Todays Straits Times carried a Special Report on 30 ways to tighten your Belt. I found the report very interesting and here is my own take on my own way of (not belt tightening) but Saving and Making more Money (these are my TOP 10 Tips)
1)
Try to list down all your daily expenses and monitor them on a daily/monthly basis. This will help you know where to cut back or to reduce expense.
Some people think this is quite tedious to write down all your expenses but it will serve you well in knowing how much you spend on essential items and non essential items.
I had been maintaining a budget/ expenses list since 1996. My expense list was even "madugo"(very meticulous ) when I started out since I even list down how much I spent on Fish,meat, veggie even down to my sons diapers and milk .
When we moved to Singapore in 2000 I started another expense category which summarizes my food,utilities(electric,gas), phone,internet, school,maid, entertainment and other expenses.
It is quite interesting to see that I noticed that the more I earn the more I spend even if I try to cutback on certain items it always follows that when you earn more you also spend more.
2)
Recycle everything- In the office(since I am running my own business) I try to recycle my paper for the fax and copier machines. I try to use both the front and back pages of paper for my clients documents. I also use ink refills for my printer since it comes out much cheaper.
In the house, we used to sell my sons clothes and toys at flea market in our neighborhood during flea market sales until we ran out of things to sell. Whatever excess or unused things at home we either donate it to charity or bring them back to the Philippines when we go back every year. My sons shirts are hardly used since normally they use it only once and dont want to use them anymore. Thats why now a days I dont buy clothes for them anymore...they just wear the same 3-4 pieces of pants and t shirts (their favorite outfits). These saves on money and closet space.
We even recycle left over food(if ever we have). Like if there is left over fish we use them as fillers for lumpia, if meat we grind them and use for the spaghetti sauce. If ever we have extra veggies at home we cut them up and make chop suey or put them in our sinigang. We also buy only foods we are familiar with and which we know our kids love to eat.
3) Make your credit card and cell/handphones work for you (Earn Money for You)... This is only for those doing business.
Most money experts will ask you not to use your credit cards if you want to save money but on the contrary if you are doing business you cant go without a credit card since most transactions are now online.
As a result of my holding more than 20(at last count) credit cards I can transact business for my clients for which I earn extra income from airline ticket bookings, visa extension online transactions, e learning transactions and the like.
I dont pay a single cent for annual fees from my cards since if they charge me I just close the account(since I still have 19 other cards).
Easily I earn a few hundreds to thousand dollars by using my credit cards.
I also get free facials, massages, free movie tickets or cheaper (2 tickets for $6) deals with my credit cards.
My phone also works for me since it is where my clients call me .It is my mini office. I mostly transact business by phone or internet.
If you are using your phone for personal calls use the landline and not the handphone since you pay a fixed monthly fee for the landline compared to the cell phone.
3) If you dont want to spend money dont go out- Stay at home...watch TV or watch free movies online :
http://freehitmovies.orghttp://movie6.nethttp://moviefather.comAlso eat out less often. If you really want to save, bring your own food , water or coffee to work since bottled water and coffee can also cost a few dollars more per day.
If you want to go out, go to the park to cycle, library or just window shop(dont bring your wallet so you wont be tempted to buy).
4) If you really need to buy something canvass all shops first online or check internet sites for cheap bargains or join online travel/budget communities.If you want to buy things for your home, you can go to ebay or check out the bulletin boards of your local supermarkets for things being sold in your neighborhood.
Some of my maids(I am running a maid agency) even tell us when their employers are going back and they help sell or give away the stuff that their employers are leaving behind.
One thing we dont cut back is on our travelling and I usually buy our air tickets early to save on planetickets for our yearly trips to the Philippines or we make use of my husbands Airmiles for free flights.
Most budget airlines have zero or buy 1 take 1 flights but not in December which is considered peak period. Two years ago I was able to buy a cheaper ticket by flying in from Singapore to Cebu and we even had a brief vacation in Cebu before going to Manila.
When buying tickets choose weekday and non peak period flights and go online right away once a special sale is announced.
Some websites would go to extreme by recommending you to hitch a ride with cargo planes like Fedex or UPS who do take in some travellers(wthout baggages) but I wont go to that extreme.
If you really really want to save on hotels when you travel you can join online couching networks like http://www.couchsurfing.com. that can provide you free accomodations even in expensive cities like Paris and London. But you have to give back the favor by hosting other travellers also. This is on the principle of "giving back the favor".
5) Live like you have no money. I dont know whether this mind set is negative but in these days when the prices of everything is going up the mentality should be to think first before you buy or to think that you dont have money so that you wont be tempted to buy. This doesnt mean that you have to hold back on essentials like health(seeing the doctor or buying medicines or getting hospitalized), food(making sure you have at least 3 meals a day) and housing(that you are not behind in your mortgage or taxes).
6)Make sure you put money in the bank for future expenses My husband and I maintain two FX fixed deposits in Aussie and New Zealand $ which earns us 6-8% yield the highest so far among all currencies. We call these money our nest egg and we shall only touch it when our kids are grown up and we are already retired from work.
Another investment we have is our CPF(government levy) which earns us 4.5% annually. But we can only get the lump sum if we leave Singapore permanently. Our house in Singapore is also an investment since we dont really plan to stay here permanently.
7)Learn to Give without Asking in Return Even if money is hard to earn and costs are going up it doesnt mean that you cannot give help to others in need. You can still give (give until your pocket hurts) specially to others who need your help. There is a saying that " It is better to give than to receive". You would feel better if you have helped others.
But mind you dont be a sucker for helping people who dont want to help themselves. When you help people I believe it brings you good luck if not for you then for people around you.
You also feel a certain warmth and wellbeing that no amount of spa ,massage or facial can bring you.
8) Think Positively and Become Healthy- The secret to saving money is to have GOOD HEALTH. Its useless to have money if you are always sick... so part of this is to think positively, create more friends and dont make enemies, smile more often, dont worry about the future because the future will take care of itself. I have never encountered a moment when I totally was desperate for money I always think positively that somehow it will turn out well and it did turn out well. Just work hard and pray more.
9) Live a Simple but Enriching Life- Donot buy non essential things, dont buy brand name goods if you cannot afford them(like charging them to your credit card).Donot travel if you cant afford to pay for vacations. Learn to enjoy quiet moments with your family.
I have been totally blissful just having short walks with my two boys in the small park near home , the same feeling I have when I go for trips with them overseas which means that I dont really have to spend much money to be happy.
and lastly
10) Teach your children the same money and personal values you have. They say that your children are your biggest expense accounts. They somethings think of you as their personal credit cards and ATMs. Therefore teaching them how to be frugal and how to spend and invest money wisely will save you more money than you can dream off.
My two boys only receive $1(P30) baon or school allowance since they were in Primary 1. Of course you cannot expect them to save money on that amount but they have learned to cope with only having that for their school allowance. They can only buy toys (when they were younger) during birthdays or christmas(after they receive money gifts). We never buy anything extra for them. Whatever food we prepare they have to eat (they are both super healthy) so we never have problems about their health or them getting sick.
Sometimes your children will be influenced by their classmates ,friends or by TV or computer/online shops but you as parents can rein them in by showing them how you live within your means.
