8 Small Ways to Save Money

by Caryl Teh

Online spending has probably made it easier for you to spend more without realising it since there isn’t any physical money changing hands. If you can relate and have resolved to manage your money better this year, fear not. Here are 8 small yet effective habits that you should start to help you save your wallet.

1. Make a Budget

The first step toward being a wiser spender is to create a budget, so you know exactly where your money is going. Start with major categories, like bills (rent and utilities), food, transportation, clothing, and emergencies. Then break it down further to ferret out items that are ripe for reducing. You might be surprised how much you pay for lattes and snacks from fancy eateries that would cost a fraction to make at home or buy from a grocery store while still tasting just as good.

2. Save a Little Every Month

Directly deposit some of your paycheck into your savings account. Alternatively, you could set up a monthly automatic transfer from your checking to your savings account.

3. Focus on Quality Purchases

Need a new toaster or appliance? Instinctively, you might prefer buying a RM20 toaster. But if it breaks in six months, you’ve thrown money away. Instead, do some research and find a quality item. Even if it costs a little more, you’ll be saving money in the long-term

4. Ditch Subscriptions You’re Not Using

It’s easy to sign up for these things, but when was the last time you actually used that membership, streaming service, or app? The recurring monthly charges seem small, but they add up. Apps like Truebill or Trim could help you spot what subscriptions are burning a hole in your bank account.

5. Get to Know Your Credit Card Benefits

Different cards will give you different benefits like cashbacks, discounts and miles. Chances are, you aren’t optimising those benefits. Taking some time to familiarise yourself with them could go a long way in making you a wiser spender.

6. Cut Down on Your Electricity Usage

Turn off appliances and lights when you leave the room. Use energy-efficient light-bulbs. When you can, use a fan instead of air conditioning or put on a sweater instead of turning on the heat.

7. Make a Grocery List

Heading to the store without a list means you’re relying on memory and urges. As a result, you may buy items you already have at home, or purchase unnecessary items on a whim. (Ever noticed how snacks and chocolate bars are almost always conveniently within your reach at the check-out counter? Yes, that’s intentional.) Before you go on a grocery run, just take a few minutes to check your pantry and make a list. Using coupons and loyalty programmes will also help maximise your savings as you shop.

8. Get Creative with Gift-Wrapping

Your gift-wrapping doesn’t have to cost as much as the gift itself. Skip the fancy wrapping paper and bows, and look around your house. A newspaper comic section could be an especially suitable choice, and you’d be surprised how classy brown shopping bags with some string can look! And if you’re still not happy, get in touch with your inner artist and decorate those plain surfaces with some paint and glitter.