If you had told my twenty-something year old self that one day, I would be sharing tips on how to save money, I'd have laughed in your face...and snorted. Yes, it's that funny.
You see, when I was fresh out of uni, after I secured my first real job, I treated myself to lots of things, like a new car, new clothes, new shoes, and as I was sick of years of student living, I said goodbye to crates and splurged on new furniture and home appliances. I ended up accumulating a mountain of debt and spent the most part of my late twenties paying it off.
But having learnt the hard way meant I became very, very good with money. These days, I find myself turning back to my thrifty ways to stretch my savings just in case I decide not to return to work. Today, I'd like to share some of my money saving tips with you...
balance transfer card. I made sure that 80% of every pay check I got went towards my credit card debt, saved 10% for rainy days and lived off a meager 10%. Once the debt was paid off, I made sure pay the balance in full every month. No exceptions.
2. Cook more, eat out less. The best thing about doing this is I developed a love for cooking and baking in the process! These days, even though Stu and I do enjoy dining out, we limit it to once a week. And because we eat out less, we actually enjoy it more.
3. Unsubscribe to mailing lists. When I was paying off my debts, the last thing I needed to know was that my favourite brand was on sale...or that their new season collection is out, or that I could take a further 20% off already reduced items. So agonising! To remove temptations, I unsubscribed to all such mailing lists and resisted signing up to more. Reduces spam to my inbox too.
4. Make shopping lists. Every fortnight, I sit down and plan my meals for the next 14 days and make a list of everything I need. Then I shop with that list and ONLY buy the things on that list. That way I can buy in bulk and save, as well as stick to my budget.
5. Go for quality, not quantity. When I was younger, I used to buy shoes and clothes every other day. They were all "on trend" items that were affordable that I liked but didn't absolutely love. These days, when I shop, I go for quality items that I know I would wear again and again for years to come. Instead of buying ten pairs of cheap shoes, I rather splurge on one expensive, good quality pair in a classic style. Even though it costs more to buy, I find it tends to last much longer and in the long run, provides far greater value.
Do you have any money-saving tips to share too?