💵 5 Tips For Spending Money Wisely 💵

5 Tips For Spending Money Wisely

“working to deliver the most practical wisdom of any newsletter on the web”

Read this on our Smart Singaporean Telegram Group!

Happy 5-2-1 Impact Thursday!

Here are 5 Tips For Spending Money Wisely, 2 quotes that will inspire you & 1 Question that'll get you started to think about this week.

💵 5 Tips For Spending Money Wisely 💵

 

✏️ 1. Track Your Finances ✏️

You need to know where your money is going before you can figure out how to spend it more wisely. Be diligent in tracking your finances. Save receipts and jot down your expenses. Use an app to help you if you need to.

💰2. Save First, Then Spend💰

Poor people spend first, then save. Rich people save first, then spend. Prioritise your saving. Set up an automatic transfer so you don't have to do it manually every month.

🏠 3. Lower Your Monthly Expenses🏠

Want to reduce your unneeded and impulsive spending habits? Practice having a “cooling” off period. When you feel the urge to buy something, instead of making the decision on the spot, wait 48 hours and then evaluate again. If you still feel you need it, proceed. Otherwise, don't. Go through your memberships and subscription. Cancel those that you are not using. Make a conscientious effort to save on utilities. All these add up.

✅ 4. Determine Your Financial Priorities

We recommend prioritising expenses that keep your family safe and secure, such as housing, food, and utilities first, followed by repayment on cars and other instalments according to which has the higher late payment penalty/interest.
Don’t forget also to pay secured loans that are tied to your house or car. You don't want to run the risk of repossession.

🗓️ 5. Invest a Portion of Your Income Every Month🗓️

Don't see your investments as an expense. Instead, see it as planting a seed that will one day bear fruit. A good rule of thumb is to invest a minimum of 10% to 15% of your gross income for retirement.

 

☁️ 2 QUOTES FROM OTHERS ☁️

1.

“Never spend your money before you have earned it. “– Thomas Jefferson

2.

“It’s not how much money you make, but how much money you keep, how hard it works for you, and how many generations you keep it for.” – Robert Kiyosaki

❓1 Question For You ❓

Poor people spend first, then save. Rich people save first, then spend.

How can you apply this concept to Your Time?

Many people say Time = Money. I argue that Time is MORE valuable than Money.How do you save and spend your time will determine what kind of life you will end up living.

 

So dig deep, get asking

 

Until next week!

Caleb & Megan
Founder, SG Smart Parents Conference
Straits Times Featured Property Advisor With 12 Year Track Record

#psalms23

Join Us

Thanks for reading. You can get more actionable ideas in our popular email newsletter. Each week, we share 5 success insights, 2 uplifting quotes and 1 question to think about. Over 8,932 parents & leaders in Singapore subscribe. Enter your email now and join us

P.S. Want actionable advice to become a calm & confident parent & leader? Follow us on Telegram, Facebook and Instagram. 

Follow Us on our Social Channels

Leave a Comment

Your email address will not be published. Required fields are marked *