5 Proven Ways to Save Money

While you may not have control over the economy, you do possess the power to influence your financial destiny through deliberate actions. With that in mind, here are five effective strategies for managing your finances:

1. EMBRACE THE POWER OF YOUR CHANGE

Begin a nightly ritual of counting your coins and bills, setting aside your loose change with dedication. As these seemingly insignificant amounts accumulate, deposit them into your savings account. Witness the gradual growth of your savings, knowing that these seemingly trivial contributions will amass into a substantial sum over time. Moreover, utilizing cash for daily expenses can foster mindful spending habits, making it more challenging to part with physical currency. While this method won’t yield instant savings, it represents a steady and reliable approach to financial growth.

2. PREPARE OF GROCERY SHOPPING

Achieving substantial savings at the grocery store requires a bit of proactive planning. Prior to your shopping expedition, assess your pantry and create a well-thought-out shopping list to fend off impulsive purchases. Learn the art of coupon hunting and enroll in loyalty programs at your local store to maximize your cost-cutting potential. Many stores offer additional discounts in exchange for contact information through their loyalty programs.

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If you possess a cash-back credit card, you could earn extra cash back on your grocery purchases. Some cards offer generous cash-back percentages, ranging from 5% to 8%. However, it’s imperative to pay off your credit card bill in full each month to avoid incurring interest and fees. Noteworthy credit cards for this purpose include the Citi Cash Back Card (providing 8% cashback at all supermarkets), HSBC Visa Platinum Credit Card (offering 5% cashback at all supermarkets), and DBS Live Fresh Card (delivering 5% cashback for online and payWave transactions).

3. IMPLEMENT THE 30-DAY RULE

Guard against impulse spending by introducing a cooling-off period between the moment you desire an item and the point at which you actually make the purchase. If you find yourself shopping online, consider placing the desired item in your cart and stepping away for an extended period, allowing time for thoughtful consideration.

If waiting for 30 days feels impractical, experiment with shorter intervals like 24 or 48 hours for smaller purchases. I, for one, have an online cart filled with 5 items that I am contemplating on buying. I will give myself a month before I start to remove items from the cart.

4. OPTIMIZE YOUR CABLE AND TELECOM SERVICES

Explore cost-effective alternatives for your cable and telecom services. This might entail downgrading your cable package or opting for a more affordable telecom plan. Additionally, consider eliminating your landline or trimming down on excess streaming services and premium subscriptions to curtail unnecessary expenses.

5. CONQUER HIGH-INTEREST DEBTS

Liberating yourself from the shackles of high-interest debts can significantly relieve financial strain. Expedite your debt repayment process by adopting the snowball or avalanche methods, enabling you to minimize the total interest accrued and free yourself from debt’s burden sooner.

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Once you’ve conquered your debts, redirect the money you would have allocated to debt payments into your savings. If your disposable income doesn’t permit extra debt payments, contemplate engaging in a side hustle to generate additional income that can be channeled toward debt reduction.

Sources: 1 & 2

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Into the unknown: How to better embrace changes in life

assorted colored leaves

Change is the only constant in life.

We all go through changes, big and small, throughout our lives. But how we react to those changes can make all the difference.

Some people find change unsettling and tough to cope with. If that sounds like you, don’t worry. There are ways to better embrace life changes and we will explore some of them.

Acknowledge fear of change

It’s normal to feel uneasy when faced with big changes.

We may feel scared about the unknown, or uncertain about what the future holds. But change is a natural part of life, and it’s something unavoidable.

The key is to learn to embrace change, rather than fight it. This means recognizing and coping with our negative thoughts and letting go of our perfectionism. With practice, we can learn to be more open to change and see the possibilities that it brings.

Be mindful of the present moment

When you’re feeling apprehensive about life changes, it’s helpful to focus on the present moment.

Start by taking a few deep breaths and bringing your awareness to the sights, sounds, and sensations around you. Notice the texture of the fabric beneath your fingers, the warmth of the sun on your skin, or the sound of the wind rustling through the leaves.

When you take the time to focus on the present moment, it helps to balance out your thoughts. And that can be incredibly liberating—it can help you let go of some of the tension that comes with change.

Learn to be decisive and take action
goals

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Learning to be decisive and take action can help make the transition a lot smoother.

Start by making specific goals for yourself. Having something to work towards will help you focus on the positive aspects of change, rather than dwelling on the uncertainties.

And if you find yourself overthinking things, remember that it’s okay to be uncertain—but it’s not okay to stay in that state forever. After all, change is something that we all have to deal with at some point or another.

Find joy in small things, even amidst change

One way to make change more bearable is to focus on the joy that can be found in small things.

For example, if you’re moving to a new city, take the time to explore your new neighborhood. Check out the local cafes, parks, and restaurants.

Find a route that you enjoy walking or running. Or, if you’re starting a new job, look for ways to connect with your co-workers. Maybe there’s a weekly happy hour gathering that you can join.

It can be helpful to think of change as an opportunity to expand your horizons and develop new and better habits. Maybe you’ve been wanting to learn a new language or practice meditation but haven’t had the time.

A change in circumstances can give you the perfect opportunity to do those things. So instead of seeing change as a negative, try to view it as a chance to grow and learn.

Make time for yourself and your mental health

It’s okay to feel scared or alone when faced with change.

Acknowledge those feelings, and give yourself space to experience them. But don’t dwell on them. Instead, focus on taking care of yourself and your mental health.

That might mean making time for yourself each day to do something you enjoy. It could be taking a walk in nature, reading a good book, or working on a new hobby. Or maybe it’s just taking time to clear your head with deep breathing exercises or meditation.

Making time for yourself is important, especially when you’re feeling stressed. It can help you refocus and recharge so you can better deal with whatever changes come your way.

Reflect on the past, and set intentions for the future
past and future signboard

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As we close, take some time to reflect on the past.

What has brought you to this point in life? What lessons have you learned? What are you grateful for?

Answering these questions can help you get clear on your values and what’s meaningful to you. From there, you can set some intentions for the future. What do you want to achieve? What kind of person do you want to be?

Thinking about the future and reflecting on the past can help lead to a more meaningful life. It can give you a sense of direction and purpose, and help you make choices that are in line with your values.

You may find yourself feeling scared or uncomfortable when changes come your way, but that’s perfectly normal. Instead of resisting the change, try to embrace it. Embracing change means accepting that the situation is new and unknown, and that’s okay. It doesn’t mean that you have to like the change or that everything will be perfect, but it does mean that you’re willing to give it a try. Also, remember that change is a natural part of life. Things are constantly changing, whether we like them or not, and the only way to deal with them is to accept it and move on.

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