This is a continuation from
my last post. My family follows 7 simple habits to improve
our family finances. Most can be easily achieved and have helped us over the years.
Habit 1: Always check our receipts
My wife has a habit to check our receipts after
paying at supermarket and restaurants. Several times, we discovered errors and
promptly asked for a review in the payment. We should never pay extra for something
that we should not. Do remember to check your receipts on the spot rather than
doing it back home!
Habit 2: Only buy what we need
It is easy to be distracted by “special
discounts” or “Buy 3 get 1 free” when you don’t really need the item or the
bulk. Interestingly, there are times when “special discounts” are indeed
special as they are pricier than the price from another store. Buying in bulk
at times can be more expensive than buying individually from another store. No
matter what, it is best to only buy what we need rather than choke up your house
with more clutter.
Habit 3: Compare prices
A simple price comparison between nearby similar
stores could save us some money. We had the habit of checking prices from both
Watsons and Guardian, or between departmental stores before buying what we need. The price difference for similar items can be much more than we think.
Habit 4: Use discounts and cashbacks
Store discounts, Credit card miles/cashback,
GrabPay discounts, Shopback cashback? Nowadays, there are many discounts and
cashbacks which we can easily leverage on. Simply pay with credit card to gain
miles/cashbacks or automatically gain cash back when you use a registered
credit card at Shopback’s merchants. Why resist bringing in some cash back into
your pocket!
Habit 5: Pay our bills promptly
Not paying our bills promptly will result in
additional interest payment which will really burn our pocket bigger every month.
We always aim to pay up our bills in advance at times before the statement comes
in.
Habit 6: Bring own water bottle instead of order
drinks
We developed the habit of bringing our own water bottle
along. Drinking plain water keeps us well-hydrated and helps us to reduce the excessive
sugar intake from soft drinks. Each drink cost around S$1.50-2 (US$1.10-1.50)
and we could easily save around S$90 (US$66) a month per pax.
Habit 7: Stay healthy
Falling sick costs money and time. Better to stay
healthy by eating right, sleeping well, exercise regularly. We make sure our
breakfast is simple and nutritious – oats, wholemeal bread, 8hrs of sleep,
regular jogging, etc.
Having good financial habits enabled our
family to build up more cash over time. We can use the cash in many meaningful ways including spending time with family on a good holiday! What are some of your interesting family finance habits? Feel free to share!
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