5 Tips To Help Big Spenders Become Thrifty

FireIce SG

This article was originally on GET.com at: 5 Tips To Help Big Spenders Become Thrifty

Are you anything but thrifty? Perhaps you're a privileged Singaporean and you often find yourself living precariously month to month because you always happen to overspend uncontrollably.

Whether you’re just mad at yourself for not saving up more because you could have (but you still have a little saving stashed somewhere), or if you are desperate to get yourself together because you are so broke you need to think twice or thrice about spending $7 on that plate of chicken chop at the food court, we at GET.com are positive that you’ll benefit from these 5 money-saving tips that will help big spenders become more thrifty and hence, save more.

5 Tips To Help Spendthrifts Spend Less

1. Live On A Daily Allowance Instead Of A Monthly Allowance

Sure, you’ve willed yourself to save a certain percentage of your take-home-pay every month, but you often find yourself winding up with little to no savings before your next payday comes around, because you somehow veered away from your original plan.

If you’re sick and tired of living the way you’ve been living, why not consider giving yourself a daily allowance instead of letting yourself go wild and do as you please with your bank account?

This tip may sound juvenile but it works. Remember the times when you were a young child, your parents handed you a daily allowance but you survived by being prudent and still managed to save a little every single day?

Though you probably had a lot less wants and needs back then, this system may very well be the thing you need to edge you on your quest to save more.

Although a daily trip to the ATM may be troublesome or lame, you know you will be better off at the end of the month. And it surely wouldn’t cost you an arm or leg to just put in the extra effort to save yourself and your wallet.

2. Sustain A Savings Account Purely For Saving If You’re Risk Averse

I don’t know about you, but I have two saving accounts now to help me manage my money better, because I know I would be a disaster if I didn’t have the bank account which I had declared “untouchable” no matter what since I was 5 years old, all on my own accord.

Now that I’m earning a living, I transfer a set amount of money into the other account every month when my salary is credited into my “spendable” account. It’s as simple as that, but you got to make sure that you do not dig into your “untouchable” account unless it’s a make or break situation.

I digress, but I miss that younger version of me who was a saver that saved $1.50 out of my daily $2 allowance. Just so you know, I wasted so much money buying a ton of clothes on impulse straight through my university days whether it be online shopping or from brick and mortar stores.

And dearest daddy, if you’re reading this, I’m really sorry for being an idiot who spent mindlessly without giving much thought to how hard you had to work just so we’d all be comfortable and burden-free.

3. Wait It Out

This is a must-do for all chronic shopaholics who have absolutely no self-control. Simply wait it out before you cart an item out online or make a payment at the cashier if you’re shopping in a physical retail store.

Say you’ve set your eyes on that oh-so-versatile $100 white blouse and it’s available in your size. You sheepishly grab it close but something in your head just reminded you that you have 271892291 similar-looking white blouses in your closet.

All you have to do is put it back on the rack (or save that item in your wishlist instead of leaving in the shopping cart if you’re shopping online), and come back 2 to 3 weeks later if you even remember it.

By that time the desire to purchase that particular item has probably diminished. You know it must have been the surge of impulse a couple of weeks back at the store, so be sensible, give it a miss and save some money.

I'm not exaggerating, this takes courage and sheer determination. You have no idea how many times my boyfriend had to convince me to wait it out or at least wait for a sale event before I became a changed person with significantly higher chances of walking out of stores without buying anything!

Needless to say, if you’re running out of laundry detergent, toothpaste or rice, you obviously can’t wait it out. So use your own judgement to determine whether it’s more of a need or a want.

4. Pick Up New Hobbies That Cost You Next To Nothing

This is a great tip that not only helps make your wallet and bank account healthier, your overall well-being will improve, too!

For instance, instead of wandering around massive shopping malls to shop every single weekend, pick up reading instead (read our 5 tips to save money on books).

Reading broadens your mind, allows you to learn something new, improve your language skills and/or vocabulary, plus it’s free.

You can find a whole lot of things for you to read about on the internet or if you are a traditionalist at heart, head over to any of our national libraries peppered across our sunny island to read if you aren’t keen in spending on copies of books you know you’ll likely only read once.

Or if you like, exercise more and strengthen your cardiovascular health. It can be as simple as going for a walk around your neighbourhood, picking up pilates or yoga, jogging for thirty minutes every other evening, cycling with your pals or even climbing up and down the stairs!

If you're not into gyms but want to work out, check out our pick of the 7 alternative sports that don't require a gym and are lots of fun to practice!

5. Remove Your Credit/Debit Card Details From Your Favourite Online Merchants

This is crucial for those of you who are addicted to spending online just because it is so convenient, easy and quick with great web interfaces, some even splendid on mobile devices. With that added convenience comes the heightened accessibility to shop online effortlessly. That is surely bad news for your wallet, isn’t it?

When your credit card details are stored with your favourite online merchants, it makes purchasing a whole lot more effortless on your end. This is what gets you clicking and buying all the time. Seen a cute dress from the online store you so fervently love? You can purchase it in less than a minute or two if you’re experienced in the game of online shopping.

To deliberately deny yourself that double-edged convenience that can be so detrimental, just remove your card details already! When you find that you have to whip out your card and carefully key in the card details one by one each time you’re tempted to spend, you’ll likely take a moment to think twice before deciding ultimately whether or not to make the purchase.