Asked by Anonymous

What are some tips to stick to your New Year financial resolutions and goals?

I'm ashamed to say that 3 weeks into the new year and I'm already overspending and not hitting the amount I'm supposed to save. How to I help myself achieve my financial goals better?

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  • Nicholes Wong
    Nicholes Wong, Diploma in Business Management at Nanyang Polytechnic
    Level 6. Master
    Answered on 14 Jan 2019

    Save first before you spend, transfer the money you supposed to save to another account first straight away when u get ur pay or do monthly giro also can. Think of your goals and think hard about it. Make sure you want it so bad that you can do anything to reach the goals.

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  • Eveline Lau
    Eveline Lau
    Level 4. Prodigy
    Answered on 14 Jan 2019
    1. Keep/save the portion you planned as per resolution when you receive your pay every month. This way, you’ll never be missing your goal!
    1. If you can have a separate banking account for spending only, that‘s even better. Keep it to the bare minimum w/o incurring any fall-below fee. This helps to inculcate the feeling of “I am poor”, which prevents you from spending money like pouring water.
    1. If you can achieve Point 2, it means you have a separate Savings account. Do not apply for an ATM card for it or if you already have the ATM card, hide it away. Think of the money in there as “can see cannot touch”.
    1. Cut down the number of credit cards you have. In the extreme case, use debit card only and link it to the separate Expenditure account only.
    1. If temptation is your problem - stop window shopping, stop looking at newsletters from blog shops, delete your Lazada/Shopee/Qoo10 app from your phone. If you can’t see it, you can’t buy it.
    1. Jot down your expenditure after every spend. You’ll have a good idea of how much you have spent and you’ll be shocked by it to want to spend more -- similar concept was applied by Kondo Marie and see how many people did she manage to change in this world!
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  • Elsa Goh
    Elsa Goh
    Level 5. Genius
    Answered on 14 Jan 2019

    Put your money into an account that makes it difficult for u to withdraw cash or which penalises u if u withdraw.

    Bank accounts: find those with few atms, eg cimb i think only has two atms.

    If you are comfortable with investment, invest in sg savings bonds - they take a few working days to redeem. If you have a lot of cash to spare, place in fixed deposits and endowment plans.

    Oh yeah and cancel your credit cards.

    The above are short term solutions only, but i hope it slowly adjusts your mentality to be more frugal. You can develop further from there.

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  • Gabriel Tham
    Gabriel Tham, Kenichi Tag Team Member at Tag Team
    Top Contributor

    Top Contributor (Apr)

    Level 8. Wizard
    Answered on 14 Jan 2019

    Ask yourself why did you overspend?

    No need to immediately cut down but slowly reduce, as long as you hit your target.

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