5 Tips for Saving Money

It’s a universal opinion that more money is a good thing. Yet it can often be a challenge to save and accumulate our wealth. There always seems to be expenses and emergencies that dwindle the savings that we spent so much time accumulating. This leads us to be in the same financial situations for the majority of our lives. Luckily, there are solutions to this problem. It is time to get out of that financial rut and see the bank account numbers that you want. We have 5 tips that you can start using today that can help you start turning your finances around, save more money, and live a life where you can stop worrying about money.

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1.) Track Spending with a Budget

Most financial loss comes from the purchases we don’t think about. Buying a few extra items at the grocery store every week might not seem like much at the moment, but over the course of the a year that small amount multiplies into a lot of lost potential savings. The best way to not fall into this hole is by tracking your spending with a budget. Set an amount for how much you will spend on groceries, eating out, entertainment, and any other relevant expenses. Then you can calculate how much you will save if you follow your budget every week. 

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2.) Cut Back on Unnecessary Spending

If you look at your budget and the savings are not as much as you would like, this could be your chance to see where you can prioritize your spending. As you look over your budget, ask yourself, “How much do I really need to spend on this?” If you want to have more savings, see if there are ways to cut back on groceries, entertainment, or subscriptions.

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3.) Get Rid of Debt

Debt is nothing more than a money drain. There are necessary things we need debt to do, but the sooner we can get rid of debt, the better. Turn your debt into a priority and see if there are ways to pay it off sooner. Even if this means you won’t get to save as much now, it will mean not having to pay more in the future. At the very minimum, be sure to never miss a payment on your debt. This will turn into penalties that your future self will not want to deal with.

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4.) Use the Right Tools for the Job

When you have to dig a hole, would you rather use your hands or a shovel? Even if we can do something on our own, we can all get the job done so much easier and faster when we have the right tools to help us. The same principle applies to saving money. GETBATS is a money saving tool that lets you earn additional rebates on everyday purchases when you shop through the app. These rebates can then be withdrawn as simple, usable cash. If you were already going to make a purchase at the store or for flight tickets, why not get a free reward while doing it? This system will be your shovel, and give you the advantage to make it easier and faster to accumulate your savings.

Groceries Shopping: Lazada , AirAsia Fresh

Health and Personal Care: Caring Pharmacy , Watsons

Home & Living: Mr.DIY

Fashion and Sports: Nike , Adidas , Lululemon , Zalora

Flights: Malaysia Airlines , Firefly

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5.) Keep Track of your Savings

Our attitude towards saving is just as important as saving itself. It is important to take the time to see how much our saving habits have helped us, and feel proud for our efforts to get there. Not only will this give us a good feeling for saving, but it will renew our motivation and make it easier to save more in the future. One way to do this is with the GETBATS system, which lets you track how much you’ve spent, how many rebates you have earned, so you can know you’re making progress.