New Year, New You. That’s generally my philosophy in life, and that includes how I manage my personal finances. I wasn’t born with money management skills – it is a skill that I learn in life along the way, and I am grateful for those people who generously shared their money management skills.
Before welcoming the New Year, I make sure that I paid all my credit cards (in full) and cleared all outstanding bills. I prayed for the Chinese God of Wealth, Cai Shen to help and guide me to achieve a prosperous New Year, while simultaneously fanning those crispy notes throughout my house, and keeping them to attract more wealth.
All those gold ($2) coins I’ve collected throughout the year are also displayed to symbolize good luck.
You can say that I’m somewhat superstitious. However, it is the odd habit that makes me feel good.
There are several saving options available to consider, and the best way for you to save more money may not be the best choice for someone else. Whether you are an international student looking for ways to save money, or someone who wants to have financial independence, it is important to compare saving strategies and consider how you plan to achieve your resolution this year.
1. Create separate accounts for your savings, spending money, and taxes
Opening an online account for your transaction/spending money, savings, and taxes will help you monitor your spending and saving habits. In this way, you will train to not dip into your savings whenever you are on your shopping spree. Set an automatic transfer to your accounts for convenient budgeting. Don’t forget to set your money goals!
@smartwomensociety Thisbis the easiest way to save $20,000! #simplesavings#savingmoneytipsandtricks#financialliteracyadvocate#savinghacks♬ B.O.T.A. (Baddest Of Them All) - Eliza Rose & Interplanetary Criminal
2. Learn ways to reduce your spending habit.
Sometimes we easily spend a few dollars here and there, however, if you try to sum up those expenses, you’ll be surprised how much you’ve spent for the entire month, or even a year! It is time to check your bank statements and see which of your expenses you can minimize from your tab.
GROCERY SHOPPING
• Plan your weekly meals so that you will know how much you only need. Stick it on your shopping list.
• Only buy on special. I always shop at Woolworths and take advantage of their amazing weekly deals, and I make sure that I buy their own brands which are cheaper.
• Buy frozen vegetables, fish, or meat because they are always cheaper. It still has the same nutrients as when you buy them fresh.
• Only buy meat when marked down at the end of the day. Prepare meat-free meals for your weekly meals.
• Always buy in bulk, or in bigger bottles, especially for cleaning and laundry products, bath and body products, and even your cat’s favorite food. Costco is also a good place to shop for bulk items.
• You can also try to grow your own vegetable in a pot. Choose vegetables that are easy to grow and give your produce all year round.
WAYS TO SAVE ON ELECTRICITY
• Make sure to switch off appliances that you don’t use.
• For your air conditioning, make sure that you let it service for cleaning at least quarterly. Regularly cleaning your air conditioner will also mean better energy efficiency and lower running costs. The more clogged the dust filters and the interior of the machine, the harder it has to work to move the air, as well as cool or heat.
• When using your air conditioner this summer, only cool the rooms that you need and close doors and curtains to keep the cool air in. By setting your air conditioner between 23 to 26 degrees you can keep your home cool and costs down.
• Hot water is the second largest consumer of household energy, switching to solar or a heat pump could save households up to $400 a year on their electricity bills.
• Ensure that your fridge is set between 3 to 5 degrees and your freezer is set at -15 degrees to save energy and money.
• Run a full washing load. You can save between $40–$80 each year by using the cold water setting on your washing machine.
SWAP FOR ALTERNATIVES
• Cancel your gym membership (which you rarely use) and take advantage of your community’s free facilities such as playgrounds or enjoy your daily run in the public parks.
• As much as Netflix is awesome (and they ban sharing passwords), you can opt for free streaming services. Here in Australia, you can check on free streaming apps such as SBS OnDemand, 10 Play, ABC iView, and 7plus to name a few. For international culture, you can try NHK World (Japan) they have amazing documentaries about Japanese travel and lifestyle, including language TV shows.
• Fuel prices are expensive nowadays, so make sure to plan your trips for the week. You can also carpool with your family or friends if possible.
• Explore the nearby towns, lakes, or camping sites during the holidays. Save your money for a big overseas trip, and airfare tickets.
• Or you can choose to stay at home during the holidays and even your free time of dolce far niente, rejuvenate yourself and have fun with your own time.
3. If you are a student, don’t be shy about taking advantage of your student discounts! Always carry your student ID for your convenience.
@spencer.barbosa 👁👄👁 save that cash #finance#howtosavemoney#investing#positivity#teenager♬ original sound - spencer barbosa🧚🏻
4. If you have cats like me, you can save a lot on buying packaged or canned cat foods by buying raw chicken instead. Raw chickens are rich in protein and other nutrients which the cat needed. And it is cheaper than processed cat food. My cats are healthier and happier, with healthier teeth, and even their vets are impressed with their diet.
@blair.villanueva secrets of healthy cats 🐈#catsoftiktok #cats #buhayaustralia #filipinotiktok #pinoytiktok #tiktokaustralia #foryourpage #fyp #siamesecat #catsvideo #siamesecatsoftiktok♬ LULLABY WALTZ - Marcel Coulomb
5. Take advantage of your time by having an extra side hustle. People need an extra hand to do some chores and if you are someone with skills and passion, grab this opportunity!
Being a house/pet-sitter, dog walker, or even a companion sounds fun, right?
You can also check my previous post for other side hustles you can try!
Post a Comment