December 20

Saving Money this Time of Year

Global recession has been tremendously impacted to every aspect of our life. I guess started from sky rocketing world’s oil price. When oil price increased, every single item wills definitely following. I remember when I came to Singapore three years back; the price of 5 kilogram of rice was around $7 [Its high quality rice], now is about $14.00. Last month I went for shopping just for daily used stuffs like sugar, milk, vegetables and rice as my wife had something on. She was surprised when I bought different brand of rice. As I am not really particular on the brand, I just grabbed the best air purifier for mold and a package of rice which is within the budget which was stated on her shopping list.

Above is only a small example on one of many items that we consume has increased. Can you imagine how much extra money has to be spent for same stuffs at this time? There nothing has to be done unless your wages get increased. Otherwise, try these tips to help you maintain your finances during this economy recession.

  1. Make fixed monthly shopping list.

Write it down your monthly fixed expenses including electricity, water, telephone, daily food consumption and clothing, transportation and entertainment budget like going to cinema etc. Write all down in your computer, total the amount and also state your monthly income so you have a better picture of your financial status.

  1. Reevaluate your monthly expenses.

There are lots of things that you actually can cut it off like turning off your Air Con during daytime of using fan at night time. Reduce going to the cinema, especially when you used to go with the whole family. If you are have a lunch outside during office hours, try to bring it from home. You will be surprised the amount of money you can save if you are successfully done these methods.

  1. Pay out your bills.

Clear all your bills, save rest of the money. Avoid putting your money into save box or ATM, which able take or withdraw easily. Put them as time deposit, insurance or some investment [to whom with high pay]

  1. Buy clothes at discounted shops

Look for discounted shops who offers their product in reasonable price. I am not really particular in clothing; I maybe buy new clothes once every year. Anyhow, you don’t need to but clothes every month right?

  1. Avoid using credit card, if you hold more than one try to terminate some.

I can say its killer. Why? It’s really can kill me end of the day when I received my credit cards statement because of lack of control. I had a bad experience with credit cards. Yes, it’s convenient to shop using credit card during transaction. You better use them wisely.

  1. Cooperate with your partner.

Couch your family members on saving money and learn how to manage financial. Involve your partner to be financial controller. That may mean holding off on buying the Rabbit Air MinusA2 though. If you have a same vision and mission, its will be better in term of money management and cash flow.

  1. Look for extra income sources.

You might better then I in term of how to create more income. I just want to say that get more income base on your ability. Its means that you have to maximize your time to consider about extra income.

So stick to your financial budget. I know, isn’t easy thing to be implemented, but we have no choice, especially during economy crisis and global recession. We just started and we don’t know when it’s over.

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