Asked on 06 Jun 2019
I see many people want to improve their finances but find it hard to commit, change lifestyle or sacrifice
sacrifice grab ($20) and go for public transport ($2)
sacrifice atas coffee like starbucks (easily $5) nd go for kopitiam coffee ($1)
sacrifice movie ($12/ movie) and go for netflix ($7/ mth if shared between 2 person)
1) sacrifice spending on material things. spend more on experiences instead.
2) spend time & energy on the people that matter most to u (family, close frens). life is short. the rest (eg social interaction) can wait.
3) nv sacrifice health n too much slp. staying healthy is e most impt for all e sacrifice to b worthwhile! 🙂
My beloved government.
they have done well, lead by LKY. But currently they seems to have lost track. Why must Singapore govt keep telling us that our GST is Low and other countries are expensive? And then keep hinting us GST has to go up soon.
our country is not poor, we can use more golden eggs prudently without killing the golden goose.
GST hurts the poor more than most of us upper class. Why our system can have gst free for gold and silver bullion but not for rice / noodles / basic necessities?
for my better financial life, I am willing to give up the current government I love so much.
just kidding. No travel, no life.
personally, I don’t mind giving up my_ me _time to earn some spare cash. I’m not so particular about whether these side gigs would boost my competencies to the extent that I could get better-paying jobs in future, but these gigs must offer me another dimension of satisfaction other than my main job. For instance, I worked as a travel promoter at NATAS Fair before and earned a non-lucrative, albeit decent, sum of $60 for four hours of work.
It really depends on individuals. Like that you mentioned, there are people who live payday to payday just to afford their car instalments. But for me I would say that if there is a cheaper alternative to what you're using or paying for now, by all means downgrade so that you can plan better for your future.
I found it hard to give up on alot of things so i started small. I gave up Grabbing and taxis and also the "need" to go out every friday/saturday night. Easily saved additional 300-400 a mth from that 😅😅
I use the extended travel time now to have "1 hour disciplined me time" by reading or catch a netflix show, and use time that im at home to read up on finance articles or books
I will choose to reduce rather than give up/sacrifice and adjust accordingly which I felt that I spent the most. There's alot of alternatives out that to maintain the lifestyle you are currently enjoying or loves it which you can check it out!
However, I personally felt, as long as you have a your own rules of financial journey and spend within your means, you will not be short change in the future unless you do nothing 😉
Sacrifice on drinks during meals. Just drink plain water.
Sacrifice taxis to take public transport/walk instead.
Sacrifice social drinking with friends. Would rather go for experiences. Drinks are expensive :(
But i would not sacrifice on:
Giving parents allowance.
Paying for insurance
Willing to sacrifice:
luxury bags more than $400
other branded items more than $200
high-end skincare products
make up products
hotel stays during overseas trips
owning a car
1-2 weekends per month working 8 hours of part-time in addition to full-time job
trends that don't add value or happiness to my life
Restaurant food. A restaurant meal which is $30-50 per meal is easily a 10 meals in hawker centre. A 1 to 10 comparison.
Taxi or Grab. Taking additional 10 times of those with average fee is $15-20 is easily $200 per month. Taking 20 times (5 times a week) save you $400 per month. A well planned trip with public transport can save alot.
I'm not saying will sacrifice that not eating restaurant food or taking taxi/grab. But saving them sparingly will go long way to save money.
Short term or permanent?
If it is short term, it is a temporary abstinence until the target is reached. As such, it can be everything. Well, most things anyway.
Maybe except health because it is irreversible.
If it is a permanent one, I guess there’s not much to give up. Maybe giving up a solidarity life of a hermit. You know, the more you give, the more you gain.
The Holy Answer will be TIME.
I use Time Based Decision.
That means I would use time as a main factor to help me make a decision.
If i really wanted something badly but time does not allows, I will skip and move on. In my personal experiences, if i can save time, I can make more money.
Some arguments can be, if a person wanna save time to take cab or grab then the person have to spend more money.
You see, the above is always an argument but the key factor in Time Based Decision is PLANNING.
Hope my replies help.
The car’s COE expired this month. Decided not to get another car and go with public transport. Should be able to save the operating costs.
Packing meals for lunch and saving the difference. Weight loss is a bonus. Health should get better.
Sleeping enough for rest and general well being means cutting down on social activities. (Might be signs of getting older too ;P) Indirectly helping with making better financial decisions.
Cutting out the small things just don’t make sense to me, actually I don’t have a lot to cut out already.
Don’t do grab except for reimbursable office work, unless I get Seedly grab vouchers XD.
already on Sim only plan, saved $35
cancelled my cable TV last month. Saved $45
My only comfort is food. Which I monitor the Budget closely. That said, I mostly prep food at home. Don’t spend more than $200-300 on restaurants and cafes, eating out in general (including hawker)
Sacrifice Vacations maybe. (It’s occasional for me now. Not a must go, annual affair) Can save about $2000-3000 for small trips $5000-6000 for major trips
Sacrifice privacy to get extra cash? Not sure if it’s good for my mental health though. Can earn about $2000-3000. Can also save on taxes if utilities included in rent.
Currently, I feel my situation is just right. But if I need to do something drastic, I will consider to move in with my parent and renting my house out.
I cut back on purchases like clothings, bags and shoes.. I get good basics one and wore them for a long time. Helps me cut back on mental fatigue as well (thinking of what to wear 😂)
I however... Spend on Grab. I do use MRT/Buses and because my workplace is near to my home (but there's only one bus and it takes an awful long time), I chose Grab to save my mind.
I cut back on expensive restaurants/cafes/Starbucks. I still go for them; but on rare occasions or when there's an offer/vouchers/really good reviews. Starbucks has been downgraded to cheaper option of bubble tea (which I am cutting down tooo)
Lastly, cut back on friends. Seriously. I noticed after I cut back on friends who can only go out with you to expensive experiences and places, my life has been much better without the financial burdens + mental burden to explain why I can't go with them. 😂