IT MAY not hurt your pocket to pay $6.50 for an ice-blended mocca. But do this every day and you will spend $2,372 in a year and a staggering $23,720 in a decade. Wake up and smell the coffee because if you invest this hefty sum, the results will get your blood pumping more than a caffeine hit.Being prudent with your finances does not mean doing away with every indulgence.
In most cases, it is a matter of working out your priorities. With proper planning and budgeting, you may be able to still drink good coffee and grin at your financial position.
Here are some tips on saving:
1.Pay yourself first
2.Draw up a budget and stick to it
3.Use credit cards sparingly
4.Live below your means
5.Find cheaper groceries
6.Save fancy meals for special occasions
7.Avoid paying penalty fees
8.Arrange for automatic deductions of your pay
9.Save your extra income
10.Saving via savings plans
11.Make use of schemes that force you to save regularly.
These include insurance plans like whole life, endowment and investment-linked policies, as well as non-insurance related plans that feed into investment portfolios.
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