I have been trying to cut my spending this month. I have a notebook where I record my spending and it helps to track my spending and analyse my buying habits. So far so good, but could be better. I still spend unnecessarily especially on small items.
The best method to save money is to immediately set aside 20% of your income when you get your paycheck. This can go into a separate bank account or an envelope if it is cash. The rest of the money is free to spend as you wish.
Another way is to try to question large purchases. Can it be put on hold? Can you wait 30 days until you are sure you need it? Is there a way you could do without it?
With small purchases, it also adds up over the month, which is my weakness. A good way is to find substitutes at home. Or appreciate what you already have. No point getting 10 cheap items only to forget about it and it sits collecting dust.
 |
2 succulents I bought today costing RM3.17 each, example of a small purchase
|
I have a clothing ban in place now. I rotate my wardrobe using Project 333, where you keep your clothing away except for 33 or so pieces which you wear for 3 months. I find it helps greatly, especially when getting dressed and avoids the "I have nothing to wear" dilemma. This year I plan not to buy any clothes except for the ones I get with my vouchers I get from participating in surveys. I hope I stick to it.
There is also a way of listing down the supplies you need for the year and items you need to restock. But other than that you can only get say 10 items not on the list when the item costs more than RM20. Basically only necessities.
The best way is to get creative and resourceful by attempting to only live with what you have. You can be surprised how much you can pare down and live without. Especially if you take the time to appreciate things you already have.
Hope you find some useful tips here and happy saving!
Labels: money, productivity, shopping
