Money Saving Techniques

[SoulEraser]

hsbc credit card give up to 7% for ez link reload, albeit with some criterias attached. that's like 2 rides free per month if you take the train everyday. even so, top up online also can get 6%. don't understand why people prefer to top up manually ._.

 

[meekiatah]

To talk to the cute prc meimei at the counter?

I do it manually too. But only during times where there is no one at the queue. I track my spending every night soi know when the balance is low, hence no risk of having to pay ridicules fare.

It just take me not more than 30 sec to too up.

 

[meekiatah]

My tip for tracking your expenses:


https://play.google.com/store/apps/details?id=com.expensemanager

This is free (ad supported) and let you track multiple account. I have tabs for Petty Cash, emergency funds, Ezy Link Card, Coins Saving, Business Funds etc. Only for Android though. I use it ona Note2 that i bought recently second hand. Only buy hp on 2nd basis. Usually just 1 generation old because the tech will still be reasonably new and phone still supported for os release.

 

[anoynomous1875]

I sometimes wish it was easier to save money.

I try not to spend more than $100 a week, but I just blew $80 bucks on dinner and drinks with friends...sometimes, the human factor is what makes things difficult

 

[teerance85]

I capped my spending to $400 per mth. This spending is on expenses (lunch, dinner, entertainment). So i limit $100 per week, and personally, i still think it's too much. Might just trim down to $80 per week.

 

[sellbuyboy]

I capped my spending to $400 per mth. This spending is on expenses (lunch, dinner, entertainment). So i limit $100 per week, and personally, i still think it's too much. Might just trim down to $80 per week.

$100 / week?

weekend alone will burn you already. Provided u no honey...

 

[Earner$]

It is ok to spend a little for social and entertainment but not every week.

 

[archon80]

I believe in savings first before spending.

Every amount you earn, you put aside a XX% to a bank account A for savings maybe for the next 2-3 years. Bank account B for savings for the next thing you want. Bank account C will be the amount you need to spend/ survive for that period of time. It will be great if you can keep the ATM cards for bank A and B in some really inconvenient place. In the end, its up to discipline. Cheers!

 

[Didjerama]

I sometimes wish it was easier to save money.

I try not to spend more than $100 a week, but I just blew $80 bucks on dinner and drinks with friends...sometimes, the human factor is what makes things difficult

Someone like u may need a piggy bank. Yes an actual piggy bank where when u get ur salary take out the amt u wanna save and slot the money into the piggy bank.make sure the piggy bank is those indestructable ones. Best is those mini safe box with a slot and u tell ur loved ones to set the password and to be opened obly 1 yr later

 

[kenneth27]

Save! Save! Save!
Don't save because you plan to pay for big item.

A few big tickets you may rethink how you're going to spend and save.
1. Wedding
2. Housing
3. Renovation
4. Funeral

 

[Konnichiwa]

Save! Save! Save!
Don't save because you plan to pay for big item.

A few big tickets you may rethink how you're going to spend and save.
1. Wedding
2. Housing
3. Renovation
4. Funeral

I am now practising to keep to my budget.

I can't save for big item... once I think of the amount I need to save for big items. Sian half already because the goal seems so far...

 

[w3ird0lol]

I am now practising to keep to my budget.

I can't save for big item... once I think of the amount I need to save for big items. Sian half already because the goal seems so far...

agree with you on this. I just started working, am starting to feel the pain alr. whenever i need to pay for big items, I will feel the pinch even though i had set aside the money for it. And seems that every month I will have a big money items need to pay for.

 

[enriqueyang]

get a good credit card, normal spending try to use it to collect point, only use cash if there's service charge for card or if paying cash is cheaper.

banks such as Citibank, ocbc has good offer on a lot of things.

but still invest n save more.


ask itself this question

is it a want or a need.

delay gratification goes a long way...

 

[tatose]

Define needs and wants - both needs and wants can be urgent, but you need to rationally think whether you need to spend or want to spend. One way some people overcome the urgency is to just forget about the product and take the cheapest acceptable substitutes.

Define your budget - this depends on your current income and your current liability. Do not need to be very detail in how you gonna plan your spending, but some planning is required so you can feel confident to tahan until next month with strict spending policies.

Pay for yourself before paying for other chapalang - Like most prudent savers, set aside at least 10% of your income per month in some super strong saving box/bank acct, then pay up your debts, then proceed to pay for others.

Unlike most people, I wouldn't be so focused to save up on big-ticket items or obsessed with clearing up your big debts - learn around shopping for loans and managing loan interests. You may be able to get out of debt faster (financial freedom), but you will pick up irregular spending and saving habits (pick up slack), or even lose some additional opportunities to spend for meaningful things (opportunity costs).

 

[Milo-Dino]

I believe in savings first before spending.

Every amount you earn, you put aside a XX% to a bank account A for savings maybe for the next 2-3 years. Bank account B for savings for the next thing you want. Bank account C will be the amount you need to spend/ survive for that period of time. It will be great if you can keep the ATM cards for bank A and B in some really inconvenient place. In the end, its up to discipline. Cheers!

Open cimb starsaver account lor.
Every month set auto recurring bank transfer part of salary to the cimb account.

Why cimb account? 0.8% interests and they only got 2 atm locations in singapore lol. N the atm card cannot nets... so probably the only likely way u get the money out is through bank transfer

 

[luminaire27]

Open cimb starsaver account lor.
Every month set auto recurring bank transfer part of salary to the cimb account.

Why cimb account? 0.8% interests and they only got 2 atm locations in singapore lol. N the atm card cannot nets... so probably the only likely way u get the money out is through bank transfer

Agreed, we all do need such behavioural nudges to help ourselves save more $$ =)
An interesting concept I read is something called "Save More Tomorrow".
In this plan, one should have a auto recurring bank transfer of one's salary to a separate account designated for savings only. Then when one receives a salary increment, immediately go and set the monthly recurring amount higher to allocate the increased salary to the savings account. Once the transfers are automatic, one wouldn't have the extra money on hand to think about how to spend it, while keeping expenditure relatively constant (most people are inclined to spend more on their desires or wants as they earn more, rather than just keeping to the core needs).

Some employers in the USA have created such a pension system for its employees to encourage people to save more for their retirement. Perhaps Singapore employers can learn to do the same.

I believe we could all use more of such behavioural nudges to help us achieve more progress in life and in wealth management. For more, can go read up this book called "Nudge" by Richard Thaler.

 

[tatose]

Some employers in the USA have created such a pension system for its employees to encourage people to save more for their retirement. Perhaps Singapore employers can learn to do the same.

I believe we could all use more of such behavioural nudges to help us achieve more progress in life and in wealth management. For more, can go read up this book called "Nudge" by Richard Thaler.

CPF lor, unlike America's our system is mandatory. And if you are too damn rich, there's also SRS...

Also read up on the T&C between their system and ours.

Don't just read the books on how to save, know who has rights to your hard earned money.

 

[beri stupid idiot]

Dont bathe at home. Go neighbour house to bathe when they not in.
No need buy grocery. Steal neighbour one after bathing.
Dont charge hp at home. Charge in neighbour home while bathing.
Dont on fan while sleeping at home. On aircon while sleeping in neighbours house when they working.

See? Save money on utilities le!

you are serious ?

 

[beri stupid idiot]

its sad that frank just introduced conditions that do not award rebates to fevo cards

 

[beri stupid idiot]

latest update ... frankie card no longer awards rebates to ezlink topup ...