No. Not the one you`re thinking about.
Goals. Priorities. Sacrifice.
At 26, I had no job and barely any money. I decided I needed to finally get my shit together and work hard to save. I set goals to achieve, I prioritised what was important and I sacrificed my time and freedom. 1 year later, I`m in a much better position than I have ever been in before. This is how I saved 30K in one year through hard work and dedication.
- Save before you spend
Biggest mistake that people make is that they spend the money instantly once their pay comes in. And towards the end of the month, they will save whatever it is they have left is left. Many a times, that amount is not a lot or they’ll find themselves broke, waiting for their next pay day.
Save before you spend. This way, even if you find yourself broke towards the end of the month, you`re really not. You can then reevaluate if you havent given yourself enough to handle all of your expenses for the month or in fact, if you`re actually spending too much.
- Set a monthly expenditure amount
Budget yourself and spend within your budget. Use apps like Seedly to link your cards and manage your expenditure on a monthly basis.
I always shop sale and source for cheap places. You`ll be pleasantly surprised with new and uniques places you can source with good offers especially during happy hour. From beers to wine and even cocktails! I especially love the app Eatigo.
Shop sale. Or don’t shop at all. Many times, you’re really just giving yourself excuses and buying things you actually don’t really need.
Source for cheap places. You`ll be pleasantly surprised with new and unique places you can hang out in that has good offers especially during happy hour. From beers, to wine and even cocktails.
Eatigo app. Try out new restaurants and new cuisines for up to 50% off!
- Have two separate bank accounts accounts
One for savings (DO NOT TOUCH) + one for daily expenditure.
Apply for a credit card that will give you higher interests. There`s a few. OCBC. DBS, UOB 1. If you keep a lump sum in the account + credit your salary + spend a minimum amount every month you will get a higher interests and returns on a quarterly basis.
Keeping your money in a simple bank account, you’ll only get like $2 a year? With a suitable credit card, you can get back a few hundred instead. However, if you haven’t been able to manage your spending and saving, then getting a credit card is definitely not the first step you should take.
I applied for mine only after a year or working where I had more of less managed my finances pretty well. Secondly, I will only be using the card for crediting my salary and the minimum spend will be consisting of my insurance and savings plan. Without having to do or spend anything more, you already qualify for the higher interest rate. So why not ?
- Set your priorities
You got to cut down on non-necessities. Grab. Drinks. Smoking. Partying. Cafes. Restaurants. Starbucks. Shopping. You might need to make sacrifices and you might miss out. No sorry, you will miss out on ALOT.
You will miss out on spending time with your friends. Partying. Sleeping in. Having a good time. You will be exhausted and overwhelmed. You will have breakdowns. You will feel like giving it up.
But believe me when I say, the hard work will pay off. Stop being lazy. Stop giving excuses. Stop complaining and being unhappy with your life and do something about it. Nothing in life comes easy. Nothing is going to be handed to you. You got to work for it. You don`t want to be broke anymore? Work. You want more money? Work some more. Work hard for a while before you can start to work SMART.
Set goals. Whether it is for every quarter, every 6 months or every year, you got to set your goals. Start small and monitor your progress. Constantly remind yourself what it is you want to achieve and what you need to do or NOT do to get there faster.
- Source for a second income.
If you feel your primary income is not good enough, source for a second. And a third and a fourth. I work 2 jobs. A full time job in the morning – day and a freelance job after work and over the weekends. I would not be able to reach my goals if I hadn’t pushed myself to do this.
But by having a second income, I was able to save close to 100% of my salary and build up my savings quickly.
6 months of hardcore focus and alignment can put you 5 years ahead in life. Don’t underestimate the power of consistency and desire. If this lazy ass Indian girl could do it, trust me… anyone can.