Simple Ways to Save Money

For the fifth year in a row, Singapore is still the most expensive city in the world to live in. That said, if you want to live well off your income, you need to be better at saving and reducing your expenses. Here are just some simple ways for you to save money:

Be patient

Impulse buying is one of the many things that most get in the way with our saving efforts. Another one is buying things we don’t really need. To stop yourself from doing both of these, try to practice a little more patience. If you get really tempted to buy something you don’t need, wait for 10-15 days before making the purchase. That should be a good enough period for you to think about it and realize if you really do need it or not.

Record your expenses

One common tip that people share is to plan your budget for the things you want to buy. The problem is, some people tend to stray away from their plans because of unexpected (and impulse driven) expenses. That’s why instead of listing down what you buy, record your expenses after buying them. If you’re able to see what you’ve been spending on, you will notice which things are eating up your money and you will learn to avoid making unnecessary purchases in the future.

Go to flea markets

Flea markets are great places to shop for clothes and save money at the same time. Usually, people hesitate in buying from flea markets and thrift shops because they’re afraid of trading quality for something cheap. This is not necessarily true at all. In addition, the weather in Singapore typically limits your choice to clothing that’s convenient for the heat. So, check flea markets out!

Consider discounts

Generally, you should always try to avail of discounts and promos if you want to save some money. But, there is another side to this. Sometimes there are discounts that actually stack up and make you spend more without you noticing. Buying groceries in bulk if there’s a sale, for example, can be both good and bad. Good because you get items for cheap. Bad because you might have bought too much and the excess is wasted, meaning your money is wasted.

Turn lights and water off when not in use

So many of us leave the lights on in a room even if nobody is there. There are also some who leave their lights on when sleeping (you’ll sleep better if you turn your lights off!). Some would consider this a small thing but it really can help you save money from electricity bills. It’s the same case with water. While you’re brushing your teeth, only turn the faucet on if you’re already set to rinse your mouth.

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