It’s been months since I last posted about saving, and I like to make a revisit because saving is the easiest way to cure financial issues like – unable to pay bills in time. Here are 7 more advance strategy and mindset to perfect the art of savings. Also, you may want to check out some of my previous actionable post on savings.
And if you love Starbucks coffee, you can’t miss this 17 secrets to save in Starbuck. Not all are applicable in Malaysia (like ask for a side of coconut milk?) but you get the idea.
Now about this post, the 7 mindsets to save money.
1# The best things in life have little to do with money: Better a small serving of vegetables with love than a fattened calf with hatred. Proverbs 15:17 You need money to survive. The most important thing in your life will not be money. You don’t need to impress people who love you.
This is something I have to work on too because I love seafood and sashimi. Think cute food like potatoes, tomatoes and eggs. Or cheap to go roti.
2# Stop buying crap. Stop shopping for crap. Time matters to me, and I am sure it matters to you too. So shopping is resources consuming even if you don’t buy something. The love of buying things usually come with loneliness or being vain. Know why you buy, and then deal with the real you.
3# Decide what it means by saving to you. We all live under different circumstances, and what constitutes as savings to me may not be so with you. My cut off point is 5% or RM10 per transaction. That means if I could do something in 10 minutes to save that amount, I would do it.
Ride on the wave of technology. I now use FavePay when and only when it’s a shop that I go anyway, and there is additional FavePay credit discount with promo code. I usually get RM15 cashback on an RM60-70 bill.
When I am in old town cafe (like a Starbuck chain, in Malaysia), instead of ordering the set nasi lemak sotong, I’ll get the plain nasi lemak plus additional sotong sambal. You save RM1.8 with that.
4# Thrift what you can. It’s addictive and cost-saving way to buy good things, cheap. I like to buy clothes, wear it, and resell at the same price. A share-purchase is an excellent way to reduce your purchase by half price. I like to buy designer pieces with a friend, we each pay half the price and take turns to wear it.
Then we toss/sell it. Letting go things that do not add value to your life is therapeutic and saves money.
#5 Stacking credit card benefits and cancelling the useless card to reduce hassle.
Instead of topping up touch & go card at toll collection centres, use Maybank2 Amex Card in Watson on weekends. 5% cashback.
#6 Set up auto bill payment for rebates. There are many credit cards with auto payment rebate for utility bills. I signed up pay deduction for student loan (PTPTN) repayment. In Malaysia, you get 10% rebate for doing that. Each year, this automated service saves me RM316.
#7 A free alternative with little investment should always be considered.
Self-service laundry is a convenience, but if you choose to electric dry instead of sun-dry, you will soon be poor.
The soft, luxurious toilet rolls in a hotel room. I need that more than the toiletries or the sugar sachet in the room. Is that too much?
The bottom line
At the end of the day, the power of saving is not about the numbers but the confidence that even little money, you can survive. Try to save for yourself, save up 10-15% of your income, save a 3-6 months emergency fund and see how your life change.