And with that, it is already May. What better way to start saving money (that we never actually did) than now? Being quite the spendthrift, there were days where I stared at my bank account balance with a dry throat. But gone are the days where painful scrimping went full force. Here are some tips on how I save my money!
Tip #1: Prioritise
What are the things you really want and what are the things you really need? Instant gratification is what we are all victims of. Switching up your mindset from what you want to what you need can be a way to easily afford the things you've been dreaming of. Ask yourself a question before purchasing that skirt that just launched just because its in trend. Will you still be wearing it 5 years or even 2 years down the road? Answer's usually no.
Tip #2: Budget
When it comes to saving and spending, the struggle is real. We've all been through it, from let's save $5 a day to spending it to that tempting cup of Starbucks or Bubble Tea. Finding out where exactly all your expenses are going is one way to keep track of your money closely. Are you spending more than your income? Knowing how much is coming in and flying out is an important step on becoming better with your spendings. And do you really need that Grande cup?
Tip #3: Open a Savings Account
It took 3 months for Dan and I to drag ourselves to the bank to open a joint savings account. It's a lot easier when a certain amount of money automatically draws out from your main account to this savings account every month. It's a method of helping you save without any effort. Also, we made sure that both parties must be present at the bank before any withdrawals could be made. That way, when it feels like hassle to withdraw the money from the savings account, the money will stay safe and untouched.
Tip #4: Spending wisely = Saving
While others don't see it, some things are actually worth spending on. Instead of 'saving' by buying cheap products, invest in the better quality products that will last you a lifetime. Buying cheap products will only make you buy them 2-3 times in the long run. That means you're actually spending more than saving. So be wise in your choices when it comes to shopping!
Tip #5: Unsubscribe
How often do you actually click on all the emails unless there's a 50% sale? Clicking unsubscribe is the next step to saving money. You will no longer be tempted by all the sales that are drawing you to scroll endlessly and pressing the dangerous 'add to cart' button. Don't get me wrong, online shopping can be fun but it can also be very addictive. When you realise that you're clicking on every email with a sale or promotion, that's where your card will feel the pinch after.
These are some of the tips that I personally did and are still practicing that helped me in many ways! I hope this will be useful to some of you out there. Just think about much you can save by bringing lunch to work instead of buying everyday. Small steps bring you closer to what you really want. Is it that dream vacation to Maldives or that luxury item? Use that as your motivation!