Quick Tips on Saving - Part II

Identify Wastage

Do up a monthly self-budget report with breakdowns on the spending- loans, transport, food, household, bills, insurance, etc.
Identify what are the necessary expenditures and what are the unnecessary expenditures by reviewing your receipts, credit card bills and saving account details. It is useful to keep the receipts of large expenditures or uncommon purchases so you would not forget 'where the money goes'.
Make a list of items that you have spent on which you can actually do without, or the spendings that make you feel guilty or regret afterward.
Recording may take some discipline, but gradually it can become a habit.

Reduce Wastage


After you have reviewed and identified a list of 'wasteful' spendings, use that as a reminder. What could you have done to avoid them? Methods that you can adopt to reduce $ wastage include:

- Borrow it
If you know you are not going to use that item often or keep reading that book, why not borrow it?

- Sales and discounts
Wait for them if you do not need the item urgently or it is not a limited edition that you badly wanted, why not wait for a sales or a promotion before buying?

- Dig up the old stuff
If you have lost track of what you owned, it's time to open up that storage cupboard and start tidying up. You might just find the thing that you need. Don't end up having multiple of the same functional item - well, unless you are a collector.
Sell or giveaway the items you don't need.

- Avoid impulse buys
Especially for big tickets, weigh the pros and cons. Not forgetting to compare prices.



Say 'I can't do it.' - but not without trying.

***

Comments

Popular posts from this blog

Shit happens and I lost my low-hanging fruits

Letters of Administration / Probate - DIY application

Success in life

Time or Money? II

Insights from interviewing candidates

Disclaimer:

The contents of this blog are author's personal opinions and do not constitute advice to hold, buy or sell any securities, commodities or assets mentioned. I do not guarantee the accuracy and reliability of any information provided, and shall not be liable for any losses incurred from reading my posts or using the materials herein. This blog may contain affiliate links to external sites.