FEBRUARY 8,2018

Tips on Saving More Money

Tips on Saving More Money

by Kenneth Soo 
12 February 2018

Students loans, credit card debts, monthly bills and living expenses... Things like this tend to become our closest friends, following since college days until we get into adulthood. While living on a tight budget can be a draining matter, having a proper saving plan is always necessary to prevent any financial disaster. Here are some tips on how to save more :

 

1)   Create a budget plan

Keep track of your income flow and create a monthly budget plan. Your budget plan will help you better on reflecting your spending habits and keep your spendings in track, especially after you have set up your financial goals. Therefore, time to get yourself a notebook and start drawing your plan for better reference because you cannot possibly remember and plan everything in your head.


2)   Spend smartly

To have more is to spend lesser. Learn how to distinguish the things that you want and you need. Do you really need a new laptop for work purpose or you just want it for leisure? Ask yourself multiple questions to weigh your options before you make your purchase. Think twice, spend smart but not spend fast. 


3)   Set goals

Establishing goals is not only for self-motivation but it will also help to get a better control of your mind when it comes spending. Think about going on a year end vacation, buying Christmas gifts for your loved ones and getting out of debts and loans. Remind yourself constantly with all these goals and naturally you would spend less on smaller and unnecessary things for bigger plans. 


4)   Repair & Recycle

Do you have stuff at home that are no longer in use? Well, it is time to bring them out to recycle and repurpose! Some of your old stuff can still be useful if you spare a little time on Google and learn how to fix things or transform them. Giving your old stuff a second chance can be fun but most importantly, you should be able to save big bucks from doing so!


5)   Cooling off period

Attention to all impulsive shoppers! We understand that shopping for new stuff can be exciting but if you like to shop impulsively, institute a 24 hours cooling off period may work for you. Passed by some branded bags on the shelf and your heart wants it wants? Walk to your nearest exit now! This will give you time to ‘cool off’ first, then evaluate and decide later. Can’t shake off the idea after 24 hours? Go back and get it then.


6)   Find ways to increase your income

Ultimately, applying a part time job tops it all as you are getting an extra source of income. You can easily look for part time jobs through smartphone application nowadays, with useful features like swipe-to-apply and in-app chat function which will help to speed up and simplify your job application process. As easy as that so why not? An extra source of income will fundamentally help to manage your save up plan better anyway!   

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