Save Time, Save Money: How to Save Money with Your Friends & Family

How to Save Money with Your Friends & Family

Let’s SAVE together!

If you’re more motivated when others do it together with you, here are some ways you can motivate yourself and your friends to save money.

1. Make plans for after the saving

A fantastic way to keep someone motivated to save is to make plans with them. For example, if they’re saving to get a dog, talk and discuss everything they can do with the dog, create planning boards, create activities you could do after achieving the goals, and get them excited about it.

2. Be each other’s lending depository

One of the best ways to save money with friends would be to borrow their possessions instead of buying your own. For example:

Things you can share/borrow:

Clothes
Books
Subscriptions
Tools
Even rent if you plan on staying together

3. Join a group saving app

The Tandan App: enables small groups of individuals to come together and save money for short term goals.

Function:

Friends or strangers can get together online and decide to contribute a fixed amount of money into a savings pot each month. Every month, one group member gets to take home the entire savings pot. It will continue until everyone in the group has had a chance to take the pool.

Twine: allows couples/ friends to pull money from their individual accounts into a single savings account as they work toward any number of savings goals.

Function:

The app permits you to keep it in cash for shorter-term goals. But if your goal is a little further off, you can invest the money. After saving $50, you can shift it into an investment account for an annual fee of 0.60%. There may also be fees associated with trades and specific investments.

4. Create saving goals

Sometimes, it can be quite a struggle to find or decide the financial goals or stay within your set plans. When this happens is great to have friends or families that you can ask for help/ plan to save. Getting an opinion from a friend or family member could help you start saving or achieve your saving goals.
Furthermore, you can create saving goals for each other and turn it into a competition to encourage each other to keep or stay within the saving plans.

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About GEM COMM

We are an International Investor Relations firm (IR) based in Singapore. We specialize in Investor Relations, Public Relations, marketing, branding and messaging strategies for clients that include organizations of all sizes across Asia, Oceania and US.

GEM COMM advises and solves stakeholders’ issues, drive growth, repositions your business, improve your marketing and Public Relations (PR) or engage with investment community in your leadership or strategy story. We have a track record of helping clients reach these goals. We create and implement PR & media content, mitigate crisis and issues, establish and improve thought leadership & content marketing.

GEM COMM Engagement types include:

IR/PR retainer program
Crisis and issues projects;
Content marketing (from research to lead generation) inclusive of Press Release drafting, Media Pitch, Website content, etc.

How to reduce Spending

We often neglect our spending even when we are saving. Managing your spending is equally important as saving. It’s essential to develop good spending habits to help you save more effectively.

Here are ways for you to reduce your spending.

1. Lower Your Housing Expenses

One of your most significant expenses is housing. People with income below $50,000 a year spend an average of 36.6% or more on housing.

Lowering housing expenses may seem quite challenging at first, but it is something to consider to reduce additional expenses, and there are ways to reduce that may be easier than you think.

If you are a renter or plan on renting, here are some options you can consider:

Have/ get a Roommate
Do the repairs yourself to reduce extra expenses
find cheaper living accommodation

2. Put away Our Credit Card

Putting away your credit cards can be important when trying to control/reduce spending. However, do not get rid of your credit card entirely because you need to develop a positive payment history to build credit.

Likewise, it is more practical to put significant purchases on credit cards as long as you pay off the balance straight away to get rewards and bonuses.

When you want to keep a credit card around, it’s essential to ensure they aren’t too much of a temptation.

Here are some ways:

Freeze your card into a block of ice. Defrosting will take a while before you can see your card, the time it takes allows you to rethink your purchasing decision.
Remove credit card details from online shopping platforms to curb online shopping temptations.
Switch to using cash when you go out to encourage yourself from depending on your credit card and also help you curb any spending habits.

3. Cook at Home

Preparing and eating meals at home can help you save money.
Preplanning your meals allows you to think about the amount of money you are going to spend on meals in a week. This allows you better track your spending in comparison to dining out or ordering delivery.
With accessibility to the internet, it is effortless to get an affordable and easy recipe to cook at home.
If time is limited, you can cook the food the day before and heat them up in the morning to grab and go.
In the long run, making your own meals can help you save a significant amount of money and curb unnecessary expenses.

