In our journeywithmoney, we all want to retire early. Some of us turn to value investing while others might do options investing. Whichever it is, we first have to save money to invest and retire. Today, we will sharing 20 great ways to save money.
1) Transfer your money automatically another bank account when your pay comes
Have a separate bank account as a saving account. Once your pay comes, set an automatic transfer to that bank account. Preferably, you do not own an ATM card for this account so you cannot withdraw money easily.
2) Don’t watch television
What does television got to do with this? In fact everything! Most of the things we want to buy comes from little advertisement and the nice bags celebrities uses. Avoid TV and you will find that you might not have much to buy.
3) Drink water
At least in Singapore, water is cheaper than beer/wine. Use that to your advantage by drinking water and being healthy
4) Eat your breakfast
When you eat breakfast, you have a lesser chance you will snack and binge eat on the many tidbits that you might have bought and put in your office.
5) Use your carousel account
If you find that you have an item around your house that you haven’t use in a while, sell it on carousel.
6) Plan your shopping
If you have items that you already want to buy (for example, going for grocery shopping), think about the items you want to buy and stick to the list
7) Use an app to track your expenses
Using an app will send a signal to your brain that you are spending money. If the amount is big, the brain will automatically be reminded to save more for tomorrow.
8) Use a excel sheet to track your monthly expenses
Track your monthly expenses to make sure that you are spending on items that are necessary. You can download a copy for the excel sheet in the link above.
9) Get a credit card waiver
Some credit cards have annual fee, you can call into the banks to request for a credit card waiver. Click on the link to find out how you can do it.
10) Quit smoking (you know this was coming)
Smoking is expensive. Enough said.
11) Set a timer for your fan or air con
You can set your fan or air con to shut down after you are asleep.
12) Don’t use credit cards
You will only see the bill of your spending 1 month later. If you are not careful, you might overspend for your next month’s budget
13) Sign up for money saving programs
There are many programs that allows you to save money. AIA Vitality is one famous example in Singapore now to help you save money.
14) Get insurance
This might be difficult to swallow for some people since you are also spending money on insurance. Insurance will defray your expensive medical cost when it happens and potentially save you thousands of dollars of savings if you don’t have insurance. Get your financial planning checked today.
15) Cancel unused memberships
If you have one too many cards in your wallet, look at them and see if you are still using those paid memberships.
16) Shop when there is discounts
Wait for key shopping seasons and shop only when there are huge discounts
17) Take the public transport
Driving in Singapore is expensive. Unless you have a strong reason for it, use the public transport. You can get almost everywhere.
18) Look through your monthly bills
Sometimes you might find that you are not using some of the services that you have subscribed to.
19) Understand your company’s benefits
Some companies have free dental benefits or incentive. Use them
20) Don’t give up
We know it is tough. But don’t give up.
Bonus: A simple trick to save ALOT of money FAST