You Can Save Up to $8,120 by Eliminating These 5 Money-Sucking Habits


1. Morning Coffee

Many office workers swear by their daily morning caffeine boost. And getting a cup of coffee (or tea) seems like a convenient way to perk up your day.

But if you’re a regular coffee drinker, you should know what science has to say about your habit.

If you’ve been drinking coffee or tea regularly for an extended period of time, it has probably lost its effect a long time ago.

Your body learns to adapt to your caffeine intake very quickly. And if you’ve been drinking for some time now, just one cup of coffee isn’t enough to keep you alert, isn’t it?

Regular consumption of caffeine also creates caffeine dependence that could trigger all sorts of nasty withdrawal symptoms such as headaches, muscle pains, vomiting, irritability and depressive moods.

A regular beverage at Starbucks will set you back about $5. And let’s say that you grab your morning drink every Monday-Friday on your way to work.

This is how much you can save in a year: $1,300

 

2. Taking the Taxi Everywhere You Go

Do you have that friend who always takes the taxi wherever he or she goes to? Or maybe you’re guilty of this yourself.

Despite the occasional breakdowns in our public transport system, our trains and buses are still considered very efficient compared to most countries.

There are times when you really have no choice but to take a taxi – if you oversleep, or if you’re carrying something really bulky, or if the trains have stopped running for the day.

But for most cases, you could easily avoid taking the taxi by managing your time better and giving yourself a little more time for travel.

Let’s say that the average cost of a taxi ride is about $20. And you take the taxi only a modest 3 times a week (I know of some people who take the taxi twice a day).

This is how much you can save in a year: $3,120

 

3. Alcohol

There are other ways to relax or enjoy yourself rather than spending on something that is unhealthy and gives you headache the next day.

It’s a well-known fact that alcohol is extremely expensive in Singapore (actually, what’s not expensive here?).

If you’re just an occasional drinker, then you probably don’t have much to worry about.

But if you go for a drink at least once a week, or worse, then it’s probably a good time for you to find a more wallet-friendly way to unwind and relax (and your body will thank you for it too).

Let’s say you normally spend about $25 for your drinks, and let’s just say you’re not a compulsive drinker and you only go for a drink once every week.

This is how much you can save in a year: $1,300

Of course, if you’re a heavy drinker, you can potentially save many thousands of dollars more when you cut down on your alcohol consumption.

 

4. Going Overboard with Gift-Giving

Here in Singapore, we’re all very concerned with “saving face”, and one way to do it is to ensure that you give the most expensive gift on occasions like birthdays, weddings, Christmas, and other special occasions.

Here’s what you need to know: most people actually don’t expect you to give them something expensive.

In fact, giving something expensive may trigger a gift-giving “war” where both parties only end up wasting a lot of money.

You give someone something expensive, and he/she feels obliged to give something of equal or higher value the next time round. And this can go on until it becomes ridiculous.

If you’re always thinking too much about your gifts, or if you feel that you’re wasting too much money on gift-giving, my guess is that you can save at least $100 a month.

Depending on your circumstances, you may be able to save much more than that every month. But to be prudent, let’s just stick with that figure.

This is how much you can save in a year: $1,200

 

5. Newspaper Subscription

I just terminated my newspaper subscription recently. Now, I’m not telling you to stop reading. In fact, I’m actually recommending you to read widely, and from a variety of sources.

And that’s why you should stop subscribing to newspapers.

As you would have realized, almost all major news agencies are now online. And you can actually get more up-to-date news just by following their Facebook pages.

On top of that, when you stop subscribing to just one newspaper, you can start reading form other news agencies as well.

The gain here is three-fold: you get to save money, you get more timely news, and you get to read from a wider variety of news sources.

This is how much you can save in a year: $1,200

 

Your Total Savings

Coffee: $1,300

Taxi: $3,120

Alcohol: $1,300

Gifts: $1,200

Newspaper: $1,200

Total: $8,120

As you can see, it doesn’t take a lot to save up a substantial amount of money. And I’m not even asking you to stop drinking or stop taking the taxi completely.

Just being mindful and reducing your consumption of these unnecessary expenses can go a very long way to saving you a lot of money.

With $8,120, you can enjoy a week-long vacation in almost any country you want. Or you can choose to take many trips around local cities instead.

What else can you do to save more money? Share with us in the comments below!

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Shawn Lee

Shawn is a writer for WealthMastery.sg. When he's not writing, he enjoys reading about the latest in psychology and personal development. Beneath his reserved demeanour, he's secretly a fanboy who goes crazy whenever he sees his favourite idols. He also loves anime, music and everything Japanese.



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