The secret to success in saving money lies in the conscious decisions we make with our finances.
In order to save money, you may have to cut down on expenses, which often feels like a big sacrifice. Thankfully, there are relatively simple ways you can save money. All you have to do is make some long term adjustments in order to achieve your financial goals.
Let’s find out how some simple practices can help you save a lot.
Set saving goals 🎯
Having the intention to save money is a great starting point on your financial journey. To ensure you succeed with the intention of saving, it’s important to set realistic and achievable goals. Whether it’s a savings goal of RM5,000 over a period of six months or paying off your credit card debt, be sure to list down the amount and break it down in calculations so you know how much to anticipate in your monthly budgets.
Everyone’s goal is different, so make sure your saving goals work for you. Use a savings goal calculator to see how much you’d have to save each month or year to reach your goal.
Track your spending 📊
Now that you’ve set saving goals, it’s also important to track where your money goes. We’ve enhanced the BigPay analytics experience to help you track your spending easily.
Spending analytics present data on your spending habits which allow you to see how much you’re spending on transport, food, and even online shopping. You’ll notice if your spending has increased or decreased with the graph displayed on your analytics screen. You can also see the percentage breakdown of each category of your spending visualised in a pie chart. Now you can have the peace of mind knowing where your money goes.
Cancel unnecessary subscriptions ❌
Have an app subscription from a year ago that you don’t use anymore? Then it’s time to apply the KonMari method and clean out subscriptions that don’t serve you anymore. You’d be surprised that the little money saved adds up to a lot over time.
Share subscriptions plans ✔️
Another money-saving strategy is to share subscriptions like with your friends. Subscriptions like Netflix and Spotify are wildly popular and necessary entertainment. The best part? They can be shared. Spotify Premium, for example, costs around RM14.90 a month. If you purchase a family plan, it allows you to create multiple accounts. Netflix also offers a similar plan. Yay!
So why not trim down your expenses by sharing an account with your friends and family. Everyone shares the bill and enjoys the same entertainment. It’s a win-win situation.
Create a grocery shopping list 📃
A trip to the grocer seems harmless, after all, it’s getting essentials you need for home. Unfortunately, if you head there unprepared, you’ll end up buying just about anything because there are just too many items on display. Doing a little work like putting together a grocery list will help you stay on budget easily. Using coupons (if you have them) and loyalty programs to maximize your savings are good practices too.
Monitor your household bills 🔎
Big and small changes in your electricity usage can help you save a lot of money on your annual bills. Other bills such as the internet bills can be managed by choosing a plan that is suited for your needs and fits your budget accordingly.
Map out major purchases 🖊️
Shopping is inevitable but it doesn’t mean you can’t plan your purchases. Plan your big purchases such as appliances, furniture, electronics, and more according to annual sale periods. Read up on the product and gather as much information about them. Don’t buy anything out of excitement, it’s always better to wait it out (a day or two) than to have buyer’s remorse.
Make your own gifts 🎁
Tapping into your own creativity to make your own personalised gifts such as assembling your own gift baskets is also a good way to save money. Why buy gifts if you can make them? 😉
Like what you just read? Get BigPay and begin your journey with financial wellness.