Before anything else, reevaluate your saving objectives. Ask yourself why you want to save and what are your priorities. This is to ensure that you know which path to take to reach your financial goals.
Then, review your income and expenses and create an allocation plan. Move the excess funds you uncover to your bank account (preferably with the highest interest rate) to help facilitate discipline against impulsive spending.
2. SAVE ON YOUR VACATION
Follow the airline’s social media page to get updates of promos, free upgrades, and discounted fares. This will help you save money by getting the best airfare deal. You may also use your frequent flyer miles to save for your next vacation.
Another neat trick is to offer to purchase for others using your frequent flyer miles credit card and reimburse the money right away. For instance, if you are going to Bali with your friends, offer to book their flights too. This way you’ll earn more rewards or rebates than you could on your own, without spending extra money.
Use our hotel search engine that searches thousands of travel sites and aggregators to book the best price guaranteed hotels.
3. SAVE ON GROCERY SHOPPING
Use savvy shopping strategies in the supermarket such as using a coupon.
Image Credits: Chris Potter via Flickr
Also, you must beware of the marketing tricks they use such as “the numbers game” wherein they will put an irrational price of “$3.99 or $3.96”(instead of $4) to make you think that you saved more money by scoring a better deal. Read more in a Money Digest article entitled “Watch Out for these 6 Grocery Store Tricks!”.
4. SAVE CASH AROUND THE HOUSE
Reduce your electric and water bills by conserving water and switching off the lights when not in use. Use money-saving household cleaning hacks that enable you to make your own cleaning products.
Lastly, use the multi-purpose household items instead of specialty products since you can use it in many ways than one. For instance, you may use vinegar to cook and to remove blood stains on your sheets or use a toothpaste to clean your teeth and treat your acne.
Often enough, we find ourselves getting caught up with unpaid bills and empty wallets in the blink of an eye. We ask ourselves, “Where did all the money go?” We scramble to track back the cash outflow from our bank statements, collating the many receipts we could find stuffed in our wallets, and rack our brains to think back on where the majority of our money was splurged to.
The next moment, we spot something we desire and spend the money on impulse even with the knowledge of being short on cash at the back of your minds. And before we know it, we become cash-strapped.
So the question boils down to how do you think you can keep track of your personal finances and manage your spending well without feeling guilty or broke? We share some tips with you on ways to monitor your finances well.
(Source: moneypincher)
1. Start by Tracking Your Expenses
By means of a plain piece of paper or a computer spreadsheet, get the ball rolling by creating a Personal Projected Budget for each month of the year. Try searching online for free printable Budget Templates to obtain user-friendly and fuss-free spreadsheets.
We recommend that before you even begin jotting down a budget from scratch through filling in the areas with a guessed estimation, track down your current expenses beforehand to get a better overview of your spending. Record your every purchase down for a period of a month through as many forms of spending you can gather, such as your receipts and bank statements.
For example, you might have jotted down a reasonable sum of $150 for a budget hotel staycation. However, after doing a bit of online analysis, you might have realized that you require at least $250 for your preferred staycation. Do your research!
(Source: psoda)
2. Create a Budget
Now, you can get started with creating a budget you know you can stick to. You can further break down your list of expenses into sub-categories such as Transportation, Daily Necessities, Phone Bills, Insurance, et cetera and have a better overview of different areas your spending goes to. Start off aiming for short-term goals, before saving for your long-term goals such as retirement.
Begin to monitor and track your spending closely once you’ve decided to stick to your newly implemented Personal Projected Budget. Spend a reasonable amount of effort working on your target while resisting splurging on impulse. If you want something really badly, jot it down on your finances tracking list and work towards saving for the item.
For a more sophisticated approach, you can always track your expenses through the means of a software. Here are a few platforms that our team recommend. Of course, you can always choose a software you prefer and feel more comfortable with.
a) Mint
Mint is a free, web-based personal finance tool that allows users to plug in to their banks, investments and other financial accounts for an overview of your current financial position. We love their graphics that are not just easy to organize but also pleasing to the users’ eyes. Money saving just became a whole lot easier and more visually attractive to everyone!
b) You Need A Budget
Get off the financial roller coaster with an award-winning budget interface proudly presented by You Need A Budget. Although you need to pay for the usage of this software, it comes free for a month for anyone interested to try to see its suitability and whether it helps apply in your daily life.
c) BillMinder
Don’t worry about fumbling through your inbox for monthly statements now, because BillMinder helps organize statements into simple calendars to keep track of all due dates. It comes with charts and reports, notifications and more features that comes handy to users. Currently, the software doesn’t offer a free version, but you might wish to invest in a good software to save up better in the long run.
To perfect your Personal Projected Budget, make adjustments whenever necessary. For example, if a particular spending goal is easy to meet, try cutting it down further and saving a bigger sum or shifting that amount over to another category which requires setting a reasonably higher budget. To sum it all up, it’s all about setting your budget right and making effort to stick to your goals. We also recommend downloading the finance apps on your electronic devices to track your expenditure on-the-go!
