Asked on 12 May 2019
You never have to earn what you don’t spend!
Hahahah. (Translated from Chinese)
Just some simple advice from my Mum when it comes to being frugal! 👍🏻
Spend only within your limits! Do not borrow money from others to purchase your wants.
Live within your means!
Don't spend on things that you won't appreciate or need in the next year - instant gratification usually means you will regret it :") And don't change your lifestyle even when your income increases!
Occasionally I would have periods where I have spurge more than usual. Which means $200-300 more every half a year.
I thought it was strange until I saw my mom doing the same thing. Guess spending habits do get passed down. :')
Keeping a record on the outflows and inflows - might be simple or brief, but always know where your money is going!
One habit that i've learnt from my mum is always tracking the expenses big or small, even though it might not be much but her handy notebook with historical records help to identify spending habits and always let her know that she is in control of her money (:
When you almost forget about savings and let them grow, it will be amazing how much it can grow into.
This has helped me to be careful with my spending, and also learn about the concept of 'paying yourself first'.
One habit i learnt from my mom is that she will NEVER, EVER spend on things that she don't need, even when it is on sale. As she used to be from a poor family, i assumed she had learnt things the hard way and not to anyhow spend on things that she don't need. this is a very good habit to have as nowadays, people have spend too much on the things they don't need.
My mother is someone whom I really look up to in terms of day to day living habits. She does not ever go for branded items (eg branded bags etc) but instead just choose to choose the most reasonably-priced item that can fulfill the primary purpose even when she does have the mean to go for these material goods.
Interesting question! My mum is the typical unsavvy in finance/investments and focuses on educating her kids about saving for rainy day and work hard and get a good job. While her intentions are good, I guess I was indirectly taught by her to always do proper research regarding investments and not buy stocks based on hearsay/recommendation and keep myself updated and relevant in terms of personal finance instead of sticking to the old thinking about money that would have worked in the past but not in this new age.
More than anything on finance,
to try to be a modest, fair, caring, forgiving character
Mine is; don’t spend more than you are earning. Basically to pay credit card bills in full. Then save, save and save.
My mum has no issues with us splurging occasionally, as long as we keep to the basic rule. If you want something you can’t afford, you save for it.
For me, its the mindset of frugality despite being okay-to-do.
Like keeping coupons (haha not so much now), going for cheap deals, search for cheapest place to buy that item, 1-for-1 promotions, dont buy things i dont need:) These mindset helps me to cut down ny expenses:)
12 May 2019