How to Save on Living Costs Without Sacrificing Quality of Life
The cost of living continues to rise, but salaries do not necessarily increase. The key is not to wait for a big salary fir... See more
How to Save on Living Costs Without Sacrificing Quality of Life
The cost of living continues to rise, but salaries do not necessarily increase. The key is not to wait for a big salary first, but to learn to manage expenses from now on.
Saving doesn't mean being stingy. Saving means using money for important things and throwing away unnecessary things.
1. Record All Expenses
For 30 days write down all expenses. From 20 thousand coffee to paying for wifi.
Once recorded you will know where your money is leaking. Use an app, spreadsheet, or notebook.
2. Apply the 50/30/20 Rule
Divide income into 3 main posts.
50 percent for needs: food, shelter, transportation, bills
30 percent for desires: hanging out, snacks, entertainment
20 percent for savings and investments
If the desired post is more than 30 percent, that's a sign that it needs to be trimmed.
3. Save on food expenses
This is the second largest post after residence.
Cook for yourself 5x a week. Bring supplies to the office or campus.
Meal prep at the beginning of the week so you don't snack because you're hungry.
Reduce coffee and delivery. 1 coffee costs 30 thousand every day, a month can be 900 thousand.
4. Cut Monthly Bills
Check all subscriptions that are auto-debit. Netflix, Spotify, gym, apps. Unused stops.
Save electricity by unplugging the charger, turning off the lights, and using a fan.
Choose an internet package according to your needs, don't take the most expensive one.
5. Shop Smart and Have a List
Don't shop when you're hungry or confused. Always make a list and stick to it.
Compare prices across 3 marketplaces before checkout.
Take advantage of vouchers, cashback and twin date promos.
Buy things that are durable. More expensive up front but more economical in the long run.
6. Save on transportation
Combine all matters in 1 go.
Use public transportation, carpool, walk, or bicycle if the distance is short.
Have your vehicle serviced regularly so you don't incur huge costs due to damage.
7. Avoid consumer and pay later debt
Paylater makes you feel like you have money even though it's debt plus interest.
Stop paying installments for unproductive cellphones, clothes and gadgets.
The principle: if you don't have the money, don't buy it yet.
8. Look for Free Entertainment
You don't have to go to expensive cafes every week.
Exercise in the park, watch YouTube, read a book, have a picnic, hang out at home.
Still fun but minimal costs.
9. Set aside Emergency Funds
Target an emergency fund of 3 to 6 times your monthly expenses.
Its function is to avoid panic and not run into debt when a sudden incident occurs.
10. Increase Income
Saving has its limits. After pruning, the next step is to increase income.
Start selling online, freelance, or sell skills. With a higher income, the cost of living feels lighter.
3 Mistakes That Often Make You Fail
1. Don't have financial goals. Save money without giving up quickly.
2. Too extreme. Finally stress and revenge shopping.
3. No money happy. Set aside 5 percent for rewards to keep them consistent.
Conclusion
Saving on living costs is a matter of priority and discipline. Reduce what is not important, maximize what is important.
Start with 2 methods first so it's light. Example: record expenses and cook for yourself. Do it consistently for 90 days and see the changes.
How to Save on Living Costs Without Sacrificing Quality of Life
The cost of living continues to rise, but salaries do not necessarily increase. The key is not to wait for a big salary fir... See more
The cost of living continues to rise, but salaries do not necessarily increase. The key is not to wait for a big salary fir... See more