Living barely within your income is not a laughing matter. When you are living paycheck to paycheck, you live a life of constant stress, worry, and dread that you might be stuck in an unfortunate debt. It is a struggle to gain control of your money and your commitments. So, here are 3 Simple Tips To Stop Living From Paycheck to Paycheck…
1. CREATE A SYSTEMATIC FINANCIAL OPERATING SYSTEM
In order to cease your worries, a huge turnover can be money flow management. You must give conscious effort to know about where your money flows in and out. Once you have control over your money flow. Then, you will be able to create a systematic financial operating system that consists of: money flow management and budgeting.
Money flow management is accomplished by using a ledger or an app. There are a couple of efficient yet free apps that can help such as: EXPENSIFY, EXPENSE MANAGER, MONEYWISE, POCKET EXPENSE PERSONAL FINANCE, and MINT.
Image Credits: wikihow.com/Do-Envelope-Budgeting
Likewise there are a couple of budgeting such as STATIC or FLEXIBLE budgeting. For personal finances, I highly recommend a simple technique called ENVELOPE budgeting. It starts by storing the cash into separate categories of household expenses that are allocated in separate envelopes.
Budgeting will surely help you gain clarity and control. Start by writing down your monthly income, followed by your monthly expenses, and then subtract the two. Plan and search for a suited technique.
2. PREPARE MONEY FOR YOUR BILLS ACCORDINGLY
Some bills are due frequently while some are semi-annually. Prepare money for your bills accordingly by noting them down. If you have a monthly bill, you may try a trick called half payments. For half payments, you prepare the payment for the bill by subtracting half of the bill’s amount to your bank account per two weeks (bi-weekly).
3. BOOST YOUR EMERGENCY FUND
Prepare for the unforeseen events and financial failures by saving at least 8% of your income per month. You shall call this category your “emergency fund”. It is better to save a certain amount of money than to have nothing save at all.
When you are young, in your 20s or 30s, retirement feels like a looooong way ahead.
Typically in your 20s, the only person you have to spend for is yourself. In your 30s, you will have new financial priorities such as the wedding, child’s schooling, house loans, etc.
If you consider all the aspects of your finances and fast-paced life today however, you will realize that it is the best time to start saving for retirement before you hit 35. Even the strategies to save for retirement are in-lined with the ideal to start saving while you are young.
Here are the 4 strategies to save for your retirement before your mid-30s…
1. PAY OFF YOUR DEBTS
It makes sense to pay off your debts or at least your high-interest debts before you save for your retirement. Since not all debts are equal, pay off your high-interest debts first followed by the lower ones.
2. SET UP A BUDGET
Systematically allocate your income onto different categories and stick to that budget. Do not spend beyond what your budget is for that month. This allows you to save regularly rather than arbitrarily.
3. SEEK FOR AN EMPLOYER THAT SUPPORTS YOUR GOALS
Image Credits: American Advisors Group via Flickr
As much as possible, look for an employer that supports your long-term goals. If your employer offers Retirement or Pension Plan then embrace this company benefit.
4. TRACK YOUR RETIREMENT SAVINGS
During your…
a. 20s
It is best to start saving at least 5% of your income or sign up for your employer’s Retirement Plan. Avoid debt as much as possible and get educated about your finances.
b. 30s
Invest your money and check whether it is in lined with your goals. Increase your contribution to your Retirement Savings while preparing for your child’s school fees.
c. 40s
Make thought-through decisions about your expenses and cut down the unnecessary. This is when you hit your savings to the maximum. By this time you should have at least S$80, 000 to your Retirement Savings.
d. 50s
During your 50s, you must prepare for the unexpected. Seek the financial experts’ help if you must. Then, plan your exit with glee because you are well prepared for it.
Note: This is just an ideal time frame for your Retirement Savings. Contemplate and reconsider the realistic measures that are suited for you.
33 Erskine Road The Scarlet Hotel 069333 Phone: 6836 4647
Casa Tartufo is helmed by Alex and Tammy who was inspired by the homely feeling of restaurants in Milan, Turin and Florence. Casa Tartufo is the Italian of “House of Truffles” so expect their signature dish to be truffles-inspired. For this coming Valentine’s Day, indulge in a five-course truffle dinner consists of their raved-about dish Burratina (Burrata Cheese with a Truffle heart), Agnello (Char-grilled Lamb Chop with Truffle Potato puree. End off your meal with a Chocolate Molten Cake with Hazelnut Gelato, served with coffee or tea & biscuits. You will definitely leave this place feeling satisfied.
