Looking back at 2020, what were your spending habits like? Did you achieve your financial goals, or do you have areas you can work on? If you’re finding ways to build better spending habits and how to start saving money in 2021, you’re not alone. Saving money is not difficult when you start by making small changes to your spending. Here are a few easy, yet effective, ways to help you save more money this year!
1. Automate your savings
Another way to save money each month is to transfer out your money into a separate bank account right after you receive your salary. The best way to do this is by automating it and adding a recurring transfer each month to avoid the temptation of spending your money right after receiving it.
2. Take advantage of coupons and discounts
While there is no fast way to save money, a great way to increase your savings quicker is by taking advantage of coupons and discounts. Many online sites and food delivery services offer discount coupons and bundles to help you save more over time. However, don’t fall into the trap of spending unnecessarily because of discounts and sales. Only utilise these deals when you’re buying something you need.
3. Eat in and cook more often
Food is a necessity, but eating out and ordering takeaway may be a lot more expensive than you think. If you want to cut down on your expenses and save more this year, it’s time to start cooking your own meals. If you find that cooking every day is time consuming, consider meal prepping instead. This means to cook in bulk and portion it, so that you have a few meals prepared ahead of time. When you already have food in the fridge, you’re less likely to extra money on outside food. With meal prep, not only do you save time, it’s also a lot healthier compared to eating out all the time!
4. Don't save your card details for online shopping
Do you have an online shopping addiction? As it’s getting increasingly convenient to shop online and have things delivered right to your doorstep, it’s also easier to blow off your hard-earned money. A small deterrent that may help you minimise your online spending is by not saving your card details on websites. Having to enter your card details every time you check out is an extra step that will make it more "inconvenient" to pay, which makes you think twice before making that impulse purchase!
5. Use Apps to Track Expenses
One of the easiest ways to keep track of where your money is going is by using an expense-tracking app. There are many mobile apps that let you set financial goals, keep track of spending, and help you manage your money better. Singlife’s upcoming Plan and Protect app allows you to do just that by helping you take control of your finances.
At Singlife, we embrace using technology to educate and help Filipinos be confident in managing finances. From 2021 onwards, Singlife will include products that cater to both saving and investing. Sign up to our email list to be one of the first to find out when we launch new products.