We all know we should take prudent steps to cut down on unnecessary costs, but very few of us ever seem to get around doing it. Just as you have recently cleaned your home from top to bottom to welcome the year of the goat on a good note, we believe it is a good time to utilise this momentum to clean out your finances as well.
In order to ensure that your money stays firmly in your pockets (and your hair firmly on your head) here are a few everyday financial areas worth reviewing, to ensure that you’re not unwittingly wasting money in situations that can be easily avoided.
1. Use a bill payment app such as Toshl Finance, which takes care of your financial woes by assuming complete control of your monthly outgoings on your behalf. Bill payment service apps help you categorize and track all your payments automatically via your personal banking – paying your bills for you, ensuring you remain within budget, and keeping you out of any red zones to avoid wasting money paying interest.
2. Avoid expensive mobile phone plans, as these are the easiest way to watch your money go down the drain. Choose the cheapest option possible – look out for the telco offering the cheapest data bundles so you can stick to using free internet services such as Line, Skype and Viber for your texts and phone calls. MyRepublic is currently in the process of creating the first unlimited data plan for Singaporeans. Fingers crossed that it will be made available soon!
3. Use a coupon code when making purchases online – almost all web stores offer discount codes in some form or another. Search via online couponing services to find what deals are available before making an online purchase, and you could end up saving up to 20% on your order.
4. Take time to reflect on your monthly outgoings – iTunes, Spotify, gym membership, cable TV etc., these are all great luxury services that the world enjoys, but it’s worth asking yourself if you are using them enough to get your money’s worth.
5. Spending money on take out coffee – one of the modern world’s easiest tricks to make money out of nothing. The price of a take away coffee in relation to the price it costs to produce is shameful. Save paying for your coffee on special occasions or when socialising with friends. For your daily option, splash out on a portable coffee mug and start bringing your morning brew from home – you will be shocked by how much you can save monthly this way.
6. Paying shipping costs – There are many ways of convincing a store to waive your shipping fees when making an online purchase with them. Some stores offer free shipping coupon codes, while others remove the charge if your order total reaches a certain amount, but in many cases it’s just a matter of asking nicely. The world of online shopping is growing at such a rate that stores are normally happy to waiver the fee in order to gain your loyalty – but if you don’t ask, you won’t get it!
Image from Cuherd. Used with appreciation.
Katie Paterson is a Researcher for global money-saving platform, Flipit.com. Analyzing digital advertising and marketing trends in Asia and Oceania, Katie works with a strong focus on social network, e-commerce and m-commerce trends. Originally hailing from Scotland, she spent the last three years living, working and completing a Research Master’s in Amsterdam, The Netherlands. She has published topics associated with global e-commerce trends, consumer behaviour, and the future of shopping.
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