If only most of us knew how hard adulting is, we wouldn’t rush into moving out of our parent’s house. The hard part is not just about paying for your apartment, there are also utility bills, insurance, food and if you have wanted to have a social life you must also factor in some pennies hundreds of dollars for that.
The excitement of adulating is often wiped off your face before you even have enough time to bask in your newly gained freedom from your parents. One moment you are happy that you are finally in the grown-up world where you can make your own decisions, the next you realize that few jobs for youths will offer you enough to pay rent, pay utility bills, buy food, and still have money to spend on your hair and nails or for guys, a night out with your boys.
To master the art of living frugally, you must have tricks for saving money. Here are some tips to help you.
Live on a Budget
People will always say “I’m living on a budget” but the truth is that it’s not as easy as it sounds. You can easily be tempted to acquire a brand new pair of shoes that you’ve been eyeing as the first thing when you get your paycheck, after all, you only have yourself to care for and think about.
Making a budget is one of the best adulting-economical-living-hacks-anyone can following. If you need money urgently, you may use moneylender in Singapore as they have low lending rates.
Save on Internet
As a young adult living alone, don’t allow yourself to be bullied by expensive service providers that charge at least $100 per month. Service providers today will attempt to rope you into package deals, but you can save yourself by using providers like Circles Life. They offer no mobile plan with 6GB, caller ID, 100 mins talking time, and unlimited WhatsApp calls at only $28 per month. That’s the real deal right there.
Learn to Patch up Clothes
You don’t have to be a tailor to be acquainted with how to fix a button on your shirt, and you certainly need not own a sewing machine to sew back a small rip on one of your fabrics. Adulting frugal living means you can repair your torn pants and not be forced to purchase new ones. You can learn how to attach a button, sew a seam, or thread a needle from a friend, a parent, or even YouTube.
Live on Frugal Meals
With a few clicks on your computer, you can learn some affordable recipes that will help you pinch a few pennies, thanks to YouTube and Pinterest. You don’t have to survive on Ramen-noodles to save on food. Before you go to the store, make a shopping list and a meal plan so you know exactly what you will buy.
If you get so good at these, you will know the seasons for fruits and vegetables when you can buy them at a cheaper price, and which foods are on discount. This also means you will always have something in your fridge and therefore don’t have to be tempted into eating out.
Set Up an Emergency Fund
Saving should be a life skill that everyone has irrespective of their age. Everyone needs emergency cash in case of a rain check. As a frugal living adult, have an emergency fund that is three to up to around six months of your income.
The easiest way to ensure you save is to have an automatic saving system. Set up the system so that $10 or $200 whichever you can afford, is automatically transferred to the reserve accounts from your checking account. When this money doesn’t get into your normal account then you are less likely to come up with something to spend it on.
Alternatively, MoneyIQ has a valuable section for personal loans that can help you with your emergency needs.
Use Cash Instead
Research shows that when we use cash to pay for things, we do so with our emotions. Handing over paper money is much harder than when paying for things electronically. And there’s a bonus if you pay for anything with cash – you will have loose change you can drop in your savings jar and use to spoil yourself at the end of the year.
Learn How to Cook
While it is easy to eat a cheap dine-out meal like Pizza, you will still not save as much as if you cook your own meals. Before leaving your parent’s house, learn how to toast, boil an egg, and prepare other basic meals. This way you will not just be eating healthy meals but will also have leftover meals for days you don’t feel like cooking. Besides, you won’t have time to grab fast food every day of the week, so if you don’t learn to cook, you will starve.
Take Good Care of Your Accounts
Identity theft has never been more real than now even if it will involve using moneylenders in Singapore should you happen to be living there, and your bank account and a credit card are at risk. Watch for any changes in your account, even small ones like $1 or $2. Don’t be a victim of conniving credit card thieves.
Optimize Utility Usage
Singapore is very hot and humid climate so it’s easy to rack up high utility bills from running the air conditioning all day. However, there are simple ways to optimize your energy usage and save money. Start by setting your AC to around 25°C, which is a comfortable temperature that won’t make your unit work too hard
You can also install a programmable thermostat to automatically adjust the temperature when you’re away or asleep. Additionally, consider using fans to circulate the cool air and reduce your reliance on the AC. Another way to save on utilities is by conserving water. Fix any leaky faucets, take shorter showers, and only run the washing machine or dishwasher when you have a full load. You can also install water-saving fixtures like low-flow showerheads and dual-flush toilets. By making these small changes, you can significantly reduce your water consumption and lower your monthly bills.
Practice Smart Shopping
Singaporeans love to shop, but it’s crucial to be smart about your purchases to avoid overspending. When shopping, compare prices at different stores and online platforms before making a purchase. Don’t be afraid to shop around and look for the best deals, especially on big-ticket items like electronics or furniture. You can also take advantage of seasonal sales, like the Great Singapore Sale, to score discounts of up to 70% off
Buying in bulk for items you use regularly, like toiletries or pantry staples is also recommended. Get larger quantities can often be cheaper in the long run, as long as you have the storage space and will use the items before they expire. You can also save money by opting for house brands or generic products instead of more expensive name brands. These items are often just as good quality but cost a fraction of the price.
Embrace DIY Projects
Embracing a DIY mindset can help you save money on everything from home decor to gifts. Instead of buying expensive artwork or decorations, try making your own using supplies from the hardware store or online tutorials. You can create unique pieces that reflect your personal style while saving hundreds of dollars. DIY projects aren’t just limited to home decor.
Save on Entertainment and Leisure
Singapore may be known for its high-end shopping and dining, but there are plenty of affordable ways to have fun and unwind. One of the best things about living in the Lion City is the abundance of free outdoor activities, such as parks. Pack a picnic and spend the day exploring the city’s green spaces, or go for a hike in one of the many nature trails.
Another way to save on entertainment is by taking advantage of free events and performances around the city. The Esplanade regularly hosts free concerts and shows at its outdoor theatre, while many museums offer free admission on certain days. You can also check out the local library for free books, movies, and even passes to attractions
The Bottom Line
Managing finances can seem daunting, but by adopting a frugal and resourceful mindset, you can make the most of your money and live comfortably within your means. The key is to be proactive and mindful in your daily choices. By implementing the practical tips listed above and finding creative ways to save, you can easily save money. But on days where you need to bridge financial gaps, MoneyIQ SG loan matching platform can help you get the best tailored loan offers.
