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Top 10 Tips to Save Money

Katya Bowd

Posted on November 14 2016

Let’s face it, not having monetary resources is like having a paddle boat up a river without the paddles. It’s hard to go elsewhere when you don’t have the means to fuel your aspirations and sometimes might even lead to unfortunate situations. Another good analogy would be having your own home but not having enough money to pay for the endless over pouring of bills. If you constantly find yourself in the same scenario, then maybe it is high time that you reassess how you spend your money and start saving up for the future.

Saving money is considered quite complex, but not really a tough job once you get used to stashing away a portion of your monthly income. Controlling the flow of your funds and investing it on something that will do you the most good is basically what it should be all about. Don’t be the so-called “one day millionaire”, instead start saving by determining the necessities in life and what isn’t. Remember, there’s a big difference between needs and wants, the former should be given priority.

To prevent yourself from burning a hole in your wallet, follow our 10 money-saving tips listed below:

1. Eat at home as often as you can. Although fast-food and fancy restaurants may be tempting, just think about all the money you’d save up should you choose to eat at home. You don’t have to pay for an overpriced dish, the service charge, and the petrol that you’d use up just to get to your chosen resto. Put your culinary skills to the test by whipping up your own version of a fancy dish that you would most likely eat outside. It could be fun!

2. Skip the coffee shops and avoid spending $4 or so on a tiny cup of coffee that doesn’t really taste that great. Brew your own coffee at home and pour it into your favorite mug or thermos. If you are someone who needs a daily caffeine fix or extra cups to get through the day, this suggestion would definitely work for you and your wallet!

3. Pay your credit card debts on time. Don’t just pay interest by paying the minimum. As the saying goes, “Money paid in interest is money actually thrown away.”

4. Avoid overdraft fees by being aware of your current bank balance.

5. Open up a savings account if you don’t have one yet. Make it a habit of taking a fixed portion from your total monthly income and making sure to deposit it there. If you feel that you would get tempted to withdraw your savings easily, you may also opt to transfer it to a time deposit account.

6. Always make a list of items to purchase before hitting the shops, that way, you can stay focused on the essentials rather than being side-tracked by mere wants, such as the sudden promos on chips and other junk food, payday sale, or anything else that you don’t really need. Make a list and stick to it.

7. Conserve electricity. Turn off the lights and other appliances that are not in use. Don’t forget to unplug appliances from the sockets when not in use or when you leave the house for errands or trips since these still tend to eat up electricity.

8. Consume what’s in the fridge before going shopping. Be mindful of the expiration dates so you don’t waste anything.

9. Wash your laundry in bulk. This will also help save electricity.

10. Don’t forget to invest in a health insurance policy. It would be more costly if you had to go to the hospital and get treated without insurance in contrast to having a health care provider to cover your bills.

There you have it! As for you, fellow mumsy, do you have any money-saving tips that you want to share? Let us know in the comments section below!