Too often the financial burden is put on the young, with advancing pension ages, dearer health insurance premiums because we are all living longer and potentially hefty long-term care costs for both our parents and ourselves in the future, the outlook is rather gloomy.

With an ever changing and dynamic economical outlook it is important that we begin to reign in bad financial habits and take ownership of our financial destiny. Younger people are shaping the financial future with innovative blockchain technology and this shift can easily be made on an individual basis.

It is easy to fall into silly spending patterns, and easier to get into debt. Don’t be fooled into thinking that you’re a precious and unique snowflake, companies want your money, regardless of who you are; keeping on top of your finances can be really tricky…

That is, until you read these 10 fantastic hacks that will get you ahead of your mates, and help you a step up the financial ladder, towards a brighter future.

Get Interest

Many people stick with the bank account they have had since they were children, or the one they were recommended. This is definitely not what you should be doing. Instead of looking for banks that offer free stuff or money to sign up, look for the accounts with the highest interest rates. By having the right account, I have seen people earn 3% more by way of interest.

Ditch your Automobile!

Okay, this hack isn’t for everyone, some people rely on their car or truck to get to work or because they live in a remote location. But if you live in the city with a good public transport infrastructure then it really is worth considering. Owning a vehicle costs money. A lot of money! Insurance, maintenance and running costs all add up so if you can do without it, do so. It could save your $1000s each year.

Have a Monthly Budget.

Stop spending as soon as you get your wages! Have a monthly budget and stick to it, those luxury vacations your mates all show off on Instagram can be yours in no time if you budget your money better each month.

Stay at Home.

If you have the opportunity to stay with your parents a bit longer then do it. Rental costs are expensive, and a mortgage is a huge financial commitment. If the option is there, stay at home as long as possible and save the money for the right property, not the first one that comes along.

Find Out Your Tax Benefits.

So many tax benefits go unclaimed each and every year. Find out which tax perks are available to you and make sure you claim them when you file your return. Don’t pay any more tax than is necessary.

Get Away from iTunes.

It is costly, and there are plenty of great music apps available on Apple products at a fraction of the cost. (Some music streaming is free!)

Avoid Credit Cards.

Credit cards are a lenders heaven and a borrower’s hell. Designed to provide a financial solution with unstructured borrowing, credit cards often cause people a lot of financial heartache. Who was the last person you heard of having a great credit card experience? Think carefully when getting a credit card, if you absolutely have to, spend very carefully and keep on top of repayments. Spiraling debt is extremely difficult to escape from.

No Payday Loans.

Don’t even think about it. These loans are high interest and disgustingly poor value for money. Consider all other financial options available to you before even considering a payday loan. Banks offer temporary overdraft facilities, employers offer advances, and friends and family may even help you out in an emergency. Payday loans will always hurt your wallet badly.

Always Ask the Right Questions.

Remember, bank staff are paid to sell bank products. If something is pushed in front of you as a “great benefit”, be wary of it. Always consider carefully as many implications of a financial product as you can possibly conceive before taking one.

Sell your Old Stuff.

Because you no longer use it or value it doesn’t mean it should be relegated to the confines of a box in the attic. Sell anything you no longer use. Online marketplaces are accessible for everyone and allow you to find an ideal buyer for all of your unwanted stuff. Bidding sites like eBay can instantly turn selling anything you no longer need into something lucrative and enjoyable. It might even pay for the new item you want to get in replacement.

Remember, money should never be a hardship. If you’re struggling financially it is best to take stock of the situation immediately. Carefully switching even, the most basic spending habits can turn your financial tables around. As our hacks have shown, it isn’t all that difficult to get ahead financially, you have just got to be money smart!