“Do not save what is left after spending. Spend what you have left after saving.” - Warren Buffet
The wise and the self-made rich have all preached the value of saving and spending wisely. Here are 4 little-known tips that can save you that extra amount!
1) Automated savings from paycheck
Automating a certain amount (10% to 20%) of your monthly paycheck to a separate savings account is a relatively well known tip, but not always practiced. If you’re one who constantly spends your full paycheck each month, this could be an effective way to ensure you save. To avoid caving into temptations to withdraw cash from your dedicated savings account, tell your bank to not provide you with the essentials: ATM card, cheque book, or internet/telephone banking access. This way, the only way to access that account is to visit a branch during office hours.
2) Trip cancellation/trip interruption coverage and lost baggage coverage
Some may argue that getting travel insurance when you go overseas gives the best coverage for trip cancellation, lost baggage etc. However, did you know that some credit cards offer this coverage as well? Citi World MasterCard users who charge the entire fare for their trip to their card are eligible to receive up to $500 in cancellation coverage and $1,000 in lost baggage. Visa Platinum users and their dependents will are eligible for a minimum coverage of US$500,000 in travel accident insurance.
This is a great alternative to consider if you take a few short trips in a year and miss out on pre-purchased travel insurance.
3) Clearing cache before searching for cheapest flights/accommodation
While surfing online for best possible prices, you may notice prices jump slightly when you revisit a certain page few hours/minutes later. Website cookies on these sites track the number of times you visit the page, and hike up prices because they know you are almost certainly going to make the purchase. The way to avoid this is to clear your browser cache before you reload the website from which you wish to make the purchase.
4) Schedule big payments on your credit card with payment platforms such as CardUp
People used to argue that owning a house is better than renting, as you get nothing back from your monthly rental payments. Not any more. With online payment platforms such as CardUp, you can earn rewards (miles, points or cashback) when you pay your monthly rent with your credit cards. With the miles earned, you could fly business class for less than half the price, or save hundreds on your big expenses. What’s more, to maximize the benefits earned, you can choose to split your payments between 2 or more cards.
This can be done for other big payments such as insurance premiums, taxes, condominium maintenance fees and even school fees if you have children! How’s that for a money saving tip! Not only that, you can also set up recurring payments on CardUp so you never have to worry about missing a payment. Try it out for yourself today!
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