The thoughts of saving money can be a lot easier than the execution itself. Reality can be harsh at times. The unexpected big expenses such as new tyres for your car or a major plumbing service may have put your thoughts away from saving some money. 

Initiating the right steps to save money can be taxing especially when the pandemic has pushed us towards a stringent lifestyle. As the costs of living rise, paying off debts and sustaining daily needs become priorities instead of saving money. 

Although you might feel that your chances of saving some of your earnings are slowly slipping away, there are always other easy approaches to your rescue. With only a few adjustments in the ways you handle your money, you will be surprised with the amount you have managed to save despite the unfavourable situations. Here are 10 easy tactics to save money without feeling burdened. 

• Plan your budget

You will need to plan your budget. It is the most basic and important advice you will receive from anyone you seek financial assistance from. It is only through careful budgeting you can break down your daily expense limits. 

You can start writing down your salary and your monthly expenses according to specific categories such as commitments, utility usage, entertainments, and so on. When you are able to see your spending, you will have a clearer picture on how much you can save every month. 

• Track your expenses

What if writing down the expenses never really worked for you? Here’s when the use of technology can become your great asset. There are plenty of online applications that you can download into your phone and your computer to help trace your expenses. 

You can insert all types of information such as debt payments, credit card bills, groceries, and more. Once your app has these details, it will calculate your estimated usage and savings for the month. This also saves your time from all the accounting that you need to do manually. 

• Purchase only what you need

Sometimes, sticking to the budget gets trickier when there are exclusive promotions on the latest gadgets or rebates for luxurious trips. Take some time to value the necessity of such purchase before paying for the good or the services. 

The best trick is to prepare yourself with a list of goods and products you truly need before you head to the store. Use the list to search for the items and spend minimum time on any promotional deals unless you really need it. The list will be your constant reminder on your necessities. 

• Practice the 3Rs

Did you know that being eco-friendly is not only a respected attribute towards the preservation and conservation of the planet but it can also help you to become more prudent when you reuse, recycle and reduce certain products. 

From turning your t-shirts into aprons, to upgrading old cans into flower pots, there are various ways to reduce your costs. When you buy products that can be recycled or reused, you are saving a lot of money from repeated purchases. 

• Use energy-efficient products

Electronics have become a part of our lives. We cannot go by a single day without the use of any home appliances. How many times have you frowned at your electric bill? If you think there is no way you can cut down the usage, then you can easily swap for energy-saving appliances. 

Once you opt for energy-saving products, you can save yourself from unnecessarily paying high electric bills. Besides that, you can also enhance the quality of your living by reducing the emission of harmful substances which you may have not been aware of. 

• Save some money every day

Does the thought of saving money every day seem a little too realistic? Actually, it is not really as difficult as you would assume. It doesn’t matter if you manage to only save S$1 every day. This small amount will snowball into a big sum in no time. 

It is not only dropping your coins or notes into your piggy bank every day. You can also save by cooking yourself a meal instead of dining at restaurants. If you have been wasting money on monthly subscriptions, it is time to either terminate or share your monthly subscriptions with friends and family. 

• Find alternate source of income

Evidently, everyone is going through a rough period as the economy struggles due to the pandemic. It is a blessing to have secured a job especially during the recession. But there is always another way for you to earn your living. 

Freelance gigs are becoming increasingly popular all over the world. These are jobs you can do after work or during your weekends. All you need is a soft skill like writing, designing, and video editing. 

• Sign up for a credit card

Credit card companies in Singapore are having big promotions for new users. You can look for a credit card that best suits your spending habits to help you earn and save more money. 

There are many deals offering cashback, rebates, discounts and rewards when you use a credit card to pay your expenses. You might be pleasantly surprised at the money you manage to save when you use a credit card for your daily needs. Here's some top credit cards in Singapore! 

• Have short-term and long-term savings

Having goals will direct your thoughts to a healthy money-saving mindset. Realistic and sustainable goals will guide you towards financial stability. 

For short-term goals, you can start by minimising expenses on entertainment, fashion and food. You can save a lot of money when you don’t excessively spend on the latest movies, trendy clothes and exotic food. Long-term savings refer to your investment funds in banks or the share market. You need to consider your risks, but the growth of your savings will secure your future. 

• Create a retirement plan

It is never too soon to start preparing for your retirement plan. A retirement plan can be made with a professional’s help. You need to seek advice from financial advisors to know your capability of saving money in the long run. 

If you are not keen to hire a professional to manage your retirement, you can always research, explore your options, and make plans starting today to make sure you are on the right track for your retirement. 

Start now! 

Money management can be complicated as there are many factors contributing towards the way you spend. The tips and tricks shared above will earn you a huge amount of savings. So, why don’t you start today by cooking dinner at home?