Managing personal and household funds is a culture in most Asian countries. Being frugal and choosing any means necessary to save money is already a part of our lifestyle. Every decision involving money is a serious matter on our part no matter how little it is.
7 tips on how to save money fast in Asian cities
1. Start saving the day you start earning
It is a part of our culture and this is taught from generation to generation. We must understand that money needs to be earned by working and it also teaches us to give importance to it. Saving is important because it provides financial freedom.
It is also important to have something when you are faced with an emergency like hospital bills or calamities. It is better to have a backup plan or finances when something happens.
2. Avoid debts at all cost
It is bad luck to have debt in our belief. But truth be told, you really can’t sleep well if you have a huge debt to pay. Avoiding debts reduce stress levels and let me focus more on ways to make money.
Everything is better with a budget and makes me happy knowing that my salary won’t go away paying for debt.
3. Create a passive income
It is also recommended that we have another source of income stream. A day job can pay for the bills and buy what you need but not enough for a savings fund.
Another source of income like having a business is recommended for us to always be prepared when we get fired from our job. It is always a possibility. Creating that safety net stays you out of trouble.
4. Maintain a frugal lifestyle
It is not because we can’t afford extravagant materials like designer shoes or bags. It is because we weigh the benefits of the item and how much we’ll spend on it. It’s better to save the money than spend on something not practical.
If it is just a desire then not a need, then we don’t waste our money buying it.
5. Cook at home
We always try to prepare the meals ourselves. It is way economical than eating outside a fancy restaurant or even in a local diner. It is also healthier because we know the ingredients on it. Likewise, because we wanted everything fresh we also have a small garden where we can plant easy-to-grow vegetables like tomatoes, cabbages, cucumbers, and garlic.
6. Travel cheap
We prefer riding public transportation to owning a car for it requires high maintenance. And the fare for the ride is cheaper compare to the gasoline price.
In some Asian countries, the bicycle is a means of transportation. Not only it is environment friendly but it also keeps the rider fit as well.
7. Watch out for Freebies, Coupons, Discounts
Dont buy your large ticket item too early. Keep a watch on your favourite platform for any discounts or coupon such as the shopback referral code, especially during the christmas season.
Before clicking on the buy button, check out if there are any promo or referral code available. these can also help to save a lot of money.
These are some of the tips on how to save money fast in Asian countries. Being Asian, like me, is not new to these things but it will make you realize the value of money as well as the good practices we have by not compromising our lifestyle. It is only that we choose to be frugal because we know our needs from our wants.