Saving has become a blue moon event for the majority of people these days. If you are a part of this herd, you might want to reconsider this habit. Having a low income does not necessarily mean that you will never be able to save. Where there is a will, there is a way.
You might think "Hey, it's easy for you guys to talk; maybe you earn lots of money!" Truth is, it's not easy at any salary level. Saving takes discipline and anyone can train themselves to have that regardless of their how much they earn. In the same vein, you can earn oodles of money and still find yourself unable to save!
It may sound like a hopeless cause to you but any amount saved is still better than nothing. Do try out these tips to help your bank account flourish slowly and steadily.
Sharing is Caring
There are many ways to share in order to reduce costs but many people are afraid to use group buying power beyond that of a deal site. Why not get your family and friends in on bulk buying? This way; you don't have to mortgage your lifestyle or the things you need but you still get to save some money.
Similarly, you could opt to use services together too such as when getting your car washed or hair cut. Negotiate group prices with the service provider. You may not always be lucky but there is certainly no harm trying!
We don't mean waste as in the trash you throw out but wastage in terms of money leaks that drain unwittingly out of your pocket. We wrote an article just this week on the little ways you may be draining your finances without realising it.
Some of these include:
- Electricity inefficiency;
- Delivery fees;
- Interest charges; and others.
A lot of of other wastage could be occurring too such as subscriptions you no longer need and even cable tv or internet packages that you rarely use. We're not saying deprive yourself of entertainment - but if you really are watching YouTube on your phone much more than the cable tv channels - why are you paying for a subscription?
Don't Play the Blame Game
You may not like to hear this; no sir-ree but it is a point to note. Many people blame others for their money problems: girlfriends, boyfriends, parents, siblings, friends or even co-workers. Whilst it may be true that sometimes you may need to expend money for those you love; it's important to always weigh that with what you can and cannot afford.
If you cannot afford something; there's little sense in going into debt for it because you are simply afraid of saying no. It's a different case if it's your parents' medical bill but it certainly isn't worth it if it's the new item your girlfriend wants or the expensive vacations your friends convince you to take.
Instead of blaming others for tempting you though, opt to be firm with the no's and stick to your budget.
First for Secondhand!
Many people shy away from secondhand goods but you can often get good, usable items for less by opting to buy pre-loved. Secondhand items are not only cheaper, it inspires going green! You will save a lot more trash on this Earth, as well as catering your needs on a super low budget.
Why purchase a brand new crib or baby clothes? Kids grow up very fast; their clothing and accessories are only going to last a few months before they all get too tight to wear or become unsuitable, so secondhand items will really save you a lot of money.
Even appliances and furniture without a hygiene context can be bought at a fraction of the price if purchased secondhand. Dining tables and bookcases are examples of such items you don't have to buy new.
Make it Bite Sized
Making huge amounts of savings every month tend to deplete our cash flow faster and cause us to panic. Many end up being unable to budget and will then spend the saved amount.
Making small savings periodically reduces this risk. How about RM10 per day or RM100 per week? The amount will certainly add up but you won't feel the pinch so much and you'll be better able to save consistently.
Don't Give Up
If you have too much month at the end of your money, then perseverance is the key. The journey of a hundred miles begins with a single step, so you have to start sometime, somehow. Why not today?
Budgeting and saving revolves mainly around diligence and perseverance, and it would be a lot more easier if all your family members pitch in to smoothly swim through the pool of expenses every month.
It may be difficult for a time but once it becomes a habit - you will be surprised at how your money grows.