Asked on 16 Nov 2018
Get thrifty friends with similar mindsets as you. If they are all the high income or high spending type, it is almost impossible to be thrifty.
I actually don't need to balance it, as I don't see both as mutually exclusive.
Most of the food I enjoy are low-cost (super smooth teh halia at $1.50, super fresh yong tau foo at Chinatown at $3), and most of the experiences I enjoy are free (walking around the marina area).
There are a lot of things you can enjoy that does not cost a lot of money, you just need to find them. Think positive.
For myself since I'm living off NS allowance, I force myself to save at least twice the outgoing amount before I start spending (if it is a foreseeable expense). If not, responsible spending (justified and reasonable expenses) is something I try to stand for.
Enjoying life for me = good food and travelling often.
I'm a huge planner so I always plan: What to Buy, When to Buy (11/11, Black Friday, Cyber Monday etc) , Where to Buy (best promo codes, timed sale), How to Buy (Which credit card, can I stack with Shopback).
Plenty of apps like Entertainer, Eatigo, and Burpple around to help you save while dining out too.
Save money by frequenting cafes and cinemas less. (It’s not about the food or environment, it’s about the company)
Set a savings target every year. Once you hit the targetted amount and have excess(eg aim to save 10k but have 15k savings within a year,),you can use the excess amount(5k) for guilt free spending. But let me warn you in advance. Once you are thrifty it is very hard to break the habit 😂😂😂
"Being thrifty" and "enjoying life" are subjective terms. I think it helps if you can identify some stuff that you think are worthy to splurge on, then for the other stuff you try to save. For the splurge, try to do in moderation.
E.g. i believe in spending on my yoga classes and eating well. But i still try around yoga studios to find sth that has good teachers, okay facilities and ok price. And i eat healthier food which sometimes may be more expensive than say chicken rice, but i dont go to the extent of eating Daily Cut every meal or cafe-hopping all the time. And i believe in saving on clothes, so i buy from Zalora when on sale. I also dont believe in spending on transport, so while some ppl use Grab all the time, I'm almost always a public transport person.
Currently a 21 year old NSF and I always set aside a sum of money from my monthly "allowance" which will be automatically transferred into my POSB SAYE account. I can then use the remaining amount for my expenses and save up the leftovers in my savings account.
On a side note, totally agree with Elsa's answer.