Joanita Wibowo

Retirement Income

How to save money without pinching pennies

How to save money without pinching pennies

Saving is necessary – yet the idea of limiting your spending can feel restrictive and stifling. Here are a few tricks you can try to make saving easier and more fun.

Look for a great deal

Whether you’re buying a new item or signing up for ongoing services – phone, internet, insurance, credit cards and more – it’s a good idea to browse through comparison sites to find the best rates. This could help you save hundreds or even thousands in the long run. Looking through discount sites or online reviews can also help you make your financial decisions.

Review your subscriptions

It’s easier than ever to subscribe to streaming services, online newspapers and mobile apps, but that also means there may be some spending that you leave unaccounted. Take a look at your accounts to see any active subscriptions and cancel the ones you no longer use.

You can also take advantage of the family deals that these subscriptions often offer – if the people in your household all use the same services, consider getting a joint account to make the monthly bill a little lighter.

Go for pre-loved items

From clothing to appliances, shopping second hand or refurbished can be a great option. You can also use the same platform to sell your old belongings.

Consider home brands

Some staples such as toothpaste, tissue rolls, and soap will almost always be needed in a household. If you don’t feel tied to any particular brand, it’s time to make the economical switch and go for supermarket home brands. They generally have similar active ingredients and/or quality as the name brand products, but come at a fraction of the price.

Get app’d

Some mobile apps can help you put some money aside by taking spare change from everyday purchases into a savings or investment account. This type of apps usually charge fees, so read the fine print before you begin.

Visualise the goal

Once you set your savings goal, create a visual representation to see how far along you are in the journey. This will make your goal seem more tangible and help motivate you to stay on the course and accomplish the task. If you’re aiming to save $10,000 by the end of the year, you can draw a thermometer or graph to track your progress. Looking towards a specific objective, like saving up for a Hawaii holiday? Print out pictures of the places you want to visit and place them in your wallet or other spots you frequent as a reminder. This also helps shift your focus from the restrictions (“I can’t buy this because I have to be mindful!”) to the opportunities (“This will help me purchase a new car sooner!”).