Money Saving Techniques

lowbatt

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if u travel ard alot, ride a motorbike. may not be cheaper than travelling in bus/mrt n got erp, roadtax, parking also... but will definitely save alot of time. remember time=$$$
 

sabirin

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saving money very easy

easy what save money.the golden rule is 10% if have more 30% ok.dont spent on what ur have already.buy the need item.such as tv hahaha.see everyday what.radio hear everyday,mobile phone as long can hear people talking ok already.Dont be jeolous what other people have.keep record of everything u spent.
 

limyouliang

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philosophical_maniac said:
Long time since last post, and I thought I'd post one of my favourite tip here:


  • Track ALL outgoing expenses and incoming income
How I do this, is by using an Excel spreadsheet (you can easily customize one for yourself), and having different columns like Food, Transport, Entertainment, Giving, Bills, Misc., etc.

Then, each time you spend $ on something, record it down somewhere. Yes, I know it is extremely tedious. I personally do it in my handphone, and it takes mere seconds. Each time I spend more, I add it up, along with a quick description of what it is. (eg: Food $73.50, Movie $18, Petrol $85.50 etc..)

And I compile it weekly in my spreadsheet: Along with checking my bank account balance and also writing it in there. I will have a few columns: Bank balance and Cash on Hand, Expenses (split up into categories), Input/Output and Cashflow. And since i'm very kiasu, I even have a small coin bank where I include how much coins I put in, and how much my mini-coin bank has so far. Hahaa...

Yeah, thats my 2 cents. Been doing this religiously for over 2yrs now, and I can say this has helped me to be extremely accountable to myself.

Cheers to anyone brave enough to do this! Lol. :s22:
haha got any excel template to share????
 

dogfood

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philosophical_maniac said:
Long time since last post, and I thought I'd post one of my favourite tip here:


  • Track ALL outgoing expenses and incoming income
How I do this, is by using an Excel spreadsheet (you can easily customize one for yourself), and having different columns like Food, Transport, Entertainment, Giving, Bills, Misc., etc.

Then, each time you spend $ on something, record it down somewhere. Yes, I know it is extremely tedious. I personally do it in my handphone, and it takes mere seconds. Each time I spend more, I add it up, along with a quick description of what it is. (eg: Food $73.50, Movie $18, Petrol $85.50 etc..)

And I compile it weekly in my spreadsheet: Along with checking my bank account balance and also writing it in there. I will have a few columns: Bank balance and Cash on Hand, Expenses (split up into categories), Input/Output and Cashflow. And since i'm very kiasu, I even have a small coin bank where I include how much coins I put in, and how much my mini-coin bank has so far. Hahaa...

Yeah, thats my 2 cents. Been doing this religiously for over 2yrs now, and I can say this has helped me to be extremely accountable to myself.

Cheers to anyone brave enough to do this! Lol. :s22:
this is HARDCORE
 

mafia6

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philosophical_maniac said:
Long time since last post, and I thought I'd post one of my favourite tip here:



  • Track ALL outgoing expenses and incoming income
How I do this, is by using an Excel spreadsheet (you can easily customize one for yourself), and having different columns like Food, Transport, Entertainment, Giving, Bills, Misc., etc.

Then, each time you spend $ on something, record it down somewhere. Yes, I know it is extremely tedious. I personally do it in my handphone, and it takes mere seconds. Each time I spend more, I add it up, along with a quick description of what it is. (eg: Food $73.50, Movie $18, Petrol $85.50 etc..)

And I compile it weekly in my spreadsheet: Along with checking my bank account balance and also writing it in there. I will have a few columns: Bank balance and Cash on Hand, Expenses (split up into categories), Input/Output and Cashflow. And since i'm very kiasu, I even have a small coin bank where I include how much coins I put in, and how much my mini-coin bank has so far. Hahaa...

Yeah, thats my 2 cents. Been doing this religiously for over 2yrs now, and I can say this has helped me to be extremely accountable to myself.

Cheers to anyone brave enough to do this! Lol. :s22:

we have a champion here! :s22:
 

panzergrenadier

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But after saving $$$, which account should it go to ?

Day to day Savings,
Checking
Investment
Reserves
Emergency

Esp when inflation is gonna hit new high next year, i must do something or the value of my money will erodes!

ixus

It all boils down to what are your investment objectives.

Ideally, your savings should first be in your main bank account you use for salary crediting. On a periodic basis (mthly, weekly or whichever suits you) transfer that amount to build up your 3-6mths emergency fund in a higher yielding money market (Fundsupermart) or savings account (Maybank iSavvy). Once you have surplus, slowly invest in investments that you have identified is in line with your risk-return profile and your own knowledge and ability.

Build up your porfolio bit by bit and make changes along the way when your circumstances change e.g. get married, have baby, etc...

Be well and prosper!
 

tulanboy

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Bring your own water. I'm amazed how much money I can save on softdrinks just by lugging around a 500ml bottle (which was given during a volunteer activity). Each can you save at retail is $1.20 a pop...

You are so right! I have stopped ordering drinks for lunch or dinner nowadays. The cost for 2 drinks per day can hit $2.00. Multiply that by 30 days and it's $60! I've also decided not to subscribe to cable TV because I won't have much time to watch and min fee a month I think is $25 excluding other costs. I don't own a car and I take public transport (yes, I agree it sucks) but no choice...and my idea of 'public transport' excludes cabs. I've only taken cabs less than 3 times this year.