4. Review Memberships and Subscriptions

Most people have monthly subscriptions for online streaming channels, cable TV, software, internet etc. After we set up these subscriptions, we usually don’t think about it much, while it deducts monthly payments from our accounts.

Here are some things you should consider:

How often do I use it?
Do I really need it?
Can I live without it?
Can I get a cheaper alternative?

5. Reduce Travel Expenses

When it comes to transportation, convenience and comfort will always be priority most people.
However, we often overlook the expenses for the simplicity of comfort and convenience. Instead of taking a cab or private hire car and drive, you can consider taking public transport, walking or even cycling, which are more affordable alternatives.
You may feel all these small expenses won’t make a difference, but the truth is all the small expenses can be more damaging than those large purchases in the long run.

6. Find Cheaper Alternative for Fun

Reducing spending doesn’t have to involve cutting the fun out of your life.

There are plenty of cheap or free ways to enjoy yourself or spend it with your friends.

Instead of planning activities that require spending money, you can opt for an affordable or free option.

Simple sleepover
Picnic with homemade food and beverage
Read a book
Catch a movie online
Go thrift shopping

*Stay Updated with us on our Socials

About GEM COMM

IR/PR retainer program
Crisis and issues projects;
Content marketing (from research to lead generation) inclusive of Press Release drafting, Media Pitch, Website content, etc.

How to Save Money Post-Pandemic

During the pandemic, many of us had altered our lifestyle, our spending and our saving habit.

Here are ways you can save money post-pandemic

1. Refrain from Returning to Bad Habits

During the pandemic, many of us had started awful spending habits such as getting excessive amounts of groceries, ordering take out and buying unnecessary stuff online. To ensure that we are saving, the habits we developed during the pandemic need to alter and transformed for the better.

To do so, we need to start by creating new spending habits. such as tracking our groceries purchases, limiting online orders and changing to a cheaper dining alternative

2. Click-and-Buy Less

As mentioned in point (1), due to the bad spending habits we developed during the pandemic, many of us have a habit of buying unnecessary stuff online. Temptation can be a killer when it comes to saving up, so we can put more thought into the buying process.

Reconsider the need for the item
save it in the cart and come back again later
look for a cheap alternative
set an online purchasing budget

3. Spend on bettering Yourself

Instead of spending on possessions, you may not need, we can spend it on enrichment classes that help personal growth and better oneself.

Pick up a new hobby or skills
Take enrichment classes

4. Balance Fitness Spending

During the pandemic, many were unable to go to the gym or the pool, so they purchased a home gym or even built swimming pools. If you did this, you need to remember to drop your gym or pool membership. It may take several years of cutting back to pay off significant expenses.

5. Save for Emergencies

Many overlook the little things in life especially when it comes to saving money. We often forget to save for our well-being and focus on the wants and needs in life.

It’s important we save for emergencies, make sure to have at least saved up 6 months worth of income before loosening up spending habits.

About GEM COMM

We are an International Investor Relations firm (IR) based in Singapore. We specialise in Investor Relations, Public Relations, marketing, branding and messaging strategies for clients that include organisations of all sizes across Asia, Oceania and US.

GEM COMM advice and solves stakeholders’ issues, drive growth, reposition your business, improve your marketing and Public Relations (PR) or engage with investment community in your leadership or strategy story. We have a track record of helping clients reach these goals. We create and implement PR & media content, mitigate crisis and issues, establish and improve thought leadership & content marketing.

GEM COMM Engagement types include:

IR/PR retainer program
Crisis and issues projects;
Content marketing (from research to lead generation) inclusive of Press Release drafting, Media Pitch, Website content, etc.

4 Ways to Communicate Effectively

Communication is a skill that allows us to interact and convey our thoughts, feelings and ideas with another person.

Here are 4 ways you can improve your communication skills to become an effective communicator.

