Saving Money 101

HELLO! My blog is alive!

I decided to do a fast-game listicle today because I'm extremely uncomfortable with letting my Sunday rot away in front of Youtube. 

I am no expert on living my life to the fullest, but I sure am an expert on stretching every dollar to the fullest. Contrary to popular belief, being thirfty is not synonymous with being a miser, nor is treating yourself to a sumptuous meal or a luxury bag being a wastrel. 

The principal consideration here is about minimising money spent on unnecessary things, and maximising the satification from every dollar you spend.

On shopping

- Milk big cooperations dry, they can afford it.

I don't understand why people go overseas to haggle with street stall owners who are struggling to make ends meet when they can haggle with the MNCs who can actually afford it. Your favourite luxury brand probably pays some kids two cents an hour in a sweatshop in Vietnam to make your bag while pocketing the rest! Hit people where it doesn't hurt dammit!

For one, I never buy makeup at full price, only when there is a storewide sale. On my instagram stories, I once talked about maximising your loyalty rewards at Sephora. Make full use of all your loyalty programmes, discount coupons. To hell with brand loyalty- diversify your options, and send the message to your retailer to keep prices competitive, or lose you as a customer.

- When it comes to clothes and makeup, price does not equal quality. Quality does not equal suitable for you.

- Don't knock house brands.

When you see two boxes of cereal on the NTUC Fairprice shelf, one being Atas $6 granola with fortified, Vitamin, Omega, etc good-for-health substances, the other is Fairprice house brand $2.95 cereal, just pick the $2.95 cereal. I have never died from eating cheap cereal and biscuits. 

- Don't get distracted.

Being constantly on social media means you are constantly being encouraged to buy things you don't need. Just in this year alone I have been introduced to upwards of twenty jewellery brands on instagram ads. I bought none of it. How to have self-control? Whenever I buy things, I keep three questions in mind:

1. Do I already have it and is it still functionable? If yes, don't buy. If no, go to question 2 

2. Do I need it? If yes, go to question 2. If no, don't buy

3. Can I get it at the cheapest possible price?

Obviously, it would be a miserable way to live if your consumption choices have to revolve strictly around these three questions. However, it certainly has helped ensure that when I do indulge, it is on something I really, truly want.

- Don't waste money on parking if you can help it.

If you live in Singapore, the transport system is your friend. Don't waste money on petrol and parking and especially don't freaking park in Orchard if you reasonably get there by bus/train.

- Petrol-station hop.

In my five years of owning a car, I've realised that gas prices differ quite significantly across gas stations. Shell used to have the cheapest gas, now prices have gone up. So once again, diversify your petrol options. Most of the time different petrol kiosks are in vicinity to each other so you shouldn't have to worry about going out of the way just for cheaper petrol.

On daily living

- Cooking is way cheaper than eating takeouts.

If you can't cook, learn. I was forced by circumstances to cook my own meals in uni when I figured eating £3 takeaways for lunch everyday was not a sustainable option. Groceries are cheap as hell and cooking isn't difficult. And by cooking I don't mean maggi mee- it has minimal nurtrients and will make you sick.

I used to make this for weekend breakfast - two eggs scrambled, three slices of ham (that you can just pop in the microwave), a fried tomato. Sometimes I add two slices of toasted bread.

If you are not a culinary expert and have a busy schedule, try this wonderous dish called "random stuff in a pot". On days when I couldn't be fucked, I would boil tomatoes, carrots, an egg and macaroni in a pot, and eat it dry with soy sauce. It is oil-and-hassle-free and full of nutrients.

Another idiot-proof dish you can do is soup. You can boil a big pot of soup with chicken parts - bring to a boil for 1.5-2 hours, throw in whatever vegetables and meat into the soup, and you can have it for days with rice or noodles. It is nutritious and you will only need to wash the pot at the end of it all.

Speaking of nutrition...

- Being sickly is expensive as hell.

Future-proof your finances by reducing the amount you will need to spend on healthcare later in life. Many diseases are preventable, so your wallet will thank you for making a daily effort to be healthy today. Expensive gym memberships are not necessary, go to the town park for a run. You can get weights for a reasonable price aty Decathalon. If for some reason you do have gym membership, don't pay the recurring charges and not go. Either cancel if you don't frequent the gym, or opt for per-entry payment.

Eat healthy, as above. 

-Anything worth doing has no shortcuts, so don't blow your money on it.

Cases in point:

If you don't have 20 min to spare to go for a run everyday to stay slim, then you sure as hell won't have time for an expensive slimming treatment at Jean Yip.

Overpriced "organic" "gluten-free" superfood will not reverse your daily 5000 cal intake of junk and sugary food, neither will it reverse your sedentary lifestyle and poor eating habits.

On Credit Cards

- Pay up in full, and on time. Late fees are hefty and you don't want to waste money on paying off your interests instead of spending it where you will actually reap enjoyment.

- Apply to waive your credit card annual fee if possible. My application for the POSB Everyday Card annual fee waiver got rejected, so I am not sure who is eligible for a waiver. But you won't know till you try.

- My personal opinion is, one basic credit card for necessities and one for shopping or travel, depending on which you do more, is the absolute most you need. I never understood people with 4 or 5 credit cards. First, you risk losing track of your spending. Second, you rack up annual fees on each card. Thirdly, you need a minimum spend on some cards to enjoy the benefits. Spreading out your spending this way just seems unwise to me. 

- Max out your cashback and benefits. This blog entry by seedly tells you the best credit cards for your various needs.  

All in all

I am no financial guru and unfortunately am none the wiser when it comes to growing your wealth. I know jack about investments that isn't CPF. However, the above habits in my twenties have allowed me to preserve my money as far I could. 

I don't regret being prudent in my youth. I know what many of my peers could be thinking - that once you hit your thirties and start a family, have more responsbilities, it is much harder to have money to spend on your interests. I totally get this and I am happy for people who spend, within their means, for these vibrant experiences. 

This entry isn't telling you not to spend money on yourself- it is saying, don't throw away money on unnecessary stuff that won't buy you any satisfaction. Don't accumulate useless bullshit, don't rack up credit card debt. And most certainly, if you have poor spending habits and find yourself regreting a lot of your purchases, it's worth taking a step back to analyse the deeper motivations behind that behaviour.

Good luck!