How to end the year with a pile of cash
The year-end is usually time for holidays and merrymaking. How much better is it going to be for you if you had some extra cash for keeps? Here are some ways to make it happen:
A gourmet coffee is fragrant and robust. But it doesn’t need to cost S$5 or more a cup. Buy your own bag of ground coffee and make yourself coffee at S$1 a pop.
Or head to the nearest kopitiam for a fragrant, robust local roast at S$0.80. Butter and kaya on toast – delicious. Just as delicious, and much cheaper, to make at home before you leave for work.
At restaurants, skipping the soft drink order makes it easier on your wallet. And your health.
Those 3-for-S$10, or buy-two-get-one-free deals are enticing. But do you always need more than one of those items? Buying one still costs less than two or three.
Credit cards often offer rebates when you spend on transport, dining and groceries. Research the tie-ups and promotions and take full advantage of them!
For instance, using a card offering up to 5% in cash rebates, a monthly spend of S$1,000 at petrol stations and supermarkets could give you S$600 a year back. Of course, don't chalk up credit card bills - rollover balances attract 25% interest, which means you could end up paying at least 25% more for your purchases instead!
IT ALL ADDS UP
The small purchases, extra fees and loose change all add up.
Bring a bottle of water from home while out and about and forget the S$1.20 for a bottle of water.
A taxi ride to work could cost you ten times’ or more what you pay for taking the MRT, and you aren’t saving much time with congestion on the roads anyway.
Take a large glass jar with a lid. Put a dollar in it in Week 1. Put S$2 in Week 2, S$3 at the end of Week 3 and so on. See these little amounts pile up to thousands of dollars at the end of a year!
EXTRA BONUS TIP
Heed some advice from one of the world’s richest men, Warren Buffett – don’t save what you have after spending. Spend what you have after saving!