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Thursday, May 24, 2018

10 things I did to save more money

I mean like it's quite obvious that this is semi occupation hazard but also good practices that I would always keep in mind.

  1. Save at least 30-50% of your income automatically. 
    One practice that most of us don't practice and I'm kinda guilty for that as well. I used to diligently do that when I was holding an office job and things got off when I went back to school and doing freelancing work. It's a phrase and I feel that it does get harder as we grow older, but I'm striving to get this good habit back on track after my transition period as well.
  2. Have two jobs, save 100% of one salary
    Because I no longer have a fixed pay, every month I had variable amounts and they comes in at different days of the month. It makes savings much tougher and cash flow harder to keep track. What I did was to keep one incoming salary to a separate bank so it naturally become part of my savings :)
  3. Let your savings work harder.
    The simplest way is to do some "homework" and park your money in a bank that gives the best interest rate. An even better way is to set aside a portion of the savings and sign up for an endowment plan, I suggest a shorter term eg 5 years, and then review every five years, just in case of a disruption. A shorter term endowment plan works well for freelancers like myself since we do not contribute to CPF and we "lose out" from the employer CPF contribution portion too. The 5-year endowment plan serve as a "CPF contribution" with less flexibility compared to the bank but you know you can get it out in an agreed date (policy maturity date).
  4.  Buy things during sales.
    One of my shopaholic practices is that I would barely buy anything full retail price. While I am really very grateful that I have amazing family and friends around that are able to give me amazing discounts and deals, I am seldom tempted by impulse purchase which brings me to the next point.
  5. Only buy things you need 
    I'm a girl and I like pretty, fine things. I love my Louis Vuitton and Chanel bags and I cannot lie! People often buy things to impress and we don't think through when we are at the moment. If you really have to, do a price comparison first.

    p/s : Here we are talking about big ticket items.

    Some questions I usually ask myself before I buy :
    Q : Would I be able to use this item everyday ?
    Q : If not, will I see myself using it 5-10 years later ?
    Q : Is the price worth its quality ?
    Q : Do I really need it ?
  6. Do a price comparison - Taobao might not always be the cheapest!Don't get me wrong. I love Taobao and I've been getting my stuff from Taobao since my secondary school days. Back in those days we use agent to daigou for us and we have to send in our orders in excel format, for real. What I realise these days is that we have so many other e-commerce sites that makes taobao not the cheapest option anymore.
    For example , this LED lit mirror / lamp
    It was the same price on taobao and hipvan after the chinese dollar conversion, but! it was overall cheaper when I use Hipvan because there's free shipping/delivery plus there was a discount code on it. If I were to make the purchase through taobao, I would have to worry about the shipping fee and any complications (every electronic thing has this), the electric plug etc.

    Same situation for my purchase on my Xiaomi Air Purifier from Lazada too.

  7. Less is more. 
    Sell away things that duplicates or no longer in use. 
    Rarely use ? = sell.
    I could totally give it away or get some cash back for whatever item it can. The choice is up to individual, while I feel that it does make a person feel much better when you paid for a purchase and you get back cash for it.
  8. Learn to share
    Sharing is caring, indeed! One simple yet good example was carpooling, ride hitching and sharing accounts - opt in to share a Netflix Account or friends to come together for a Spotify Family account.
    Talking about gadgets, currently I had sold my cameras and is only solely using my mobile while occasionally borrowing Yongwei's #jennythedrone for travel or commissioned work. It IS an expensive toy but I think it is not whether you can afford one or not but more like the the chances of me utilizing.
    My friends and I sometimes share our wardrobe too (mostly my friends coming to borrow my clothes). There are days we need to attend one formal event once in maybe three blue moon so there's absolutely pointless to make a purchase for that occasion, so you borrow.
  9. Invest in quality productsI spend alot of money in quality items.
    Quality over Quantity anytime.
    I believe in the value of how it is made, the practicality of the material used and design behind it.That being said would need a lot of research to be done, on its brand, quality reviews etc.

    With the right brand, it is definitely worth the penny over the long run.
  10. Make more money to buy what you want.
    An extra side job, a small online business or investments instruments. No one relies on one income to make money - it is not possible. The toughest yet best way to gain more savings would be to make more money through investments or starting having a side income. 

"Savings & investment are all you're left with after a career. Education, certificates, experiences eventually become useless"  

I hope it's useful! Good luck!


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