Learning how to save?

Sorry for the MIA! School too much work:)

Savings

This post is actually to target younger people and people just starting to work.

Why is it important to start young?

- You get a HUGE advantage of time, youth, and most importantly LESS COSTS.

- Less cost is really a huge huge advantage, because you do not have a family yet, no need to pay bills yet, etc. It really helps a lot in increasing your savings at this timing. Imagine a few hundred going away on bills, it really builds up. 

- Business opportunities, you can try to start a small business, with low cost, E.g. Carousell/Shoppee. They literally cost up to nothing to start. Especially if you start with Pre-Ordering sales. (But please be an honest seller.) Because you have the TIME!

-Pre-Orders? Why not instocks? 

Pre-ordering, literally provides you with the capital to start, you start with $0. People pay you first for preordering and then you buy the item for them. The remaining you keep as a profit. All on Taobao. If you are not proficient in Chinese, you can use agent sites like ezbuy.sg, which checks the item for you(To a certain extent, I've still received defects, but very little like 1 out of a few hundred items).

-This is to increase your wealth as a student easily. Continue to work part time as well. No harm for double income sources.

How to save??

Check your expenses!!! Cut the unnecessary loose.

-Do you drink starbucks everyday? $6/day = $186/month! Cut on the expensive coffee! Get instant coffee. E.g. Nescafe Hazelnut or Old town hazelnut, they taste quite good. My favourite!

If unable to, lessen the amount, get it on 1 for 1 days. 

Get a new starbucks card, each new starbucks card contains a 1 for 1.

-Restaurants, Try to avoid them. But do not skimp when going out to eat with friends occasionally.

-Branded items, AVOID AVOID AVOID. Get what you need! You do not need a expensive $2000 handbag or wallet at this age!! I'd rather save and use the $2000 for 2 trips overseas to enjoy the experience!

-Those with GF! Try to ask her to understand from your point of view. You are just a student. You do not need to pay for her expenses all the time. Go dutch. and split the bill. A good way I've found is e.g. Dinner then movie, Guy pays for dinner, girl pays for movie. Dinner is likely to be more expensive, so it is a way to encourage a start. 

A DOLLAR SAVED IS A DOLLAR EARNED! 

Get a good paying part-time job and work for it.

Seriously, up your own worth. If you want a relaxing job with minimal pay of course, anyone can do it, but do not complain about the $$

Get a job at least $8 and above. That is my target, anything lower is nothing to be considered. This amount can be easily found in a lot of restaurants. 

DO EVENTS! IT SHOW, ELECTRONIC SHOWS! Search for good paying companies for part-timers. Big companies like Challenger, Gain City, etc. tends to pay lesser for commission but a higher basic. MC2 pays good commission for a lower basic. 

If electronics are your first time, try for bigger companies, as they give bigger basic, so if you do not sell, your pay is still secured. But for experienced people, go for smaller companies that pay good commission and incentive packages. 

Just some suggestions based on my experience. 

Thats all for now. Any questions for me just leave some below!