Do you feel anxious every time you look at your bank account and sometimes wonder, where did the money go? 🤔💸
Let's face it! We live in one of the most expensive cities in the world. We all know money is so important. We need money for food, utilities, transports, education, essential stuff and the list goes on.
It doesn't matter how much money you make, if you don't know how to manage your financial and control your spending habits, you'll end up being broke all the time, or worst, heavily in debts!
The economy is badly affected by the global outbreak, many have lost their jobs and businesses are closing down, there are many uncertainty ahead...Therefore, saving for a rainy day is necessary because you never know when an emergency may strike. A reserved / emergency fund (saving) could comes in handy to tide over the difficult times.
The most common problem that causes debt, is BAD spending habits. Unfortunately, many people spent more than they earn, hence, they fail to save at all when they overspent every month! That is a serious matter and a nasty habit that leads to financial problems.
I'm not a financial expert. I know it's not always easy to save up, especially for those who have lower incomes or doesn't have a fixed salary, but the biggest obstacle is getting started! Yes, it takes some efforts and a good saving strategy, but you need to take the first step and let it roll. Don't stress over how little you save, as long as you start, your saving will growgradually.
Here are some tips that may help you save money :
1. Limit your spending
Always set a budget on how much money you can spend per month and do NOT exceed the limit. That gives you a guideline on your monthly spending pattern.
2. Don't carry too much cash
Digital payment like PayLah, PayNow, GrabPay and GooglePay are very convenient these days. When you carry too much cash, chances are you may be tempted to spend unnecessarily.
3. Avoid using credit cards
Stop swiping the credits cards for every purchase. Keep them at home. (Use it only when it's necessary) It's all about self-discipline. Use the ATMs and debit cards instead.
4. Pay all your bills on time
Avoid late/overdue payments and always pay your bills in full. It's easier to track your spending and monthly expenses. This will prevent the outstanding bills to snowball and late fees charges.
5. Keep coin banks
I have a few coin banks around the house, I teach my kids the importance of saving money and it's always better to start saving when you are young. Save the coins and don't underestimate those piggy banks. My last coin deposit credited over $300 worth of coins.
6. Avoid impulsivebuying
Maybe you really love that dress, the sneakers or that limited edition watch, but wait for a week or two, you may change your mind. We sometimes buy things that we don't really need or rarely use, and that is a waste of money. Go for values instead of the big brands.
7. Take public buses / trains
You don't need to take a cab every day unless you are rushing for urgent appointments, feeling unwell and carry bulky stuff etc.. Buses and trains still take you from Point A to Point B. It's much cheaper and convenient too.
8. Garage sale
Sell away things you don't need, perhaps an old TV, the golf clubs or a bicycle that is sitting in the store for years. List them on free classified ads or sell them at cash converters, it's a great way to generate some cash and de-clutter the house.
9. Don't try to impress others
Don't go broke trying to look rich! What's the point of driving a posh car with an empty bank account?
10. Take good care of your health
Do some exercise, eat well and stay healthy. That could save you the clinic trips and doctors fees.
*BONUS TIPS*
Invest carefully and wisely
Before you invest anything, do some homework and market research. Be careful with investment plans or packages that 'promise' rewards/profits/interests that sounds too good to be true. Never sign anything when you have doubts. Online scams and con-artists are everywhere, don't be the next victim and risk all your hard-earned money.
If you need help or advice to manage your debts, check out this link for more information.
Keep in mind that it is never too late to start saving. Money do not save on its own unless you do it!
Set realistic saving plans/goals.Even if you only manage to save $10 a month, do it anyway because it is still better than saving none. The flowers doesn't bloom overnight, be patient, keep moving and let the saving grow...🌱
Whether you are saving up to buy a new car, a new house, for college or retirement, etc.. Saving money doesn't mean you have to live a super frugal lifestyle and feel miserable everyday.
You can still enjoy your favorite Ice-creams at Swensen's and your Cappuccinos at Starbucks as long as you manage your financial well, take control of your money and spend within your budget.
The fundamental of saving is to earmark for emergencies, unexpected expenses, financial freedom, staying debt-free and other long-term plans for the future.
Cultivate good habits and motivate yourself to save for a rainy day even when the sun is shining... Start saving today!
Do you have any personal tips on saving money? Share your comments below.😉
