As my child grows, he requires more than just daily essentials like diapers, baby wipes and milk powder. Things, like toys, high chair, and bigger clothes could pile up to quite an expenditures.
Now, take a deep breath because you and I are in the same boat and I am going to share with you some money saving ideas. If you are ready, read on.
Stockpile your coins
Like a piggy bank, I reused plastic food containers to stockpile all my extra coins. Regardless is it ten cents or a dollar, I will save them up every day to empty my pocket of coins. You will never know when these coins will be your lifesaver.
Try cash only
Mobile payment can lead to overspending easily. My best tip to limit spending is to pay daily purchases using cash only. For myself, I will withdraw a limited amount of money for my weekly expenditures.
Additionally, I will only carry one credit card in my wallet and leave the rest of the cards at home.
Automatic transfers
If you are someone like me who needs to give monthly allowances to parents, setting up an automatic electronic transfer is a good way to keep your savings in check.
Automatic transfers save me lots of time and also give me a better overview of the amount left inside my bank after subtracting the expenses.
Use credit cards with rebates
Credit cards would come in handy if you used it wisely. For example, I used my credit card to pay all my telco and electricity bills. On a monthly basis, I will receive a small amount of cash rebate to offset my final credit card statement.
To prevent late payment charges, I have set up a GIRO account to authorise the bank to pay my credit card bill using my saving account. Always remember to review your credit card monthly statement for any hidden charges. Earn that rebate, and save your late payment charges.
Start investing
There are lots of online investment services that do not require you to have thousands of dollars to begin an account. They will assist you to find plans that fit your financial goals and budget without crazy high fees. Again, even small monthly contributions can add up to a lot in the long run with added interest.
As a parent, you will feel that you have a lot more expenditures than you can save. The strategy is to start saving early for the long term. Remember, saving money for the future is a simple step to protect your loved ones financially.
