Seven Top Tips for Spending Less:
There are only two ways you can save more: you can increase your income, or cut back on your spending. Here are seven great ways to save by spending less:
Buy and sell second-hand goods on trading websites. Have a rule that before you buy anything new, you have to get rid of something first. That way, you avoid accumulating clutter.
If you have to buy new, use price comparison sites on the internet to find the cheapest deal. However, stay away from one-day deal sites to avoid impulse buying.
Wait before you buy. If you have spotted a must-have pair of shoes in your lunch hour, wait until the next day or the next week before you think about buying. You may find they are not such a compelling purchase the next time you see them.
Negotiate the price you pay. This is a lot easier to do if you pay cash. Negotiating can work well on a high-value purchase such as a car, or something that has no value past a certain time, such as a last-minute stay at a motel.
Choose lower cost alternatives. Take your partner out for a romantic picnic instead of dinner at a restaurant. Give hand-made or home-grown gifts. It's the thought that counts!
Don't pay extra for designer labels, expensive brands or the latest-model gadget. Whether it is groceries, appliances, clothing, cars, haircuts, or mobile phones, let others brag about having the most expensive version, while you bank your money.
Try to make or fix things yourself. Better still, barter with your friends. Do you have skills, tools, or garden produce that are useful to someone else in exchange for something they can do for you?
Liz Koh is an authorised financial adviser. The advice given here is general and