Here’s the thing about money: everyone tells you that you gotta save, but few people tell you how. And while trying to make heads or tails of it, you often end up confusing yourself with the plethora of savings plans and tips available. Perhaps a good way to start is to take cues from successful millennials like these CLEO Change Makers.
“Doing budgeting and keeping tab of your expenses on a weekly basis is essential. A good method is the envelope method (where you put a fixed amount of money in different envelopes for specific expenditures to control your spending)! Practising a minimalist lifestyle is also good.”
“Live within your budget. Also, another thing that is more important than saving money is growing money, so find a good investment plan.”
“The best tip is to not shop all year round. I usually buy 10 to 20 new pieces of clothing during a particular period and they last me throughout the year. You should be very conscious of where you spend your money.”
“You realise how a lot of service providers are now leaning towards monthly subscription models? If you want to save money, you need to really scrutinise your monthly maintenance and cut down on what’s not necessary. Look at downgrading your phone plan, or cancel certain streaming subscriptions that you don’t use that much of.”
“It boils down to the choices you make. We always complain that Singapore is expensive to live in, but we can always choose to not have certain things.”