Finding it heard to keep a tight grip on your finances? We help you manage them with these tips and tricks that will help grow your bank account!
Keep On Walkin’
We seem to forget that we can be our very own form of transport system, just by walking to places within distance – or as some would refer to as ‘Bus 11’. Of course, being practical comes into consideration here too. Give yourself an estimated timing of how long you’d take to reach your intended destination by foot, and if you can afford the time to make it there, turn on your Google Maps app and give your legs the workout it deserves! Daily #Fitspo goals? Check.
Travel The Old Fashioned Way
With the barrage of promo codes flooding your inbox, it’s easy to understand why you’d be tempted to grab private hire transport nowadays. While you may still be saving as compared to taking a regular cab, don’t forget that the cheapest alternative – the bus or MRT – still exists. Ignore your laziness and make it a point to use public transport. It will literally pay off in the long run.
Photo credit: Today Online
Separate Your Savings
One financial mistake many tend to make is to only keep one bank account for both their spending and savings. Nip this in the bud by setting up a free, separate account strictly for your long-term goals, then set aside a fixed amount every month to be deposited there so you have a clear understanding of how much you’re saving each month. By doing so, you can ensure that your bank account will be healthily growing without accidentally eating into your savings.
Spend Time, Not Money
We often end up spending more money than intended while out and about, what with the countless things to see, do and eat in our busy country. But quality always trumps quantity when it comes to time with loved ones, and quality time doesn’t cost a thing! Find free activities to do together like exercising at a nearby park, exploring a museum or having a potluck picnic at the beach.
Food From Home
Photo credit: Red Book Mag
Splurging on lunch daily an take its toll on your wallet and finances, especially if your school or office is located around the CBD district. Eat the smarter and more cost-efficient way by packing lunch from home – be it mum’s home-cooked dinner from the night before or making your own bento. Packed meals tend to be healthier anyway, so your body will thank you as well. Tip: don’t spend on unnecessary canned drinks and hydrate with good ol’ plain water instead!
Buy Only What You Need
Control yourself, big spender! Before you make your next impulse purchase, think hard and clear and listen to that conscious screaming to get to to you: “Do you really need it?”. If your answer gives rise to even the slightest hesitance, then put that item back immediately. Heed the Three Day Rule – where you don’t purchase anything right away. If you’re still thinking about it three days later, then by all means, get it!
Don’t Be A Clothes Hoarder
Photo credit: Pinterest
Don’t deny it – we’ve all got questionable fashion choices from our past tucked away at the back of our closet, hidden from scrutiny. Instead of letting them pile up, make Carousell/Shopee your best friend and list them up for sale! Who knows? Your old style might be someone’s experimental phase and they might be more than willing to fork out money for your pre-loved apparel, returning you savings, wardrobe space and extra clothing funds!
Do It Yourself
If the saying “it’s the though that counts” ring true for your loved ones, they they would certainly appreciate a DIY gift made with your heartfelt intentions. Get some stationery, print photos online, and you’ve got yourself a customised present in the making. Not only will you save money by not spending on an extravagant gift, your thoughtful DIY creation will also show how much effort you’ve put into giving that special someone a truly unique gesture.
Featured image credit: Pinterest
A version of this story appears in the April 2017 issue of Teenage Magazine.
What are some of your money-saving tips and tricks? We’re always on the lookout for new methods to save, so let us know in the comment section below!