5 Easy Ways to Save Money

The easiest way to grow your savings is to recognize incremental ways to save on a routine, ongoing basis.

Wahida Hussain

Let’s call it the 21st century paradox. The moment you’re actually making money everyone seems to be after your money. You’ve got student loans to pay, living costs to upkeep, vacations to take, overpriced yoghurt to buy. We can huff and puff about inflation and a weak economy, but we often forget the power of being thrifty.

#1: Make your money stretch itself

The easiest way to grow your savings is to recognize incremental ways to save on a routine, ongoing basis. This means making changes that, once in place, don’t need much thinking. For example, getting your salary credited to a savings account that comes with better interest rates. The same strategy can be applied to larger expenses, for instance, when deciding where to live, take into account the cost of commuting (to work et cetera) and cost of living. Ask yourself, can I cut back on what I am paying for mortgage or rent? Will that require a move? Is it feasible to downsize?

#2: Dont pay for subscriptions you dont regularly use

Cancel any underutilized subscriptions. Drop premium channels from your cable company that no one’s watching. That gym membership that was on a suspiciously good offer at New Years? Ditch it and start exercising outdoors. The rule is simple: if it’s something you’re actively paying for but not really using, drop it.

#3: Go green

We know Singapore’s hot all the time but you’ll be surprised how much money you can save on utilities by minimising the use of air conditioning. As much as possible, buy energy efficient appliances. They may cost slightly more to purchase but because they use less energy you’ll save on utility expenses in the long run.

 #4: When it comes to fashion, buy better and buy less

Fashion thrives on fads, and trends come as quickly as they go. While this has made it much cheaper to purchase cool threads it also means that people shop for clothes more frequently. The rule of thumb is to buy classic fashions that don’t go out of style quickly. You can also make your clothes last longer by

   -laundering them less often

   -zip up metal zippers on trousers before laundering as zippers can tear apart other garments in the wash

   -keep colours from fading by turning bold prints and dark-coloured clothes inside out before laundering

#5:  Cook at home

For most people, food makes up our biggest expense. If you’re cringing at the thought of cooking at home to save money, just do a rough estimation of how much you spend on food per day and then project that figure to a year. The obvious savings aside, home cooked meals are generally healthier and easier on your waistline. Save time by preparing meals in bulk and store them properly so you can conveniently reheat it for meal times. When grocery shopping go easy on bulk deals; they may reduce the per unit cost of an item but overstocking your kitchen often leads to waste.

We can huff and puff about inflation and a weak economy, but we often forget the power of being thrifty!