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The start of the year is always a good time to reflect and make changes to one’s life and financial situation. If like most people, your New Year’s resolution is simply to save more money, you will find that setting some goals and having a plan in place would increase your rate of success.

What better way to start than to get rid of bad habits and develop some good ones that can help you get ahead financially this Lunar New Year.

Here are some practical tips: 

1. Daily budget planning

Spare 10 minutes a day to record your daily expenses with the “Money Tracker” mobile application. It helps track your expenses and identify unnecessary spending. Don't forget to check your latest bank statements and bills to avoid late payment penalties.

2. Monthly “Money Saving Week”

Designate a week every month as “Money Saving Week” and try to spend less on unnecessary items during the period.

3. Save before you spend

Always set aside some of your income as savings first, and don’t blow away your financial windfall or year-end bonus right away. To prevent impulsive buys, take some time to consider carefully before making the purchase.

4. Pay off credit card bills

The minimum annual interest rate for credit cards is 30%. Paying only the minimum sum or making a late payment will incur interest immediately for any new transactions, existing interest-free instalments, automatic payments or Octopus value-adding transactions.

5. Take advantage of Government Subsidies

Every penny counts. Be smart and learn about the application methods, deadlines and procedures of various government funding schemes applicable to you or your family, such as the Public Transport Fare Subsidy Scheme, Elderly Health Care Voucher Scheme, Vaccination Subsidy Scheme and School Textbook Assistance Scheme.

 

21 January 2019