$$$ The LAZIEST Way To Save $$$
Wooooo!!! I am so happy Audrey found this great article from Financial Edge on how to save a lot more efficiently and AS LAZY AS POSSIBLE.
I cant save at all guys, I am the sort of person who will join Shopoholics Anonymous if there was one cos a bulk of my salary ends up in retail therapy 😦
Got my finance wizzz to extract snippets from the article and tailor it to a more Singaporean context wherever she could…ENJOY PEOPLE AND START SAVING….for a better SHOPPING DEAL!!!! i.e your first $5,000 Chanel bag or trip to Greece?! Wahhhhh!!
1. Giro your monthly payments. Have (at least) your fixed monthly bills paid automatically to avoid spending money you don’t have! Some times when you start swiping or use your debit card you forget that balance is without taking to account these expenses. In addition you’ll also avoid paying extra money for late fees and/or interest in the event you forget to pay – and come on we all know this has happened once or twice! You can usually set this up via internet banking, it’s painless and a free way to remove the stress of bill scheduling from your life.
2. Giro your savings into another account that you don’t hold a debit card to. It’s just way too tempting to keep it in your regular account and there will always be something that you desperately need to get or it’s someone’s birthday. The infamous last words are “I’ll put the money back in!” =X Has that ever happened? It can either giro your payments to another savings account or to an investment plan – for instance mutual funds, which are considered to be less risky.
3. Eat your groceries. Buy only what you need and what you’ll eat. Some times when you walk around the store you think to yourself, this would be lovely to have JUST IN CASE I cook this later in the week and next thing you know, it gets spoilt in the fridge. Or you get a bit greedy and cook more just JUST IN CASE you want more – this will not only help cut down on the number of times you need to make a trip to the store but also help maintain that lovely figure of yours J
4. Pay off your credit card. Don’t get into the habit of leaving a balance and living off your credit cards! What a lot of people don’t realize is that if you pay your minimum monthly amount the banks won’t charge you late fees but they will charge you a ridiculous interest amount if you’re not careful. So go to the bank, check on your interest charges and PAY IT OFF.
5. Mark your calendar. Renting things for the most part is always the cheaper route for instance renting dvds instead of going to the movies all the time. But keep in mind that whenever you rent something- books, dvds or anything- it has a due date. So set your alarm on your handphone calendar (since we all know that there’s a possibility you will never open your calendar book? If you still have one) You’d be surprise how much you can save by avoiding those quickly mounting late fees. Trust me I would know – those $5-$10 late bills may not seem like a lot but they will add up. Not to mention $5 is like 2 plates of chicken rice = 2 meals (if you know where to go J)
6. Always keep an eye on those reward points. If you have an account/membership anywhere, be it at a bank or your phone company, you usually can accumulate loyalty reward points. So if you don’t check, your points might expire and you’ll never know what vouchers or free gifts you could have gotten! For instance did you know that you can get points for using your debit card to purchase certain things? And do you know almost every bank card churns out special promotions and discounts for going to certain establishments? These affiliations will save you heaps in the long run.
7. File your taxes on time. It’s tax season in case you haven’t filed your taxes! INCOME TAX! They will be out for ur $$$ if you pay late.
8. Eat at home or bring food to work. So my latest resolution for the year is to attempt to bring home-cooked food to work probably twice or three times a week. This way I save on those expensive lunches in the city area and it’ll give me a chance to sit by the river and eat without being stuck in the crowd!
9. Keep an eye on your bank book. Once upon a day we may have been able to say that taking our bank books to the bank to get it updated is too much of a hassle – first you have to walk to get to the bank, queue up and finally update the book! Would it have seemed worth it? Maybe not? But now that the technology has so willingly catered to the lazy that isn’t a problem – there’s always ibanking where you can keep track of your spending. Now the good thing about this is that it reminds you of what you spent and instills that little bit of guilt. So when you’re shopping and you think “oh I think I’ll treat myself today”? you may just realize you used that line yesterday to buy that pair of shoes you’re wearing now.
10. Quit those bad habits. Smoking, overeating and drinking are costly habits to maintain. Okay – this is obviously not the easiest thing to do. But you can save boatloads of money if at the very least you try to cut down. For instance, you don’t NEED to smoke that whole cigarette pack today. You don’t NEED to have Starbucks coffee everyday. You don’t NEED to buy that packet of cut fruits every day (of course fruits are good for you but you can always bring some from home).If even you cut it down to having your choice of vice fewer times in the week, you will begin to see an improvement in what you thought was the bottomless pit that is your bank account.
Read more the full article here.