Sunday, March 5, 2017

a random post on tips on saving money

First things first, I am going to say that I am not the best at managing my own financial status and I am a spendaholic.

Why am I doing this post then? 

As I get older, I do have more responsibilities and commitments and I can't go around spending money as freely like during my college years. Those days, we know some people do do this. When we are out of cash, we could just give a phone call and super dad or mum will come to the rescue and pump in cash into our accounts. 

When you are around a quarter age, it is really embarrassing to be out of cash by almost the end of month and going out borrowing money from family or friends. It just shows how irresponsible you are as an adult. How are you able to manage your own life if you can't manage your own finances. 

I have been trying to curb my spending habits and trying to save money over the years. There are some moments that I fail miserably but there are also successful moments. 

What has actually saved me from being a broke by the end of the month or being drowned by debt, 
are : 
- never to use a credit card unless it is really necessary. 
- make sure there is a certain amount of cash in my bank account. 

So, here I am, sharing my tips on saving money and not be a total broke by the end of the month. 

The most important thing that you really need to do and know is differentiating between WANT and NEED. 
Every day there are releases in the market may it be clothing, jewelry, makeup, electronics etc.
Especially in this time and day, with the availability of online shopping and aggressive marketing strategy. It is hard to not get caught into it.

Before coming to the point of purchasing, you have to think whether you really need this item, how will it affect your everday life without having this item. Will this item be a great help to you?
Will you ever use it?

Buying items you WANT just for the sake of owning it, high chance is, you are probably going to forget about it after awhile and dumping it aside once the the "feeling of satisfaction" of owning it has gone. Which means, you end up wasting money.

So before purchasing something, remember to put aside a minute or two to think whether you really need this item. You might stop yourself from purchasing a "useless" purchase and save money.

I realized a big difference in my savings when I started this method. That is to create two bank accounts. Create one account for normal daily spending use and one for savings.
Every month once you get your salary or allowance. Immediately transfer out the amount you aim to save per month (Let's say 1/4 of your allowance or salary.) into the saving account.
Don't do it at the mid or end of month because we know there won't be any money left.
Also, a reminder, if possible, have no credit card or debit card for that account. Minimal access to it is ideal.

Online shopping is the devil.
It's so easy to put things into cart and click the purchase button. I realize that it is so much easier to purchase something when doing online shopping rather than physically shopping in shops.
Things just look so much nicer online, with all the attractive pictorials and perfect swatches.

Try going to the shops to see the actual product first instead of purchasing it online straight.
Swatch it and test it out and see if you really like it.
The risk of buying online is that you don't know the actual texture, colour and even how the product actually looks. There's going to be some chance you will be disappointed or you don't like the product enough when it comes in the mail.
If it is not available in shops, try to search for detailed reviews and swatches before purchasing.

Also, never ever practice impulse retail therapy. Don't shop online when you are sad or stress just thinking it is going to wash your sadness and stressful feeling away.
You will start buying things that you would never expect to buy or buying items you had put off buying.

Try to not follow instagram shops.
I used to follow many instagram shops and my feed would be filled with preorder post. Trust me, it is really tempting to place orders and want everything seeing all these post all over my instagram. In the end, I will place orders because I can't hold back my temptation.
If you follow many instashops, slowly delete them off your follow list one by one. If you don't see it, you won't want it. If you really want it, you will search for it.

I know food is an essential but I do not see the point of eating out everyday. There is where your money go without realizing. On that premium salad or expensive cold brew coffee. It's okay to go out and eat maybe once or twice a week but it should not be a daily habit.
Try to pack lunch to classes or work. You can also pack your own coffee in a thermos.
It will save a lot money on the long run and also it is much healthier.
Don't make time as an excuse, you can always prep meal during the weekends or spend a little more time at night to make yourself next day's meal.

Here are my few tips on saving.

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