Many Singaporeans are just trying to stretch their dollars further. It is true, considering how our kopi is becoming pricier and pricier each second. Financially savvy ones may have prepared for this by cost-cutting. With the right approach, it works. But how do you know if it is not doing what it is supposed to do? Watch out for the signs.
Your savings account is not growing
Have you been skipping weekly movie nights? Were you a brew-at-home kopi person lately? Have you taken the bus instead of grabbing a Grab as usual? These are just a few cost-cutting tactics that should stuff your bank account right now. If you look at your account and it is still looking sad, you may need to do a reassessment of your strategy.
You are constantly stressed about money
If you are losing sleep over paying bills despite applying money-saving tactics, then something is quite not right. Cost-cutting should help ease some of your financial stress, not worsen it. There is a line between a just right and an aggressive strategy, and it is best to stay in the former’s lane.
Your quality of life has taken a nosedive
Sure, saving money often means making some sacrifices. But if you are feeling more miserable than a durian seller during the off-season, you might be cutting too deep.
What you need is to be frugal but without the deprivation of life’s little joys. When was the last time you treated yourself? Cannot remember? If so, it might be time to loosen the purse strings a bit.
You are spending more in the long run
Sometimes being too cheap can actually cost you more. This is a controversial take, but it can be true. Say you opt for the cheapest toilet paper that feels like sandpaper. In that case, you will probably end up using more of it. Or, suppose you are delaying car maintenance just to save a few bucks, only to end up taking out a loan from a money lender Singapore to pay for a hefty repair bill. Time to rethink your financial choices.
You are always looking for deals, even when you do not need anything
Hands up if you have ever bought something just because it was on sale, even though you did not really need it. No judgment here—we have all been there! But if you find yourself constantly bargain-hunting and ending up with a house full of stuff you do not actually use, your cost-cutting strategy might backfire. Remember, a good deal on something you do not need is still money spent!
You are not enjoying life anymore
At the end of the day, the whole point of managing your money well is to live a good life, right? If your cost-cutting strategy has sucked all the joy out of your days, it is definitely not working. Life in Singapore is already stressful enough without adding unnecessary financial pressure on yourself.
Conclusion
At the end of the day, managing your finances is a bit like eating at a hawker centre—it is all about finding the right balance. You want to get the most bang for your buck, but you also want to enjoy your meal. So do not be afraid to treat yourself to some chicken rice every now and then. After all, being prudent with your money doesn’t mean losing out on life.