2 Keppel Bay Vista
Singapore 098382 Phone: 6776 0777
Privé Grill makes a perfect venue for your date on Valentine’s Day. Located near the harbour, stroll down the water’s edge at Marina after your dinner. If your special one have an insatiable craving for seafood, Privé is set to serve up the freshest Poached Oysters and Smoked Norwegian Salmon Belly. Tuck into the main with a choice of Salt-Baked Atlantic Cod or a Josper-grilled Brandt Fillet Steak. Don’t forget to sweeten up the rest of the day with a Rose Panna Cotta dessert served with Tonka Bean Ice Cream. Did i say you can serenade by the pier under the lamplight after your sumptuous meal?
Cost: $108 per pax (6-7pm) or $118 per pax (regular seating), Menu
3. JOIE BY DOZO
(Image credit: mychefdoeuvre.com)
181 Orchard Road
#12-01 Orchard Central Phone: 6838 6966
Who say you can’t fine dine without meats? Joie Restaurant is a restaurant that goes meatless in their menu. Chef Sherwin (Previously Executive Chef from Coriander Leaf Group) creates a new concept for diners with his French-Japanese fushion cuisines. You would be surprised at how delectable vegetables can be after he put them on the wok. If you and your partner are a fan of greens, Joie Restaurant is the ideal place to be where you can chomp on the freshest ingredients such as white asparagus, zucchini, portabello and mushrooms. You don’t want to leave this place without trying their signature Rubik Cube made up of red and yellow watermelon, pair with mint gelee and feta cheese (Cubes of Duo Watermelon).
Don’t wait (pun intended) to try out the Japanese fares on the menu of Chotto Matte. If you dine at the sushi and sake bar, you will see Chef Roy Chee (Previously Executive Head Chef of Standing Sushi Bar) slicing the sashimi with pride and concentration and you know it’s good stuff that you don’t want to chotto matte. The Shiro Maguro (Marinated American White Tuna) are generously cut to melt in wholesome in your mouth. For this Valentine’s day. they are offering a four course dinner where you get to try not only assorted sashimi, but together with Grilled Wagyu Steak or Pan Fried Cod Fish Foie Gras with Mentaiyaki Sauce.
18/20 Bukit Pasoh Road
Singapore 089832 Phone: 6222 2084
If you have dined at Dozo Restaurant before, you would have known of the place as an affordable venue for fine dining. The team here were previously from Dozo so you would be glad that The Clan Restaurant is also pretty wallet-friendly, yet without compromising its quality! Expect a fushion twist of modern European and Asian fares brought to you by The Clan Restaurant. Sit down to the bountiful feast of seafood this Valentine’s Day as they prepare a six course dinner with a Baked Codfish and Lemon Parmesan Croquette drenched with Watercress sauce as the main. If you are a red meat lover, go for the Wagyu Beef with peppercorn sauce. Call it a day with their Tiramisu topped with chocolate shavings.
Nestled in Rochester Park, Nosh Restaurant and Bar sits in a two-storey black and white colonial bungalow in a lush surrounding.It is a quiet place so if you are someone who places ambience as your priority, look no further. It is also worth mentioning that service at Nosh is also impeccable, and they really make you feel invited as a guest. Check out the 4 course meal they have for this special ocassion, you start off with a sharing portion of Duck Rilettes, slow cooked to bring out its flavour before you cool down with Watercress soup. To whet your appetite further, choose between the Braised Short Ribs or the Baked Black Cod as your main. After your meal, head down to the Greenhouse Bar for a drink or two in the romantic alfresco setting. Love birds, what are you waiting for?
Cost: $198++ per couple (Including 2 glass of moscato), Menu
7. BURLAMACCO RISTORANTE
(Image credit: reserveit.sg)
77 Amoy Street
Singapore 069896 Phone: 6220 1763
With a 94% vote on Hungrygowhere, you can’t go wrong if you choose to dine at Burlamacco. Located along Amoy Street, you would be pleasantly surprised with its modern setting and warm ambience. Burlamacco also carries authentic Italian food that makes you go buono Burlamacco! Both of their signature dishes (Burrata with Red & Black Caviar and Grilled Angus Beef Tenderloin) are included in the Valentine’s Day Set Menu, so both of you are definitely in for a treat. At the end of the course, you would be served Strawberry and White Chocolate Mousse with Saffron & Vanilla Sauce. Perfect combination, ain’t it?
Cost: $108++ per pax for first seating, Menu | $128++ per pax for second seating, Menu
Indulge in a gastronomic experience when you dine at Bistro Soori. Its minimalist yet modern interior design emanate a chic and trendy vibe in its dining area, makes a perfect setting for the special day on the 14th. They literally transform food into precious gems on a plate with their fusion concept, and it not only look aesthetically pleasing, and it is simply lip-smacking! At $98++ per pax, kickstart your palates with Seared Tuna Tataki with Jelly Fish Salsa, Tibiko and Shiso Sprout. For the mains, you have a choice of a Baked Half Lobster or Braised Beef Short Rib. There’s also a glass of Prosecco or Dessert Wine and a door gift included in the 4 course meal.
