It’s time to talk serious business, but I promise I won’t make it too stressful. In this economy, I bet a lot of people realise the importance of saving, right? If you’re already doing that, keep going and save some more. If you haven’t been saving, stick with this article to find out how to get started. First off, don’t buy what you “want”. Hold your horses and only spend money when necessary. You’ll find that refraining from buying something will actually make you realise that you didn’t need it that much. This can save you some serious money.
How to spend your money
- 1. Make a list of what to buy and stick to that list. This will stop you from buying unnecessary stuff that you will regret later.
- 2. Consider promotions carefully. Buy 1 Get 1 isn’t always cheaper. Calculate the price and weigh up the necessity before buying into the marketing ploy.
- 3. Check promotions from various places to compare which is the cheapest.
- 4. If you usually spend a lot on clothes, try the mix and match method with the clothes you already have instead of buying new ones. Fashion rotates like seasons, and you might even find a new style that you love. Times are tough, don’t spend all your money on one thing.
- 5. Cooking your own meals is cheaper compared to buying ready-made ones. Cook in a big batch and storing some for later will save you a lot of money. Plus, it may even make you healthier because now you can control all the ingredients yourself.
How to save money
Once you get your pay cheque, separate it into at least three parts like this:
- • The first part is exclusively for saving. Open a bank account that is used specifically for saving money.
- • The second part is for your monthly bills, for example, water, electricity, phone, internet, credit card and car.
- • The third part is for your daily expenses like food and daily commute.
Calculate carefully how much money to put in each part. You may find your daily expenses vary and some days you don’t even have to spend any money on that at all. You may even have some extra savings by the end of the month.
For future plans like buying a house, a car, further education or even getting married, create another account entirely for that. This will allow you to have two saving accounts, one for plans and another for emergencies, like during this time of pandemic. Be careful not to spend this savings all at once, though.
Don’t be too stressed out by the economy. Do something relaxing from time to time like shopping with a plan in mind here.
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