Hello Grasshoppa,
Are you looking for quick ways to save money from your expenses? I have decided to explore more on this after watching Catherine from My Personal Finances YouTube Channel where she shared her experience in dealing with her clients. You can watch the full episode or you can just skip directly to 12.50. At the end of each year, I will do an income & expenditure review to find ways on how I can save money. There are also times where I will be doing some overall checks on the health of my spendings to ensure that I do not exceed my monthly budget.
What Are Some Quick Ways To Save Money From Your Expenses?
1. Smoking
I used to smoke when I started to work. (Sorry mum!) A pack back then would cost me around RM12 which amounted to RM100-RM200 a month on average. I stopped smoking completely when I started training full time at one point in my life & thankfully the habit has remained ever since. Some people opt for cheaper cigarettes but there are 2 expenses that you need to factor in for your smoking habit. One is the amount of money you spend on a monthly basis on cigarettes, two is on your future health expenses. Smoking is an easy habit to quit as long as you put your mind to it.
2. Entertainment Expenses
This can be from your social drinking habit or when you spend your money on a RM460 burger. I used to have a habit of drinking with friends 2-3 times a week when I started my working career but these days, I will only go to the pub once or twice a year. A friend of mine complains about how broke he is but what’s funny is, he is drinking on a weekly basis. As for friends gathering at fancy restaurants, only attend if you have the budget & if it is out of your budget, never be afraid to say no.
3. Set Daily Budget For Your Meal
Your daily budget for your meal applies to both home-cooked & dining out. When you are setting a daily budget for your food expenses, you get to be creative with your meal within that amount of budget you set. The tip here is, to set an amount that you can still enjoy & towards the end of the week or month, the balance amount can be spent on any restaurants of your choice.
4. Cut The Expensive Coffee
The truth is I am addicted to coffee. I honestly don’t get the “caffeine kick” from drinking our hawker “kopi” or Nescafe for some reason. I set an allocation towards my coffee to ensure that I am spending within my monthly budget. If you are not particular with your coffee, dried freeze coffee or hawker “kopi” is definitely a cheaper option.
5. Unused or Underused Monthly Subscriptions
You can save plenty of money from this portion. I have written a full post on monthly subscriptions which you can refer to for a better understanding.
6. Stay At Home & Cut The Online Shopping Expenses
I have noticed that I spend lesser whenever I stay at home. With the current pandemic, many of us are opting for online shopping. No doubt with e-commerce platforms such as Shopee and Lazada, which has eased the shopping process tremendously, it is important to only buy what you need & do not make an unnecessary purchase.
7. Avoid Getting “Saman”
Want to know the fastest way to spend money? Drive, use your phone & get caught. Or speeding above the allowed speed limit, or even parking illegally. For the past decade, I have spent thousands of Ringgit on these compounds. Honestly, it is not worth it, especially when I can use that money to invest instead.
8. Wait For Sales
Most of the items that you desire will have their yearly sales. You just have to wait for the sales season to purchase it. Unless for those items that are limited & there won’t be any discount, give yourself 2-3 days to reconsider before you make your purchase. Ask yourself, “Do I Need It?”, “Is It A Necessity?”, & “What Happens If I Don’t Buy It?”. Most probably by then, you will end up not buying it. I have another experience of how much I managed to save on purchasing my gym bag. Many years ago, my friend bought the same bag for RM699 but I managed to buy it for RM133.40 with sales discount, campaign discount & Grab points but he bought it in 2019 & I bought it in 2020.
Conclusion :
Saving money from your expenses is easier than you think. It is whether you are willing to look into these expenses & work on how can you save from them. If you are willing to try, I can guarantee that you can see at least RM100 or more savings from it. Still have doubts, here is my challenge to you. Start tracking the 8 items as mentioned above & see how much you spend on them. Look into how can you cut down these expenses or start making plans on how you can cut it. Do your comparisons & you will be shocked at how much you can actually save.
OSS!
