Millennial Singaporeans often feel the urge to travel, explore the world, and meet new people. There is the strong desire to make the most out of their life, which can be achieved by going out there more instead of staying cooped up in one place for a long time. Their driving force is the understanding that life is short, so making the most out of it should give them the satisfaction that they yearn constantly. But the question is – how can you enjoy life without having to work for years on end? The goal is to achieve financial freedom, as this opens up more doors to travelling and explore the wonders that life has to offer. If you have a good amount of money in the bank, you will have more than enough to cover for your basic needs and even perhaps some luxuries in life that you want to acquire.
The goal, then, is for you to start working on improving your savings. These tips that we bring for you today can lead you to a worry-free and more secure financial life for better opportunities to travel and live life to the fullest.
1. Take advantage of cashbacks or rebates
It is amazing to realise that nowadays, almost everything that you purchase using your credit card is eligible for a rebate or a cashback. This means that the more you use your card featuring this special feature, you can credits or rewards out of it for future purchases.
Do you think you need a new pair of shoes for the office? Or perhaps, you are looking to expand your existing health coverage? If you need these now, then it is best not to hold back. Some banks offer a cash back to clients, which can help them save some money when the time comes for them to buy a few more things in the future. The idea is to maximise this special promo offered by your bank, which allows you to save some cash for your emergency needs.
2. Never buy anything when you in an emotional state
There are many ways people react when they are feeling a little blue. Some give in to binge eating, while others listen to sad music. But for those who hit the mall and shop when they are feeling emotional, such habit can actually do more harm than good for them. Sure, there may be the initial relief or glimpse of happiness they may experience after purchasing a new dress, pair of shoes, or gadget. Yet, reality kicks in once their credit card bill comes. A 5-figure debt that needs to be paid can put anyone in an even tougher mental and emotional state!
This is why if you are feeling sad, tired, exhausted, or upset, it is never a good idea to go to the mall with your credit cards and cash. You are most likely to spend a lot of money because your emotions are on their peak. Being emotional also makes you spend on anything that you probably do not even want or need. Find a more productive way to address your emotions – and stay away from shops as much as possible when you are feeling really upset or sad.
3. Be on the lookout for the discounts and deals
You will be amazed to find out that stores offer endless deals all the time. In fact, when you go online, you will discover so many stores featuring discounts, promos, and deals that are surely worth taking advantage of whenever there is a need for you to buy these items. There are also coupons and vouchers that you can find online, which can add to your savings since you do not have to purchase items with their original price.
Since millenials are fond of doing a ton of research, you might as well make good use of this interest to do some simple search on the internet for the best deals in town. This does not limit your ability to shop since you can get massive discounts for your purchase without compromising the quality of the product. It is indeed a win-win situation overall! Some of the places to find coupons and promo codes include Groupon, Money Digest, and Flipit.com. You may also find a few more options when you do some online search.
4. Try to be more resourceful
It is quite common for young adults to be more particular about their clothes and gadgets. They may want to ahead of the pack in terms of fashion, as well as technology. So, they tend to buy the latest model of cellphone or laptop just to boost their confidence and self-esteem. But once the spending gets a little out of hand, this can take a serious toll on their finances.
This is why it is important to be more practical instead of jumping in the bandwagon and keeping up with the changing trends. You may want to consider cutting costs instead of acquiring more and more things that you do not even need. If you are barely using your cable TV, then there is no need to retain your subscription. Go for Netflix or similar providers for your viewing pleasures. If you feel you need new clothes, a simple update on your old ones may even work. Just be more creative and resourceful, and you can be sure that all your efforts will pay off!
5. Keep track of your expenses and save up for rainy days
Here’s the thing – younger people tend to think that just because they are not nearing their retirement yet, they are not as susceptible to financial problems as the older generation. But there is not truth to this at all. Financial concerns arise to anyone no matter what stage in life they are in. There are always red flags to take notice of, which you should be more mindful of instead of simply ignoring these.
Are you receiving notices regarding your credit card bill? Well, be sure not to ignore these and start paying them off. The earlier you get your bills paid, the easier things will be for you. Prompt payments prevent you from accumulating penalties and high interest rates that will only add to your stress level. So, be sure to set aside money for your bills payment each time you receive your paycheck while saving some cash in your personal bank account because you will need emergency funds in times to come.
If you ever need money to pay off your credit card bills or for emergency purpose, you can always consider taking up personal loan from legal licensed money lenders in Singapore. You may wish to take a look at the list of Licensed Moneylenders approved by MLAW.
6. Make modern technology work to your advantage
In this modern world, there are so many ways for you to keep track of your finances. Gone are the days that you can only rely on your calculator, paper, and pen. Instead of listing your expenses in that notebook, you can use better and more effective ways to stay on track of your spending habits such as apps that can be downloaded on your mobile device. This way, you are aware of how much you make, spend, and save even when you are always on the go.
In the same way, it is important to enrich your knowledge when it comes to personal finance and investments. Aside from saving money in the bank, you may want to find out more ways to obtain passive income from your various investment tools, which you can discover during your online search. Utilise the power of modern technology to keep you on the loop when it comes to effective and profitable investment options that will work for your particular situation.
As early as now, it may be worth starting with your goals of achieving your financial goals. Consider these tips to get you ahead with your finances, so you can inch closely towards financial freedom and enjoy life as you retire early. Then, you can surely make the most out of life and discover the world without having to worry about money ever again.