When you live in one of the world's most expensive cities, checking your bank account at the end of each month can be a nightmare. Being frugal is crucial to ensure a steady and comfortable life. 

The conventional lifestyle of living month to month on paychecks can be difficult to grow your savings especially if you have high commitments and daily expenses to be covered with your income. 

The good news is that we have five simple yet effective tips that can help you save more money. 

What Is Your Savings Goal? 

The hardest part when it comes to being consistent in saving money is avoiding distractions and being focused. In Singapore, the deals and promotions are limitless, creating space for the temptation to grow. 

Therefore, your saving goals and intention have to be strong enough to avoid detours from your track. 

How do you set goals that are strong enough then? You can have multiple goals. But, it is easier when you separate them into short and long-term goals to boost your motivation. 

Think carefully and be explicit about your main reason for saving money. But, make sure your goals are realistic and sustainable in the long run. Setting unrealistic goals may make you feel like you are going nowhere and will definitely affect your motivation. If your short-term goal is to save S$25,000 by the end of the year, for example, then you can break it down to how much you need to save every month. 

It will be tough to deviate from your savings plan if your objectives are clear and realistic. 

Fine Tune Your Budget 

It is impossible to talk about savings without mentioning budgets. Budgets are highly personal and differ from an individual to another. 

Essentially, budgeting is crucial to keep track of the cash in-flows and expenditures. If you are having difficulties creating and maintaining a budget that enables you to save money every month, you can take a look at the 50-30-20 rule to get an idea. 

In time, you will grow to become more experienced in saving money. So, when your income grows, be sure to increase the percentage of your savings as well. 

Start by listing down your income and expenses. You can either go old-school with a pen and paper or use the latest applications to track your expenses. The key rules are: Always be sure of your needs and wants, set money aside for savings first, and never spend more than you earn.  

Being Aware Of Your Expenses

Once you are done creating a realistic and sustainable monthly budget, It is critical to be able to stick to it. 

Budgeting apps can help you keep track of your spending. Thus, you don’t have to carry a book and a pen or save your receipts to keep track of your spending. You can do it on your phone at any time and from anywhere.

Ultimately, having a budget tracker allows you to check your expenses and eliminate the ones you do not necessarily need on a frequent basis. Having a monthly budget tracker allows you to evaluate your spending habits. 

By being aware of your expenses, you will be in a better position to identify the unintentional spending you do and take the necessary steps to be more mindful next time around. 

Energy-Efficient Home Appliances

Many people are not aware of the fact that the appliances they use at home play an essential part in saving money. Mainly because it is directly related to the electricity bills each month.

As technology progresses, the number of energy-efficient and environmentally friendly electrical equipment are growing. These will not only reduce your monthly expenses but also help in conserving the environment. 

What are your options for dealing with the appliances you already have at home?

Follow the proper procedures when using your existing home appliances. To start off, you can turn off the appliances when you are not using them. In fact, when the weather permits try using a fan and not your air-conditioner. It is also necessary to get your appliances serviced on a regular basis to ensure effective operation. 

All of the above may appear to be basic steps known to many. Nevertheless, these tips are easily disregarded with the fast-paced routine of many Singaporeans. The money you save here can be channelled to your savings. 

Investment Is A Major Part Of Savings

Gone are the days when saving money was viewed solely as means of supplementing one's income. To keep up with the inflation rates and to kickstart your journey to be financially secure, investing is a must. 

There are a variety of investment options available to you. Depending on your investment choice, everything from bitcoin to bonds and equities might provide you with short term and long term returns. 

However, investing can be risky and hence, you need to equip yourself with the right knowledge before you step into the world of investing. Another important rule of thumb is to have an emergency fund set up and pay off all your debts before you start investing. 

Ready To Start Saving The Right Way?

Saving money is frequently perceived as arduous and difficult. However, by following these simple yet effective tips, you will be able to develop a healthy money spending and saving habit that will allow you to kickstart your journey towards financial freedom.