1. The $1 A Day Plan
It’s very doable, we promise. On the first day, you save S$1. On Day 2, you put S$2 in the kitty. Every day, you add an extra dollar to be stashed away. (If you’ve been wondering what to do with all your dollar coins, this little exercise should help you to kill two birds with one stone).
By the end of the 30-day challenge, you would have saved an impressive S$465. What to do with this savings is entirely up to you, of course. Maybe you’re saving for a new piece of furniture. Maybe it could join the rest of your savings. Whatever it is, it is going to be extremely rewarding.
2. The 5-Minute Journal
You schedule activities like exercise, meditation and grocery shopping. Why not also take just 5 minutes every night to record — and reflect — on your daily expenditure? Keep track, and make improvements and adjustments. We admit that this will take a certain degree of willpower and discipline.
A useful tip would be to keep all receipts for the day in a compartment in your wallet or a little pouch. At the end of each day, record them in a nice notebook. Awareness and mindfulness are key to good financial health in the long run.
3. Save To Match Your Spending
What this means, essentially, is that you must put aside the same amount of money that you’ve spent for the day. We really love this one. Quite literally, this challenge will have you think twice before spending on a “want” you could probably live without, rather than a “need”.
If, for example, you absolutely must buy that extra cup of Starbucks coffee for $7, then you’d better make sure you have S$7 to feed your piggy bank, too. Should parting with S$14 for a sheer moment of caffeinated bliss stir a little pang of guilt in you, then walk away. Drink water instead.
4. A $10 A Day Budget
Everything is more fun when it’s a game. Yes, even saving money. So, let’s play a game of “Spend S$10 A Day Or Else…”. Simply put, you strive to spend not more than S$10 a day. It sounds challenging, but hey, this is not called a challenge for nothing. It’s hard, but not impossible. All you need is a bit of planning — every little bit counts.
For example, if you made your own lunch and have a water bottle at work, it’d spare you from having to shell out S$10 for a sandwich and another S$5 for a beverage at a fancy café in the CBD. It’s probably healthier that way, too.
Another trick: ABR. That’s Always Be Ready. You’ll notice that as soon as you get organised and manage your time with a bit more thought and expertise, you could be saving money, too. Plan the next day’s outfit and breakfast the night before. It’ll save you time in the morning and reduce (or eliminate!) the need to Grab a taxi in order to get to work on time.
Just considering the extra S$15 you didn’t spend on lunch and S$15 you didn’t squander on an emergency cab ride, you would have saved S$900 in 30 days.
5. Waste Not Want Not
Pick an item every other day that you infrequently or no longer use or wear. Admit it: out of the 20 pairs of jeans you have, only maybe 5 of them are on rotation duty these days. What are you doing with the other 15 pairs? The designer bag from 4 seasons ago you’ve completely relegated to the back of your wardrobe. What does it do for you? What about the yoga classes you’ve already paid for, and the StarHub channels you never ever tune in to? Right, thought so.
How much money is just lying around in your life like Gudetama doing absolutely nothing for you except drain your bank account? Sell them, or cancel them. We are pretty sure there are at least 15 of such items and services to say bye bye to. Start looking.
You can do this. Stay strong, and good luck!
6. Take Advantage Of Free Trials
Sign up for free trials – to gyms, online magazines, even Netflix. You get the service without having to pay a cent, and get to try out something you might want to keep. Just don’t forget to cancel the subscription if you don’t want to commit to it.
7. Sell Your Old Stuff
Stop collecting and start selling. You know you have all kinds of things at home that you used to love, but now just add to the clutter. Sell them online on sites such as eBay, Gumtree and Amazon. One man’s junk is another man’s treasure.
8. Automate Your Savings
Sometimes, we are our worst enemies. It can be too easy to give in to temptations and spend more than you should at times but before you know it, there’s nothing left for your savings and investments. We also know that pieces of advice like “mind over matter” are easier said than done. So when they do fail, there has to be a backup plan, right?
You have to be able to make adjustments and take necessary precautionary measures. In a case like this, automating your savings will come in handy. Inquire about this option at your bank, and make sure those savings do get in your savings fund before you splurge them on something else.
9. Think Long Term
The climb to success and financial freedom is not easy; it will require a lot of sacrifice, especially when you are just starting. On one hand, this means saying no to that high-end bag or pair of shoes for now. Instead of ‘upgrading’ your lifestyle for every promotion or raise you get, think long term and try to live below your means so that you can enjoy more in the future.
On the other hand, learning to be contented with a simple lifestyle might be a better idea. A decluttered, Zen lifestyle work for some, and you should give it a try.
This does not mean that you should always go for the cheapest options. For instance, rather than opting for $1 meals or eating at fast food chains, invest on nutritious ingredients like veggies and fruits which you can cook on your own.
Another approach is to find the product or services that will make you say “that was money well spent.” Instead of going for that cheap pair of shoes that will only be usable for a month or two, invest in ones that may be a bit more costly but will last for years. No, we do not mean designer items, buthigh-quality ones.
10. Learn From Others
Attending conferences and hearing what financial advisors have to say are one thing, but you can dig deeper. You may have earned a couple of degrees, various certifications and years of experience in your field/s, but successful people know that you can always learn a thing or two from people from every walk of life.
You might receive some lessons and pointers from their stories and experiences, whether good or bad, so keep your ears open!
From personal loans to the best credit cards in Singapore, SingSaver.com.sg helps you to save money. Start comparing today!