Saving money is a crucial step to financial independence. No matter what your current financial status is, you need to understand that it is possible for you to grow your wealth. There are simple money-saving ways that you can employ now.
Let the round-up begin!
1. Start by accepting your financial responsibility and devising a monthly budget that is suited for your lifestyle. When you continue to make excuses to saving money or altering your spending habits, you may end up broke.
2. Eliminate your consumption of junk food and beverages such as sodas, chips, and sweets. These things are not only unhealthy but they are also costly.
3. Figure out the saving goals that are most important to you. Organize your expenses based on your priorities and your goals.
4. Spend at least 6 minutes on examining the last month’s utilities bill and credit card statement. Use your vigilant eyes to spot one expense that you can either reduce or eliminate.
5. Before purchasing anything, it is good to read the reviews and to compare the prices so that your money will not go to waste.
6. If you are taking medications on a long-term basis, ask your physician if he or she can prescribe a cheaper yet equally efficient alternative.
7. Surround yourself with financially literate friends. This is important as you can begin to adapt the attitudes and the beliefs of the people whom you are most exposed with. Know the 6 Kinds Of Friends Who Can Positively Influence Your Finances.
8. If possible, let your employer automate your salary in a separate bank account that is solely for your savings. This will lessen the temptation of immediate spending.
9. Give refurbished laptops a chance. Buy these from established and trusted retailers to ensure safety.
10. Save and reinvent the unconsumed food when you either ordered too much restaurant food or when you cooked excessively.
11. Your appliances and electronics will continue to consume energy and spike your tariff despite turning off the switches. This is why you must unplug your cables when not in use.
12. Save every last cent by putting it in a jar. If you collated your loose change of 50 cents a day, it can generate nearly S$200 a year.
13. There is no need to replace your torn clothing right away! Learning and mastering the basic sewing stitches can help you extend the life of your favorite clothing.
14. The sharing economy allowed people from all over the world to rent their own homes. Cut accommodation costs as well as energy consumption by availing the services of Airbnb, HomeExchange, or Couchsurfing when overseas*.
15. Stop hoarding or collecting unnecessary items. Start selling these items on global marketplaces instead.
16. What better message of gratitude can you convey when you pour your heart on handmade gifts? Consider creating your own gifts instead of buying them from the shops.
17. Limit your taxi rides. Using public transportation can save you at least S$5 per trip.
18. Rather than spending all your money on a fancy restaurant with your friends or co-workers, socialize by having a pot-luck.
*Be cautious at all times. Read the reviews of the room or the house you are renting before paying for it.