1. Be an engaged listener:

Effective communication involves active listening. Many might think that improving communication skills is primarily about improving the way we speak or present; being an active listener is also crucial.

It puts us in a better position when we focus and present and understand what has been communicated. Listening allows us to be more fruitful in discussing and coveying points we want to get across.
Some points to note:

- Asking questions to clarify your doubts
- Refrain for judging
- Pay close attention to the person you are speaking to and be fully present at all times.

2. Pay attention to nonverbal signals:

Beyond the spoken words, several things influence in-person communication. From style preferences to vocal inflexion, sway understanding, so taking a glimpse at other non-verbal signals helps refine your capability to reach people.

3. Recognise the three “v”s in spoken communication:

Verbal – Most people focus only on the verbal element, assuming that it’s the entire message, in actual it was only part of the message being conveyed.
Vocal – watch out for the Projection, resonance and intonation of the speaker.
Visual: Take notes of movement, expression and body language. Your visual image can convey conscious and unconscious messages. Body language can influence positively improving your speech or significantly lowering it.

4. Speak with Candor:

Being direct, open and honest will help establish trust with the people we communicate with. When tackling complicated situations and managing potential pitfalls while working on a team assignment or handling an issue with friends, you deal with it head-on instead of dodging around the issue. It allows you to meet goals and targets successfully and efficiently.

About GEM COMM:

IR/PR retainer program
Crisis and issues projects;
Content marketing (from research to lead generation) inclusive of Press Release drafting, Media Pitch, Website content, etc.

Saving Money: Shopping Habits

When it comes to saving money, Holidays can get a little tricky.

Here is some ways you can save.

Buy in bulk: Buy your daily used item in bulk at wholesale stores. Buy bulks during huge sales such as (black Friday sales, 11.11, etc)
Shop secondhand: Explore eBay, thrift stores, etc, and only get items you need.
Buy less: Buy fewer items, and focus on purchasing items of higher quality. As quality items cost lesser per use than items of a lower-priced as they last longer.
Compare prices: Survey the price of an item you need across the different platforms to get them at a lower price. When shopping online, always check for points or use coupon codes.
Borrow instead of buying: Borrow items instead of purchasing items that you might not need in the long term. Like Books, Clothes, Equipment & Tools, etc.
Make a list and stick to it: When you go shopping you will have a tendency to stray out of what you need to get. Building a list and planning the route allows you to keep track of what you need to get and sticking to it will help reduce overspending.

About GEM COMM

IR/PR retainer program
Crisis and issues projects;
Content marketing (from research to lead generation) inclusive of Press Release drafting, Media Pitch, Website content, etc.

Saving Money in Your Daily Life

When it comes to saving money, your day-to-day expenses make a huge difference! Here is some way you can start!

Set a monthly Budget: Use spreadsheets, budget software, or old-fashioned pen and paper to plan incoming deposits and outgoing expenses. Once you have Set your budget goal make sure to exercise the discipline needed to stick to it. (Refer to our Instagram post for previous methods that go along with this)
Track your spending on an ongoing basis: Schedule a time and day each week to compare your actual spending in the month against your budget. By doing so it allows you to track where you can save on and ensure you do not overspend.
Pay for day-to-day expenses with cash: Evaluate your monthly budget, and determine spending categories you. Determine what spending categories you can switch to cash-only payments (Entertainment, dining etc). While card/ online payments can tempt you to make impulse purchases and using cash helps you stick to your budget because it limits the amount you can spend on hand.

About GEM COMM

IR/PR retainer program
Crisis and issues projects;
Content marketing (from research to lead generation) inclusive of Press Release drafting, Media Pitch, Website content, etc.

How to Save Money Consistently

When it comes to saving, CONSISTENCY is crucial! To maintain solid progress in your saving journey, consistency would be vital.

Here are a few consistent saving tips.

About GEM COMM

IR/PR retainer program
Crisis and issues projects;
Content marketing (from research to lead generation) inclusive of Press Release drafting, Media Pitch, Website content, etc.