Category Archives: Smart Finance

5 Money-Saving Tips and Tricks

According to the Economist Intelligence Unit, Singapore continues to top the charts as the most expensive city to live in. Learning how to save money is an important skill, but even more so if you live in the most expensive city in the world. It’s not too hard to get into the habit of saving; sometimes, the hardest part is just to start. To help you keep the habit, however, here are a few tips to help you keep the money-saving habit.

1. Remember the goal of budgeting.
One of the things that can hinder your budgeting is forgetting the big picture. There are many people who think that they should record every cent they spend. However, if you’re still spending your money on things that aren’t important, tracking your expenses don’t really help. So, always keep in mind that the goal of budgeting isn’t to track every single cent, but to spend money on the things that really matter to us.

2. Track your expenses—but only for a limited time.
Tracking your expenses, at least for a limited time, can help you understand your spending habits. Once you have that information in hand, you could figure out which habits you should change and which ones you should keep. A good timeframe for tracking your expenses is the time between one salary and the next to get the full picture of what happens to the money that you earn.

3. Put your savings first.
Most people put their savings last, putting away the money left over after spending their money on essentials. However, chances are not everything they spend are not essentials, and that most of the things they bought are unnecessary. Putting your savings first can help you budget your money properly, making sure that you treat your savings like any other important expense, instead of just an after-thought.

4. Have a goal to save for.
Having a goal has been proven to help you stick to your habits. Think about the things that you would like to save for, like a vacation or a new piece of electronics. Then, figure out how long you would need to save for it, and how much you would need to save. If you’re having trouble with the math, there are resources available online that can calculate your goals and help you keep track, like apps and spreadsheets.

5. Use apps and resources to help you.
There are many budgeting applications online or as an app, ranging from free apps to subscriptions. There are those that simply track your expenses, while there are those that go into more detail, with charts and graphs that can calculate your budget for the future. There are even apps that connect to your bank accounts and credit cards to automatically record your expenses so that you won’t have a hard time keeping track of your budget.