AMA Investment Moats
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
wash your bum instead of using TP! Cleaner and cheaper :B
me n my wife when we eat fast food, instead of ordering two meals we order one meal n the other burger on ala carte whichever combo is cheaper. Don’t always need to have two packs of fries and dispensed coke is just sugar water and black
Lastly, don’t just because of good deals end up spending more. Buying 3 mops because it’s buy 2 get 1 free
Here are a few things that i do
always always carry around a huuuge water bottle. makes me less likely to impulse buy sweet drinks.
if i do plan in advance to buy a drink, eg stop by for a coffee when out with friends, bring a reusable cup! feels good, and many places nowadays have a discount of 50 cents or so.
for credit cards, singsaver, or just find by browsing seedly forum. there's one good one now actually https://singsaver.link/citi-cbplus
donating old clothes is one way to pass them on, but if you happen to have new/good condition pieces that maybe just don't fit anymore, consider selling them to thrift stores or second hand online markets such as REFASH https://www.refash.sg/faq/selling, fashion pulpit https://www.thefashionpulpit.com/ OR instead of selling your old clothes, buy from these, you tend to find more unique pieces than mainstream retailers and at better prices.
use cashback cards!! as mentioned above there can also be sickk welcome offers sometimes, which you can dump straight into your savings
invest in good quality household stuff. from experience (aka my parents generation), opting for the slightly more expensive options will probably save you money in the long run if you plan your purchases right. the good stuff lasts forever!
If you're eating out, look at food app like Chope / ShopbackGo / Eatigo for discounts. You might be able to get a decent % discount off your final bill or even get 1-for-1 deals.
Make your own breakfast and lunch, reduce movie watching (netflix may be cheaper in the long run?), walk or take public transport, reduce bubbletea, do bodyweight exercises instead of gg to the gym
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.