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Old 12-06-2007, 02:00 PM   #1
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Money Saving Techniques

Hi friends

We have been talking about MMM (making more money) in this forum, why don't we also look at the other part of the equation, how to save money?

Let me start the ball rolling:

1) Take public transport (including occasional taxis)
- I have never owned a car in my entire working life
- Not because I cannot afford, but I don't want to be a slave to the bank and to gahmen's ERP/taxes/insurance/parking/fines/etc.

2) ...

Over to esteemed forummers ;-)
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Old 12-06-2007, 02:16 PM   #2
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(sorry if this is stating the obvious)

2) Do not drink or smoke. If you do, drink and smoke with great moderation.

I am not a smoker, but I see my friends who smoke (some heavily) spending plenty of money on ciggies. Some of them are social smokers, who only smoke on weekends when they go pub/disco. I guess it's better than being a regular smoker, both health-wise and money-wise.

I do enjoy an occassional drink. But I try to limit my spending on alcohol to an occassional Tiger with my weekend meal.

I think just cutting down the spending on these 2 things should make a difference.
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Old 12-06-2007, 02:37 PM   #3
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Well... then there's no more pleasures in life isn't it?
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Old 12-06-2007, 02:38 PM   #4
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Well... then there's no more pleasures in life isn't it?
Do everything in moderation... not asking everyone to live like a monk...
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Old 12-06-2007, 03:07 PM   #5
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If you don't have a girlfriend, don't get one. Haha!
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Old 12-06-2007, 03:38 PM   #6
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If you don't have a girlfriend, don't get one. Haha!
Good one!
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Old 12-06-2007, 03:59 PM   #7
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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...

Borrow books from library - learn and be entertained at the same time. :-)
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Old 12-06-2007, 04:37 PM   #8
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A book in hand, is worth more than many PSP UMD disc in bag.
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Old 12-06-2007, 04:56 PM   #9
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Hi friends

We have been talking about MMM (making more money) in this forum, why don't we also look at the other part of the equation, how to save money?

Let me start the ball rolling:

1) Take public transport (including occasional taxis)
- I have never owned a car in my entire working life
- Not because I cannot afford, but I don't want to be a slave to the bank and to gahmen's ERP/taxes/insurance/parking/fines/etc.

2) ...

Over to esteemed forummers ;-)
My personal guidelines:

a. car - for me, it's a money-making tool because I need it to get around for my work. If you do not need a car to get around, avoid getting one. The worst reasons for getting a car are: satisfy own ego without it having ability to generate any form of returns, keeping up with Joneses, personal interest in cars (if your goal is maximising returns, this can wait).

b. house - nest in an area that has the greatest capital appreciation potential within reasonable time period. If you have adequate capital, tap on the rise-fall cycle of the property market to milk some returns from that.

c. savings - put in avenues that maximise returns e.g. clear high-interest loans or put in diversified investments to generate dividends/paybacks. Diversify suitably so that your risk can be controlled while still not losing out on risky opportunities/avenues that provide strong returns.

d. lifestyle - cultivate oneself and grow in virtues while cutting down (and even eliminating) vices. Lust (women outside marriage), gluttony (smoking, drinking, excessive eating), greed (gambling, shares/property speculation) are some of the definite no-nos. Each is easily a big blackhole that can suck you dry.

e. health - get adequate and appropriate insurance coverage

When you are young, focus on term. As you grow older with increasing assets/capital, ease off on term insurance and shift to medical and critical illnesses. The optimal transition point depends on your individual self (genetics, lifestyle, etc). Avoid ILPs.

f. family - maintain good communications/relations with those you are working to support. Always remember the bottomline - why you are working hard in the first place. It doesn't make sense to make loads of money only to have a fragile family that disintegrates at the onset of the slightest problems.

g. retirement - chart out your retirement plans. Set realistic goals and progress milestones. Take into account variables such as job stability, economy trends, property cycles, health, etc.

Just my two cents!
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Old 12-06-2007, 04:59 PM   #10
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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...

Borrow books from library - learn and be entertained at the same time. :-)
Even if you don't bring your own bottle around, it is cheaper to buy a canned drink from a supermarket nearby compared to purchasing from the food court itself. I think there is a $0.50 differential at least.

Take the MRT or the bus. I am always amazed how there are so many queues at taxi stands and wonder if the people queueing up really needed to take a taxi to send them right to the doorstep (unless they are carrying heavy stuff). Our public transport system is not that fantastic but it is good enough to bring you to a spot near your place (assuming the place is not an ulu place).
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Old 12-06-2007, 05:10 PM   #11
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A book in hand, is worth more than many PSP UMD disc in bag.
Indeed. Read and you:

a. stand on the shoulders of giants
b. draw from the rich experience of those who have been-there, done-it
c. encounter the wisdom of sages and people who have spent their lives reflecting and contemplating
d. stretch your mind as you explore wonderful worlds intricately crafted from the imagination of talented writers
e. improve your personal grasp of language, grammar and vocabulary

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Old 12-06-2007, 05:13 PM   #12
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Well... then there's no more pleasures in life isn't it?
Happiness is like the pot of gold at the end of the rainbow, the harder you try to grab it, the further it runs from you. Happy are those who seek not happiness for themselves but for those around them. Happiness then will come naturally to them through those whom they have brought happiness to. Such is the irony of life.
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Old 12-06-2007, 05:15 PM   #13
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Do everything in moderation... not asking everyone to live like a monk...
It is not difficult to be a monk in name and appearance but it is very difficult to live the life of a true monk... An enlightened monk can, if he so wishes, become the richest person in town materially, but such a person would have seen through the illusions and trappings of life and would gladly discard that opportunity which everyone else so covets.
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Old 12-06-2007, 05:46 PM   #14
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It is not difficult to be a monk in name and appearance but it is very difficult to live the life of a true monk... An enlightened monk can, if he so wishes, become the richest person in town materially, but such a person would have seen through the illusions and trappings of life and would gladly discard that opportunity which everyone else so covets.
Wow...dadadee.. you are very philosophical yet practical. An interesting mix!

Be well and prosper. ;-)

Additional money saving tips - cut Starhub Cable sports channel subscription! From $8 to $15 to $25! If this is not profiteering, what is?
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Old 12-06-2007, 05:54 PM   #15
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Wow...dadadee.. you are very philosophical yet practical. An interesting mix!

Be well and prosper. ;-)

Additional money saving tips - cut Starhub Cable sports channel subscription! From $8 to $15 to $25! If this is not profiteering, what is?
The maxim "prosper thy neighbour" is sweet and simple. However, its simplicity belies the fact that it contains the essence of wealth-creation and generating mortal happiness.
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