6 Bulletproof Saving Hacks For Millennial Singaporeans

As a Millennial Singaporean, it is easy to be tempted to travel and to socialize (talk about #YOLO or #NOFOMO). You just want to make the most out of your youth. Enjoying the wonders of the present and preparing for financial freedom is a difficult job!

Hopefully, these saving hacks below will enable you to make the right monetary decisions and live a prosperous 2017.

MAXIMIZE YOUR CASHBACK

In this day and age, almost every purchase qualifies for a cashback or rebate. Do you need a new dress for work? Or, do you need to expand your health coverage? See if you can get a little cash back!

Try to make the most out of your credit card rebates to save a decent amount of money for emergencies.

AVOID THE EMOTIONAL SPENDING

Studies (like this) have shown that Millennials are prone to spending based on their emotional states. The four common emotions that lead you to overspend are hunger, anger, loneliness, and tiredness. These emotions may lead to purchasing something that you do not need or want.

Avoid experiencing “buyer’s remorse” by increasing your awareness while you shop.

SPOT THE BEST DEALS

As Millennials, we spend countless of hours online. Use its potency for the greater good by searching for the best deals, promo codes, coupons, and vouchers islandwide. Keep a close eye on the local websites such as Flipit.com Singapore, Groupon, and Money Digest.

Image Credits: pixabay.com

Image Credits: pixabay.com

MAXIMIZE YOUR RESOURCES

As a young adult, you may feel the urge to keep up with the latest trends on fashion and technology. Who can blame you? Purchasing new clothes and devices can boost one’s confidence. However, your spending habits may take a toll on your finances. Choose to be practical instead!

Account your resources to know which areas you can cut cost. Ditch your underused cable television and switch to a Netflix or Toggle account on your laptop. You may also refrain from purchasing new shoes by revamping your simple shoes with laces and ribbons.

DO NOT TURN A BLIND EYE

Being in your 20’s does not guarantee that you are immune to financial woes. Red flags, such as outstanding bill notices, are there for a reason. Make it a habit to account how much money goes in and out.

Use money-tracking tools to aid you in this process!

USE THE POWER OF TECHNOLOGY

Most millennials are innately tech-savvy. Use the power of technology to boost your knowledge on investments, financial services, and personal finance. Appreciate how lucky we are to have the luxury of accessing information right at our fingertips!

Image Credits: pixabay.com

Image Credits: pixabay.com

You may also seek guidance and support from the experienced financial advisers by interacting with them thru social media.

Sources: 1 & 2

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The Do’s And Don’ts Of Spending Money In Your 20s

For most people, 20s was the decade that defined who they became for the rest of their lives. It is the era of endless exploration and distinctive decision-making. Not to mention, it is the time that you establish your spending habits.

If you are in your 20s right now…take the time to invest in yourself, to learn about personal finance, and to get on the right track. Start by observing the healthy financial habits and diminishing the unhealthy financial habits.

THE DO’S

1. DO THIS FIRST OF ALL

The first step you must take is to establish a realistic and beneficial budget. Instead of perceiving it as something that limits your spending, perceive it as a tool that encourages you to live within your means.

Begin by listing down your expenses (i.e., fixed and variable), your income, and debts. Your cash flow for the previous weeks will help you setup your budget. Do not panic if you still have to pay your student loan because your budget will help you plan your income allocation.

2. DO EDUCATE YOURSELF

Read and understand materials about self-empowerment, investment, and money management. Here are four books to get you started with:

“The War of Art” by Steven Pressfield
“Why Stocks Go Up and Down” by William Pike
“The Intelligent Investor” by Benjamin Graham
“Turning Pro” by Steven Pressfield

3. DO PRACTICE COOKING

With the pervasive technology, it is possible to learn just about anything! If you want to save money on eating out (especially if you are living on your own), it is best to learn how to cook. Convince your 20-something self that it is about time to practice cooking simple meals such as Omelet, Carbonara, and Chicken Rice. Remember that aside from rent, your food expenses make the largest impact on your budget.

Image Credits: crateandbarrel.com

Image Credits: crateandbarrel.com

THE DON’TS

1. DO NOT SPEND TOO MUCH ON CIGARETTES

As you know, Singapore is one of the cities that sell expensive cigarettes. And if you are caught smoking one in a restricted place, you are bound to pay a hefty price of S$200-1,000. Aside from its high cost, you are at risk of paying costly health care fees (e.g.,due to lung cancer). So think twice before you light one!

2. DO NOT BOOST YOUR CREDIT CARD DEBT

Aside from splurging your money, another unhealthy habit that you have to stop is not paying off your credit card. The bad credit decisions you made in your 20s can haunt you in the future. For example, it can affect whether or not you are able to get a loan to buy a car.

3. DO NOT SPLURGE FOR “EXPERIENCES” ALONE

Millennials have shifted their spending patterns to experiences rather than material goods. However, if you solely spend your hard-earned cash to pay for your travel without the consideration of your savings, everything can go down hill. Saving money is important not only because emergencies happen but also because retirement is inevitable.

Image Credits: pixabay.com (CC0 Public Domain)

Image Credits: pixabay.com (CC0 Public Domain)

Sources:  1 & 2

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