5 ways to save more money... or generally, have more money

5 ways to save your Angbao money.jpg

It’s been about a month since Chinese New Year and we all LOVE receiving Angbaos. Unfortunately, the common problem most of us share is that we can't seem to save our Angbao money for long 🙈 

If you still have most of your Angbao money securely kept—congratulations! But for the rest of us with a little less luck with our money, here’s 5 quick tips to spending lesser and saving up a little more this year:

#1: Pay yourself
What you want to do, is open a separate bank account for your periodic income. From there, you fix a percentage you want to save and pay out to your spending account. You limit your spending, you save up for a rainy day and you probably can afford to “pay” yourself more when you really need to.

#2: CASH ONLY
Simply withdraw a fixed amount of cash each week or month for your personal expenses, whichever works better for you, and ONLY spend the cash you have on hand. For your bills or other fixed expenses, pay by whatever means that work.

#3: Old school piggy banks / jars
Get some piggy banks, jars or whichever containment unit you prefer, and assign them to your savings goals. At the end of each day, drop in your spare change into the jar (whether they are coin or small notes).

A man without a vision is a man without a future. A man without a future will always return to his past.
— P.K. Bernard

#4: Stash a single note
Pick a note of your choice, $2, $5 or even $10. And whenever the note comes into your possession, stash it aside and don’t spend it. You’d be surprised at how quickly that can add up and how you might not even need to use them!

#5: Daily challenge
This isn’t as much as saving, as it is limiting your expenses. Whether it is setting up a $10 daily challenge, or even a $0 challenge, set-up a challenge that is feasible for your means. And it doesn’t just have to money-wise.

For example, if transport is something that we can’t scrimp on, limit it to public transport and discipline yourself to only use your EZ Link—this means no Uber nor Grab. Alternatively, apart from your transport expenses, only allow yourself to spend $10 on food for the day. Whatever floats your boat and helps you to spend less!

 

And if all else fails, or if your biggest concern is having an income... Perhaps it's time to think about what skills you can put to work to help you earn some keep.

Vernice Heng