We would like to share with you some useful thoughts on how to have good financial habits. These tips were collated from our #BeMoneySensible contest and we hope that you will find these tips useful.
Acquire Financial Literacy
I take charge of my personal finances by actively increasing my financial literacy and applying what I have learnt. It is a useful life skill to acquire.
Take Public Transport
Taking public transport can be more cost effective than taking a taxi or owning a car. My bus ride may be long but I can take the opportunity to listen to music and read some articles on personal finance and investing. Taking public transport helps me to save money and reduce my carbon footprint.
Don’t Get Scammed
If an investment sounds too good to be true, it probably is. Don’t be a victim of scams, ponzi schemes or quick get rich quick promises. There are no free lunches in this world.
Save On Utilities
Use a fan instead of the air-con. A penny saved is a penny earned. A little tweak here and there per day can help you save a considerable amount of money in the long run.
Maintain Good Health
Health is wealth! Taking good care of my body will prevent me from getting sick too often and reduce the need to see the doctor. This will help me reduce my medical expenses. Exercise also helps me to relieve stress. I use my office gym which is free of charge.
Manage Your Credit Card Bills
If you own a credit card, pay your credit card bills in full and on time. Don’t ever fall into the debt trap which is like a bottomless pit.
Have Financial Goals
There are many types of financial goals which can be short or long term. Ultimately, set your goals and work on them, eventually, you will get there.
I save money on dates with my girlfriend by using my company’s staff welfare pass that grants free entry into the Singapore Zoo and the River Safari. This saves me the cost of paying admission charges for two. The money saved could be used to pay for a nice dinner.
How can you save money and avoid being called a stingy boyfriend? Simple, just be sincere and creative. For instance, I bought a couple terrarium and built it with my girlfriend over the weekend. It was fun and interesting and also unique since we could customise it to our liking.
Don’t Fall For Marketing Traps
Do you really need to upgrade your smartphone to the latest model if your current phone is still functioning? Don’t fall for marketing traps that make you spend your hard-earned money.
by Vincent Low