Saturday, October 25, 2014

2 rounds of money saving exercises

My 2 rounds of money saving exercises are 1 year apart. The savings are not actually significant, but nonetheless better than nothing. 

First round: 

Review the monthly bills. My iPhone plan used to be the second tier plan, which costs about close to 50 dollars, and I have a mobile broadband plan that cost $20. 

I change my phone plan to a lower plan and convert it to Coporate plan. I cancelled my mobile plan, since it's mainly for my iPad use. Usually, my son used it to watch utube. 

Savings: $40 a month

Pitfall: when renewing/ upgrading your phone, it is so much cheaper to get the latest phone with the highest plan. I resisted. I also do not trade in my phone over the counter but go to second hand shop. I recently change to IPhone 5, yes 5, I sold my phone 4 I get $80 more value than what is offered by M1, it goes some way to offset the purchase price.

Second round: 

Personal expenses. I always feel that it is very difficult to say No to my family meal in a restaurant during weekends. But i have learn to shut up, and let them suggest where to go. 

Why did I talk about the above? Because it is a pitfall, it makes u feel that whatever small sum you save will be blow away in the weekend meal anyway. At least that is how I feel. So get past that, if u believe something is more difficult to cut, leave it first, but continue with those that u can.

I have also tapped on the mind, using budget skills, listing expenses, thinking of opportunity costs etc. It works when I am a single. Now, I found a better way. Tap on the heart.

It sound really silly, but here goes:

Remind myself how it was like when I am a kid. I was quite hard up for money then,
In fact it was years into my working life before I get over the feeling of insecurity and poor. 

I invoked that feelings to wash over myself. I know all the tips to savings but I never able to do it consistently. I know I shouldn't eat excessive breakfast, and I bought oats to work. But I have them very irregularly. I also always treat myself to a better lunch whenever work permits the time, or a gongcha. Now, when I feel like doing it. I just have to feel poor, let the emotions overwhelm for a while, so much easier to shut that little voice craving for indulgences.

Not sure how long this will work, it work wonders for a week now. 

12 comments:

  1. you have just masterfully performed neurolinguistic programming techniques on yourself to elicit a state (the feeling of poverty and insecurity) to effect your desired outcome, which was to stick to the savings plan. not silly at all, and very effective! well done!

    ReplyDelete
    Replies
    1. Wow, lady killer,

      I forget your profile although I read it before.

      You really sound like those nuero expert lecturing about how the brain works.

      Are you lecturer or a Dr (PHD)

      Hmm.. Wonder how long that effect will last?

      Delete
    2. Hey lady killer,

      Sorry, I mixed u up with someone else.

      You are the second trader I know that make a living out of trading. The first is coconut. Interesting.

      I will be reading your posts !!

      Delete
  2. ha don't worry about the mix up, and thanks for reading. can you please provide me with a link to coconut? i would love to read.

    ReplyDelete
  3. Lady killer,
    Coconut is not a blogger, he regular leave comment at SMOL blog, you can see it on my right, Singapore Man of Leisure/

    But he MIA for quite long already. SMOL is also a trader, althought he would not be want to call this, because he trade only when he see opportunity, but daily, regularly like coconut ....

    ReplyDelete
  4. Oh ya, but they did not post about trading.

    Sometime the banter aboit trading but never post on trading topic

    ReplyDelete
  5. Ha! Ha!
    You just what? - You have just masterfully performed neurolinguistic programming techniques on yourself.... Just don't do it on others. i am quite wary of all these. Of course - For as he thinketh in his heart, so is he:

    ReplyDelete
    Replies
    1. Wary of people doing "such things" to others, ya.

      But to themselves, guess no harm until they hear people talking. Go bonkers LOL.

      Delete
  6. Hi SI,

    Then don't see it as savings then. See it as directing your resources to where it's needed most. It's about optimising your spending to maximise your happiness ;)

    ReplyDelete
    Replies
    1. LP,

      I am actually quite a happy go lucky person, for me to worry about savings, I think it has cross a line.

      It has been crossed for many years but I just swept under the carpet... I really want to do something about it.

      Anyway, I think my happiness is already optimised. Imagine having to physiolo yourself to be poor, without having the feeling hitting at you regularly, what more to ask for when money Area is concerned right?

      In other areas, I think I had a blessed life. Just don't want the blessing to turn into a curse with my greed and indulgences

      Delete
  7. In work, l am always overly patient with starters as l always reminded myself of being a lost lamb during my clerical days. Same for your money saving technique, do continue to invoke the feelings of your tattered days as a kid. Good luck.

    ReplyDelete
    Replies
    1. Money honey,

      I always patient with all my coleagues as I myself super blur... LOL, but think my boss will lose patience with me soon.

      But the starters from my workplace laki strong

      Delete