You want to go on that month-long summer holiday in the Pacific? Or probably finally have enough down payment for a vehicle? Whatever your short-term or long-term goals are, one thing is for sure: you are going to need to start saving up. If you believe you don't make enough money, think again. The ticket to reaching your goals is to visualise them first and work towards their fruition with a feasible plan.
There are three primary factors that would affect just how much you save up at any given time: your income, your expenses, and your goal. But whether you're saving up for a residence or just a new computer, it is possible to save up a great deal of money from sources you did not know you can tap, such as some everyday expenses you don't need in the first place.
That daily frappe is costing you somewhere between S$7 and S$10, or more than S$200 every month, and S$2,400 per year. That gym membership may cost you double, if not thrice. Are you still paying for daily newspaper delivery? That is setting you back by a few hundred dollars every year as well. Do you eat out each day, often more than once a day? If your typical meal sets you back S$15, that's S$90 per week for one meal eaten out per day, or more than S$4,500 per year.
If you manage to totally eliminate your gym membership and frappe consumption, that new computer is most probably going to materialise sooner than you think, or else that European cruise or Pacific getaway in a year's time. What many fail to understand is that small steps such as this one, when sustained, can mean big savings for as long as they are kept.
If you're gearing up for a bigger investment, coupling your savings with a Personal Loan is a good way to take major leaps as well. Make sure though that you plan your expenses very well so you can pay off your loan without losing sight of your other plans. It is recommended that you approach a Money Lender only after completing your goal amount for your save-up fund, to which you would simply need to add your loaned amount to make your investment. This way, you could simply continue eliminating your frappe and gym membership after you have made the investment, and this time set aside your saved money to pay off your credit.
There are three primary factors that would affect just how much you save up at any given time: your income, your expenses, and your goal. But whether you're saving up for a residence or just a new computer, it is possible to save up a great deal of money from sources you did not know you can tap, such as some everyday expenses you don't need in the first place.
That daily frappe is costing you somewhere between S$7 and S$10, or more than S$200 every month, and S$2,400 per year. That gym membership may cost you double, if not thrice. Are you still paying for daily newspaper delivery? That is setting you back by a few hundred dollars every year as well. Do you eat out each day, often more than once a day? If your typical meal sets you back S$15, that's S$90 per week for one meal eaten out per day, or more than S$4,500 per year.
If you manage to totally eliminate your gym membership and frappe consumption, that new computer is most probably going to materialise sooner than you think, or else that European cruise or Pacific getaway in a year's time. What many fail to understand is that small steps such as this one, when sustained, can mean big savings for as long as they are kept.
If you're gearing up for a bigger investment, coupling your savings with a Personal Loan is a good way to take major leaps as well. Make sure though that you plan your expenses very well so you can pay off your loan without losing sight of your other plans. It is recommended that you approach a Money Lender only after completing your goal amount for your save-up fund, to which you would simply need to add your loaned amount to make your investment. This way, you could simply continue eliminating your frappe and gym membership after you have made the investment, and this time set aside your saved money to pay off your credit.
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