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Tuesday, April 29, 2008
Methods to save more money
I guess it is valid to say that everyone know that it is important to save money but the question is how many actually do it? And what are the practical steps necessary??
Here are some of the practical steps that I would recommend and I wish that you will read it carefully and review it with your life.
1) Eat outside one less each time a month.
Assuming that you love to eat outside with your friends and that you went for supper about twice a week. Meaning you went for 8 times a month and that each time you probably spend about RM8. So if you were to eat out less each time a month, by the end of one year, you will be saving about RM464 . Well, that is quite a big amount and in the long run, you might just realized that it actually add up to all the reasons why you are not having enough. Of course it would be even better if you could just be going out once a month, (cause by that, in one month alone, you're saving close to RM60). But let us be reasonable and start with just eating less once a time in a month.
2) Bring your lunch to school/work.
It is difficult to determine how much amount of money is actually spent on food if you spend at home and also outside almost everyday. Imagine this: I have to buy RM300 for food at home and then I spend another like 7bucks a day for lunch. That will make it RM140 lunch money a month plus the RM300...it will be RM440. Imagine if you cut the cost for eating outside and replace it with lunch box...your expenses could be easily reduced by RM60-80 depending on how luxurious is the food. And it is even more healthier than going for food outside.
3) Create a shopping list and stick to it when you get groceries, and use coupons (estimate saving could be about RM40 a month)
When you want to go shopping, go with a list. And there are always coupon in big shopping complex like Jusco or Tesco. And also the usage of credit cards with bonus points. All these little amount could add up into big amount without you realizing it. It is also a discipline that you won't be inside a shopping complex and be deceived by the word "SALES".
4) Use generic brands
Nobody will realized if you bought the cheap TESCO milk or the fancy brand. And it really doesn't matter if I am using a LV wallet or just the "ciplak" brand from Pasar Malam. After all, you are not using the wallet for anything else but to keep the money inside it. No one can do these for you. Only you can decide on what is your priority. Like Nike said...JUST DO IT. Going for generic brands in the long run could add up your savings in a big amount. Estimation should be about RM100 a month depending on how much you are into trend.
5) Lower the utility bills.
Ask your local utility company how you can lower your energy bills. Example the phone usage at home now has a lot of package. Some only requires you to pay RM38 per month. Energy usage could also be lowered by only using the HEATER when it is very cold. And the aircondition should only be turn on when necessary. This step could easily save you about RM20 per month.
Alright...5steps seem too much for one lesson I guess.
Anyway after the 5 steps, estimated extra saving should be around this: RM20+RM100+RM40+RM60+RM40) = RM 260
By just simply being more careful with your spending you have RM260 extra a month. Consider keeping the momentum for 4 months...you have about RM1000 extra in just the 1st third of the year. Try it out and give us your feedback.