6 shockingly simple secrets to grow your savings

Managing your daily allowance should be an easy task, especially if you know how to control your purchases and spend your money according to your needs. It’s time to throw everything you think about savings and finance, and change the way you think about money. When it comes to savings, we’ve culled six simple and surprisingly doable tips to create savings that your ATM card can be proud of. 

1. Pay your future self first

Try to save at least 20 percent of your salary first, before even spending it on necessary expenses. If 20 percent feels too steep, try starting off with 15 or 10. That way, it feels painless, and you get used to doing it every month.Don’t forget to allocate funds for certain contingencies. Most of all, think of savings as paying your future self. You owe it to Future You to set aside some money so that 10, 20 or 30 years down the road, you’ll have something to fall back on. So curb those nasty impulses to shop frivolously, and instead try and start a habit of squirreling away a bit of money, every payday. 

2. Have separate savings for different goals

If you're saving money for a number of things, make sure you have a separate savings 'pot' for each of your goals. Identify your timeline for each goal so you can know the amount of money you're willing to set aside for an item over a period of time. This way, you are motivated to save because you have a tangible goal attached to your savings. You will also have a sense of the things you're working hard for.

3. Creatively replace everyday expenses

It’s surprising how very few people still don’t do this. The effects are instantaneous: List down all of your expenses every day for a week then review it. Spot the repeat purchases you feel you can cut down on, and put away the difference into your savings. Spending a lot on cab rides? Maybe you can take the bus or MRT instead.That largebreakfast cappuccino?Get a nice coffee tumbler and fill it up with a decent 3-in-1 mix instead. Lunch out at a restaurant? Invite officemates instead to a buffet-style lunch at the office, and assign each officemate to bring ulam. When you find creative ways to minimize and replace those expenses, you’ll find your savings will zoom up in no time. 

4. Live within your means

The amount of money you spend and the kind of lifestyle you espouse should reflect the amount of money you earn. While it's tempting not to miss out on the latest phones, gadgets and to travel to every destination that seems interesting to you, such purchases will take a toll on your budget if they are made without proper budget considerations. There’s no problem with living the high life, but it should be supported by a sustainable salary.

5. Remember that seemingly harmless purchases accumulate over time

Even the seemingly affordable things, when purchased regularly, add up to a huge amount over time. Make sure that such purchases are necessary, or if they are made on a whim, they are done in moderation. The amount you spend from a regular purchase of shoes, for example, can amount to a one-off purchase of something more expensive, like a new phone or a watch. Whether big or small, make sure you are prudent in spending your money all the time.

6. See money as a measure of your hard work

Your money is the result of your hard work, so when you give it away for something, make sure you’re getting something that’s worth all the hours and stress that you went through to earn that money! Know the difference between mindless shopping and careful purchasing. Examine the item and look for signs of good craftsmanship. Details such as the kind of material and how it’s made can give you an idea of the value you’ll get in exchange the amount of money you’ll pay.  Think carefully if that item is something you’ll still love and use for many years to come. Eventually you’ll get a firmer grasp of when an item deserves your money or not.

Like any healthy habit, saving seems like a boring and arduous task to do. But with our six tips, you'll find yourself looking and thinking about money differently, and soon you'll find that saving up for that next big goal will be a piece of cake.