1 or 2 hours in your calendar each week and set a date with yourself that otherwise, you would have spent watching Netflix or scrolling Facebook. Take this time to learn something new, even better if it offers a certificate, or take on a gig for a few bucks to have references in that new skill. You can build references for any entry-level skill that you have learned by using Upwork, Fiverr, Freelancer, and various other sites. These gigs can finance your next course, and over time you will have valuable skillsets to earn you more in the long run.

We live busy lives, so don’t just pick something mindlessly. Try to choose strategically. Do you have a job that you love and plan on staying in it in the long run? Then find skills that help you earn more or get a promotion in your field. Hate your job? Do you have anything in mind that you prefer to do instead? Try to choose entry courses in that field to put your feet in the door.

Wallet Hack #8 – Don’t Think Money. Think Problems and Necessities

Being an entrepreneur is often one of the surest ways to make significantly more money than working as an employee. But many entrepreneurs hope that their next big idea will change the world. Unfortunately, the truth is that the majority of them are mediocre at best. If you want to prosper and invest your money in the long run, you must solve problems and meet basic needs.

Every successful business solves pressing issues that we currently face or will face in the future. So make brainstorming sessions and jot down stuff. What are the issues that those around you are dealing with? How are they to be resolved? What are the people’s necessities that can be improved? What new issues will arise in the future?

Farming lands, for example, are a great investment, and you don’t have to know anything about farming to lend them. Furthermore, waste management will undoubtedly face a crisis. How can this be improved in your city? Thinking about these things can help you become more creative and develop ideas that you can sell and profit from later. If you have an idea and a business plan, you can start a Gofundme campaign or look for Angel investors.

Wallet Hack #9 – Have a System

Create a system for your financial processes as if you were a company, starting with the basics. Allow no room for impulsive decisions or biases. Make it a habit to do it on every occasion.

Make a one-year plan, taking into account known expenses such as holidays, birthdays, fixed and regular expenses, and so on. Then, begin budgeting your expenses and income. Pay a professional to do your taxes; the good sleep will be well worth it.

When you get your paycheck, automate the process of dividing it. Allow your bank to immediately transfer funds from your checking account to your investing and savings accounts. Keep a separate bank account for all of your side hustles and gigs so that they do not deplete your savings or expenses. Set aside the extra money from those accounts regularly, such as quarterly. Don’t treat your investments sloppily. Schedule a couple of hours every 2-3 months to study more about investing and doing it yourself based on your risk tolerance.

At the same time, don’t starve yourself to get ahead, both metaphorically and literally. Exercising your willpower while ignoring your needs is a terrible strategy. Schedule some date nights, movie nights, travel, and pleasure shopping into your yearly schedule. This way, these wonderful times in life will not be associated with regrets and disappointment.

Wallet Hack #10 – Don’t Eat Your Success or Buy Your Personality

Most of us consider food to be a source of comfort and joy, rather than just a basic necessity. It’s never too late to stop rewarding yourself with meals. This leads to eating out less and making plans to cook for yourself, resulting in being healthier at a lower cost. Groceries are typically one of your largest expenses, and with the right approach, you can save thousands of dollars while also being healthier.

We have a similar relationship with things such as electronics, gadgets, clothing, shoes, purses, and so on. We attach ourselves to them and feel as if they are reflecting on our personality. Of course, that’s stupid, but we’re not rational beings most of the time. When considering such a purchase, take into account how many hours you will have to work for it, as this may deter you from making impulse buys.

Psychological Tricks To Get Better at Your Finances

One of the most important mindsets to develop is not to blindly trust yourself or rely on willpower. We are flawed and biased, continuously misled by our perceptions, wants, and minds and willpower is like a muscle that becomes exhausted after a while. Put systems in place to help you get through difficult times so you don’t have to think about it every step of the way.

However, not blindly trusting your judgment does not imply a lack of confidence in yourself; quite the contrary. Loving and consistently investing in yourself translates into wanting to take care of yourself financially, emotionally, physically, and mentally. This is the foundation of a good life and the mindset that leads to it.

Try to have good systems and protocols in place and let them do their thing while taking some time to reflect on your mental and physical state on a regular basis to be aware of any needed changes.

According to studies, shopping without children saves you 29 percent of your money. Leave your kids at home for the weekly shopping spree.

Look into your relationship with money. Inspect your urges. Don’t buy your personality with material stuff. Do you have a nagging desire to buy things you don’t need? Why is this the case? What do you want to compensate for in your life with these purchases? How do you get to the bottom of a problem and not just the surface of it? This approach may result in improvements in other areas of your life as well.


It is beneficial to seek out your own resources and further develop your skills. Try to find personal finance subreddits or buy some books on the subject. Ramit Sethi’s I Will Teach You To Be Rich and Tony Robbins’ Money: Master The Game are two books I recommend.

In today’s world, almost nothing gives you as much peace of mind and comfort as owning your money habits and knowing you are completely safe and cared for by yourself.

Side hustles’ have never been more popular. Most people consider helping others move in their spare time for money, doing some drop shipping, or working a second job. These are almost always unsustainable, especially over time. After a while, you become drained, tired, and unmotivated.

Creating wealth, particularly generational wealth with a comfortable lifestyle that suits you, should be your primary goal, and this necessarily requires a more sophisticated approach than simply working your ass off.

The wealthy do not simply work until they are exhausted; they work smartly and efficiently, with a plan in mind. You can imitate those who are extremely successful in their fields and employ their strategies, some of which are covered in this article.

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About the Author

Alexander is the founder of and has 20 years of experience in the financial markets. He aims to make trading and investing easy to understand for everybody and has been quoted on Benzinga, Business Insider, Investors Business Daily, Newsweek, GOBankingRates,, and other major publications.