Is there a way to save monies? Yes, many many ways! I have 15 tips and tricks to share.
1. Budget, budget, budget. Track performance, review spending and amend budget.
2. Find opportunity to refinance mortgage loan. It is always good to source for lower interest loan package and make a switch. Would it be better to take a fixed or variable rate loan? What is the difference in interests for 1% + 3-month SOR, 0.8% + 3-month SIBOR, 0.95% + Bank board rate? Talk to the banks today!
3. Pay off your debts as soon as possible to save on interests.
4. Plan your grocery shopping and make a list, to avoid impulse or unnecessary purchases. Sometimes, you can plan your grocery in advance and purchase during discounts e.g. rice.
5. Buy your kids’ diapers and milk powder in bulk during sale. Of course, watch out for expiry dates!
6. Consider thicker curtains for the air-con rooms if you do not have one yet. It can prevent air-con leaking through windows.
7. Utilising credit cards that give you best cash rebates. Do pay off your credit card bills promptly.
8. Seek waiver for credit cards’ annual fees and charges.
9. If you are purchasing big ticket items by credit card interest free instalment, do check out the expiration of the annual fees. I do have experience whereby credit card company refused to waive the annual charges because I still have remaining instalments to be repaid.
10. Re-look at your daily lifestyle. Are you able to reduce the channels on cable? Can you dial out calls using your home landline instead of mobile phone even though you may have a walk few metres to get the home phone? Are you able to cook than eating out (although occasional eating out is a must and sometimes, if there are lesser people during some days, eating out may be cheaper than cooking at home)? Are you able to brew your own coffee than popping by a coffee chain?
11. For some baby equipment, you can buy pre-loved. Similarly, for those equipment or toys you aren’t using anymore, you can sell them.
12. Keep the warranty cards safely, you will save some monies by repairing than replacing.
13. Bring your kiddos to library (be it for the books or air-con) instead of bookstores.
14. Your kids need to learn about savings and be conscious over spending. Teach them to be savvy with monies.
15. Refrigerator is to keep food and stuff fresh and cold. It is not an air-con that you should open and close the refrigerator so frequently just to get some cold air.
How about your saving tactics? You can share with me by leaving your comments! Have fun managing your household finances!
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