Wondering why your monthly income never seem to be enough? Looking for ways on how to save money? If you are reading this, good for you – because it means that you want to do something to manage your finances better. And believe it or not, there are a lot of things you can do, or much rather, change, to be able to save more and find greater rewards in the long run. Here are some spending habits you could begin working on:
Shop smart might save you money in a long run
Takeaway food and coffee
A cup of Starbucks coffee costs roughly RM5. If you are a young professional, you might be in the habit of buying at least one cup a day. Multiply that by the number of days in a month and you will be surprised just how much you have been spending on coffee alone. It’s the same way with takeaway food. Eating out for dinner or lunch is certainly not cheap. A restaurant meal can probably buy you three days’ worth of groceries.
Cut down on caffeine – too much of it is bad for you anyway – or better yet, invest in a coffee maker. Learn how to make packed lunches. Your bank account will thank you for it.
Paying for goods more than you should
When you do grocery shopping, really look at the price tags instead of just putting whatever into the cart or sticking to brands you are used to. Store brands usually cost a lot less and actually offer good quality. Everything you choose from vegetables to your favorite brand of soap matters significantly, so try to get the best price for every item you purchase. Also, do not buy more than you need. Throwing away goods, particularly food, that you are unable to consume is also a waste of money.
Buying things you don’t need
Whenever you go shopping, always prepare a list and stick to a budget. Have a mindset that you would only spend a certain amount for this trip and not a single ringgit more. If you see something in the store that you really want (because it does happen) but don’t have the budget for it, do not be so quick to swipe your credit card – just because you can. Postpone the purchase at least. Give it a day or two. Think about how much you really want it and consider what you would sacrifice for the item.
Coupons and the Next Big “Sale”
Sales promotions are designed to make it seem like the buyer is getting the better end of the deal but most of the time, this is actually false. You need to be more discerning about every sales pitch that comes your way – limited time offer or not. It is possible to save from a sale or through the use of coupons but not all the time.
Not making saving a priority
For many young Malaysians, it has become a priority to buy the latest gadgets and own the coolest things. But you need to ask yourself what matters the most to you. Is it to appear trendy and cool? Or would you rather start building your savings account for the future? If you are serious about saving, get in the habit now. Saving around 10% of your income is a good place to start. Even if you are paying outstanding credit card debt, this should not be an excuse for you to not save. Set aside even a very little amount – it makes a big difference.
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