And...this is very personal and up to individual, don't get married! Unless you are very very very sure the woman is not a money whacker, you are doomed. I have friends who pay for the car loan single handedly while the wife contributes nothing. And if the wife behaves like Tai Tai even though you only earn less than 5K, it's good luck also. The guy friend feels its alright because its 'natural' for a man to pay for everything. Talk about over-macho....then consider housing loans, child education, etc!
 

panzergrenadier

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You are so right! I have stopped ordering drinks for lunch or dinner nowadays. The cost for 2 drinks per day can hit $2.00. Multiply that by 30 days and it's $60! I've also decided not to subscribe to cable TV because I won't have much time to watch and min fee a month I think is $25 excluding other costs. I don't own a car and I take public transport (yes, I agree it sucks) but no choice...and my idea of 'public transport' excludes cabs. I've only taken cabs less than 3 times this year.

And...this is very personal and up to individual, don't get married! Unless you are very very very sure the woman is not a money whacker, you are doomed. I have friends who pay for the car loan single handedly while the wife contributes nothing. And if the wife behaves like Tai Tai even though you only earn less than 5K, it's good luck also. The guy friend feels its alright because its 'natural' for a man to pay for everything. Talk about over-macho....then consider housing loans, child education, etc!

Taking public transport may be the only viable alternative for those who cannot afford to drive or take taxis since taxi fares will increase around 17 Dec 2007.

I think both spouses should hit some equilibrium in spending/saving. In reality, few couples split everything down 50-50. It is about give-take. But I believe that each couple should also have their own money. Nowadays we have to be realistic that nothing is forever.
 

tulanboy

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I agree that it Should be give-and-take in most cases but overall, especially in Singapore, I think the woman is the winning partner in a marriage. Most things are still footed by the guy even though may earn about the same salary. In the end after deducting costs and expenses, the woman will still have more in savings account...imagine either party asks for a divorce, the woman still gets monthly compensation....wowowow.
 

henrylbh

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I saved alot of things so that I can re-use or re-cycle them and my spouse said I garang guni man. I even save starhub cables and splitters and things like halogen lamps with the ballast, taps etc from my previous house.
 

trigoz

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Sounds very much like me especially when its comes to computer components... Simple analogy, as long it works and you think you may have a need for such items, just keep it in the store room.

You won't know when it will come in really handy... :)
 

henrylbh

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U cant beat me. I also unwired the whole aircon wiring that ran from the storeroom through the kitchen all the way to the bedroom that I installed additional window unit a year ago. I also remove the glass window lourves in case the ones in my new toilet broke.

As for computer parts, I got gadgets and parts in two boxes which I think I got to throw away soon or later.
 

trigoz

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U cant beat me. I also unwired the whole aircon wiring that ran from the storeroom through the kitchen all the way to the bedroom that I installed additional window unit a year ago. I also remove the glass window lourves in case the ones in my new toilet broke.

As for computer parts, I got gadgets and parts in two boxes which I think I got to throw away soon or later.

Wahhh.. you win anytime bro.. =:p
 

henrylbh

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Wahhh.. you win anytime bro.. =:p


Win not important. Dunno whether really save money or not. But definitely save 2 window lourves as my new toilet got 2 broken panes. Sent 3 panes for cutting cost $5 to fit broken ones.
 

panzergrenadier

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I agree that it Should be give-and-take in most cases but overall, especially in Singapore, I think the woman is the winning partner in a marriage. Most things are still footed by the guy even though may earn about the same salary. In the end after deducting costs and expenses, the woman will still have more in savings account...imagine either party asks for a divorce, the woman still gets monthly compensation....wowowow.

That is why even for guys may want to consider having "shi fang qian" or set aside reserves not seen by the spouse. :)
 

panzergrenadier

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I think the best way to save money is just to live a simple life, i.e. don't fill it by the endless rounds of shopping, accumulating clothes, accessories and "stuff" that we will throw away in 1 to 5 years' time.

The more I think about financial freedom, the more I want to simplfy my life... Side effect is that once you have less stuff, you tend to worry less because there's less of stuff to worry about...hahahahah
 

tulanboy

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That is why even for guys may want to consider having "shi fang qian" or set aside reserves not seen by the spouse. :)

Bullseye. You are spot on! Every existing charter is in favour of women....men are just expected to suffer financially.
 

Opps-gal

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Think the best way to save is work near your house. Ride bicycle/walk. It don't matter if transportation fares goes up.

For those renting houses, rent houses near where you work.


To add to Anthony's good suggestions on transport savers, I would like to also add:

#Money Saving Tip for Transport#
Keep your Ezlink card balance low, i.e. for me, I top up when my balance is between $5-$10. If you keep a high $50+ balance in your Ezlink, you are losing interest that can be better earned through savings e.g. Maybank iSavvy at 1.68% for balances > $5,000 or Stanchart eSaver at 1.5% or even Fairprice Plus at 1%.

Nowadays, with the easy availability of General Ticketing Machines and opening up of Transitlink counters after office hours, topping up is a breeze. Also, if you lose your Ezlink card, less money is wasted.

Be well and prosper
 

panzergrenadier

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Bullseye. You are spot on! Every existing charter is in favour of women....men are just expected to suffer financially.

Even my mother told me to have "shi fang qian" after I got married to my wife. :)

This is being realistic in life. You can still have a good marriage and "shi fang qian".

But being married is not so bad, usually when you are married, you are more prudent with money and don't anyhow spend. I ended up learning to cook, clean and also saved lots of money because I also cook and clean...hahahhaha... no need to hire maid.
 
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