Credit Crunch is here...Inflation is still going to stay...Housing is still going to be expensive in the long run despite the economic recession we are facing.
Doom and Gloom especially if u just started work and wanted to have some savings.
There are massive money management notes and blogs out there. Even those that ask u to grow your own vegetables. Quite Duh right for Urban Singaporeans like you and me. I will cut the crap and drive straight to the point. It ain't hard to save if you are willing to change your lifestyle.
Tip #1: Reduce "Dispensable expenses". It refers to those items we buy on impulse or think it is worthwhile to get but doesn't make a big difference in our life. E.g A Professional camera @ sale where u ain't really taking professional photos. I had a friend with a Professional camera @ 2K plus snipping shots of himself and friends photos only..how professional it is.
Tip #2: Do not own a car just for yourself. Funny statement...you buy car of course for ur convenient sake...duh... Wait a minute....Here i am saying about "Just". Having a family car instead of a personal one, with ur siblings or parents sharing the financial burdens of this expensive "wife" is definitely utilising it. If U want to show off to pretty hot dumb bimbos that u own a car, don't save money...Simply close this page....you won't be needing this page @ all.
***If u already decide not to own a family car, skip to Tip #3****
Tip #2A Following the above tip 2... I remember reading from somewhere....If u really want to own a family car. This is due to heavier cars achieve fewer miles to the gallon and are more expensive to run as a result. But filling too less will waste your efforts as u need to go for more petrol runs. Follow the recommended 1/2 to 3/4 range.
Tip #2B: Travel in off peak hours. The "stop, accelerate" cycle during peak is burning and wasting your fuel. Ouch! Even if you have finished your work in office, probably staying longer to relax surf net read news, read interesting articles, close ur eyes and rest in your armchair...is worth the time and effort plus saving your $ travelling in off peak.
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Tip# 3: Reduce your booze and partying activities. Booze and saving $$$ dun go well together....sad to say they are never good friends and never will be. Maybe a few cans of them in your fridge is still better than overpriced booze in clubs and pubs...Say goodbye to your flirtatious activities. Yea party lovers...exit here.
Tip #4: It is the best time to say Tip #4....Avoid having debts, reduce the number of credit cards to @ most 2. Y not one? One is the best to have. I currently have 2 one is a Citibank SMRT card and another is merely for some travel discounts credit card. Merely to say one is for daily expenses and another is for once in a while travel uses. Pay off your credit on time and never owe the bank money.
Tip #5: plan your purchase. E.g NTUC card owners, advice is to make your purchases during tuesday when you have additional discounts. Buy Wat u need now...and not wat u might need.
Tip #6: Have a separate account for your expenses, have a plan and monitor it. U can separate ur accounts into savings, expenses and investment. This help u to have a clear mental picture of how your expenses is going monthly. Wat plan? Practical example: besides 500 (posb required @ least 500 b4 deduction) , every month u transfer the amount u predict u going to spend in the coming month. This is to prevent you from overspending, but if u do , u will be able to keep track your transaction history of " Y ur expense account fall below 500 " thus forcing you to top up to 500 and feel the pain of overspending. It is some kind of psychological warfare against myself rather.
Tip #7: Reduce your fine dining...oh man u are a gourmet. There are plenty of cheap and good hawker foods out there... If u are a professional gourmet, u should not be here in the first place.
I remember a $20 bucks 2 scoop with lousy (in my own opinion) piece of waffle taste nothing above ordinary. It serves as a good lesson to me ever since.
WARNING...Next tip might be offending to some WAGs.
Tip #8: Do not over pamper your WAGS. Wives and Girlfriends (WAGS) are the most wonderful things given to men @ times (U can agree to disagree) that is when u make sure she loves you and not loving just your wallet. Over pampering in my own opinion is to take her FREQUENTLY to expensive dining and FREQUENTLY buying branded stuff for her. It's good and definitely healthy to make her feel special once in a while. But too much special stuff makes u eSPECIALLY poor....U are special now...haha.
Of coz please do not use Tip #8 and says "GURU CornLord teaches me how to save money. Therefore let's go dutch." Please show that u are a gentleman. Life is about balance...It's not all about saving $$$ but how to save $$$ gracefully. Misers...pls dun quote my #Tip 8
Tip #8A: It's an additional thought rather when i typing tip #8. But u may say: "how to save $$ gracefully if u got a girlfriend who always unhappy when u "dun buy this, dun buy that" for her.
or those type which always blackmail u saying "If u are not buying such stuff for me, You dun love me" Some girls are expert of blackmailing (i seen guys too ...another story a disgrace to guys) . Then u might need to think if the relationship is healthy in the first place....Relationship not only about..."You love me, I love you, Love here love there Love urself". True love is about considering for the other half...My advice is having a spendthrift wife will never make u rich. u get my hint. :)
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A Tribute to my fiancee, a wonderful wise lady, whom always considers my financial situation and being supportive to me in whatever i am embarking on.. She unwittingly taught me some money sense too. Hail to this rare wise lady!
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