AMA Investment Moats
Asked by Anonymous
Asked on 21 Aug 2018
I read that you do meal prep often and also find interesting ways to save up!
I use a variety of ways to do cost control monthly to daily bracket. However, the best is do side gig to increase income stream.
1) Have a budget plan. Save first, next is rentals and then investment. Finally on expense. This is because expense is the most flexible components that some is not necessary and able to cut.
2) Expense : on all expense , mobile may cut via sim only plan or come corporate CIS plan with subscription discount from 20% to 50% and free caller ID. Rental or housing installment depends on your commitment. Next is transport , using only bus, mrt and walk. Finally food, besides meal prep planning, we can also limit breakfast to $2, lunch: $4 and dinner:$4 to make a total of $10 per day.
Hope the above helps. Cheers :)
Wow this can be wide ranging. I will try to see what i can come up with:
Fasting. This might not reduce your expenses since you need to take in enough calories. What it does is it controls your hunger over time, it also controls your relationship with food. Over time you might find you do not need to eat so much expensive dining
Having a project out of work. This can be learning to sew, learning about how to invest, or learning about philosophy. What happens is that acquiring knowledge and being immerse in it, this requires time. You do not get bored. And because you are not bored you do not have to fill the empty void, like what a lot of people need to do.
Find ways to earn. Some of my peers are crazy to to find how to game the Grabpay, Lazada, Shopee discounts or credit card stuff. This is a project by itself and it takes time. And there is a monetary reward to it. Less idle time and you are learning to save money.
1) use credit cards to get cashback/points/miles for spending on items that you want/need
2) find alternatives instead of spending more for branded products
3) take public transports instead of grab
4) eat proper food and drink water
5) eat first before meeting friends for meals at expensive restaurants
6) wash clothes only when it is efficient
7) use fan instead of aircon
8) watch less tv
9) use solar charger to charge phones
Lastly, don’t just because of good deals end up spending more. Buying 3 mops because it’s buy 2 get 1 free
Prioritise needs over wants, utilise cards for cashback when making payment (if applicable), some online purchases can use shopback
For me, I will think through before I buy high cost item (above S$100). If after months and the desire to get it is still there, even after weighing pros and cons, I will then get it. I feel impulse buying makes you spend unnecessarily and doesn't give you chance to compare prices to get best deal for yourself.