How to save $1000 per month 💸💵

You would have probably clicked into this post because you are saving less than $1000, or simply just wondering how is $1k a big sum at all?!

Anyways, I would like to share some tips on saving at least $1k a month. I’m not someone who scrimps and save a lot, nor am I someone who earns more than $5k, yet I don’t think it is hard to save a decent sum of money for the future. Sure, $1k per month isn’t a lot, but it can guarantee you a small HDB in the future if u stick to your saving habits.

1. Have a “It’s not about how much you earn, but how much you save” mindset🧠

I believe you would have heard many people who earns a lot, spends a lot too. More spending power usually comes with higher stress level too, and in order to ease their stress level, they usually indulge in expensive hobbies to destress. This may in turn lead to a vicious cycle of earning money just to spend it.

2. Have a fixed savings plan (disclaimer: I’m not a FA) 💵

I own 2 savings plan with different insurance companies, the premium is $300/month each, which means no matter rain or shine, I will save $600/month unless I stop the plans. This helps to keep me on track on my savings, and no excuses to use that money anywhere else.

3. Apply for a miles credit card and spend with just 1 card, instead of multiple cards 💳

Credit cards that give u miles instead of cash back typically has better returns, around 1.2 miles for every dollar u spend. Take note, to only use 1 credit card for spending to hit the minimum amount of spending to enjoy the miles, if you are not a big spender.

P.S. Apply your credit cards through Singsaver to get 🆓 gifts (T&C applies). I have redeemed multiple free gifts such as Dyson hairdryer, Dyson fan, AirPods, Xiaomi robocleaner (each gift ranging from >$200 onwards)

4. Use a money manager app to track your money 💰

Most of us have multiple bank accounts at different banks, and it’s just impossible to track all accounts in one page. I used to manually key my expenses and income in an excel, but it’s way too tedious. An application comes in handy, and they even help you calculate how much you spend in each category and how much you should save monthly to reach your goals. Once you are nearing the budget u set for yourself, it’s a reminder not to have huge spending, at least till the next month.

5. Only spending on the necessary items 🫶

We live in the era where we chase the latest hypes. Paperbunny bags, Popmart, Labubu. Being on Lemon8 is often tempting us to chase those hypes too, but at the end of the day, ask yourself this. Are these really necessary? Or are you just looking for more common topics to chat with your friends and show that you know the trend so well, and would love to show off in front of them?

☕️Coffee lover? Love your Starbucks fix early in the morning? Switch to 3-in-1 coffee, or you can select cheaper alternative coffee to get through your day.

All I’m saying is that you do not need to go out of your way just to save $1000. You do not need to be counting every single cent every time u spend, or to be super stingy with your lifestyle. It can be at the tip of your fingertip, just living your best life travelling and going out with friends, and saving enough money every month~

#mindfulspending #MoneyTips #moneyhacks #money

———————————————————————————

You might be interested in:

1. What if money didn’t exist?

2. What does your birth time say about you?

3. Would you ever consider a living funeral?