Saving or spending—or a little of both? Many people find it hard to decide the best way to manage their money. On social media, phrases like #YOLO (You Only Live Once) encourage spending, but books often remind us that our future depends on what we do today. None of us know what will happen tomorrow, but most of us want to enjoy peace of mind later in life. Here are some tips that can help you save money while still enjoying your life:

1. Know Your Family’s Spending Habits
Start by understanding where your family’s money comes from and where it goes. Before you decide whether to save or spend more, take time to look at your household’s spending habits. Make a plan and check your spending every week. This helps you find out where you’re spending too much so you can adjust in time. Checking your expenses only once a month might be too late to catch problems before they grow.

2. Think Before You Buy
There’s nothing wrong with thinking carefully before making a purchase. For example, buying a car is more than just paying for the vehicle. If you’re paying in installments, you also need to think about fuel costs, parking, maintenance, and repairs. These extra expenses may not be shown in the price, but they can add up quickly. Ask yourself: can I afford all these extra costs?

3. Learn to Say “No” to Unnecessary Spending
Having clear short-term and long-term goals helps you manage your spending. If you’re planning to send your child to study overseas, it may be time to cut down on costly activities such as eating out at expensive places or buying name-brand items. Instead, try fun and cheaper options like watching movies at home or ordering food from local sellers online. (#supportlocal) You can still enjoy life while keeping your goal in mind. These small choices can make a big difference in how much you save.

4. Save with a Purpose
Besides a general savings plan, you can also try things like savings insurance or open different savings accounts for different goals. Each month, put aside a fixed amount for each purpose and let it grow over time. For example, one account can be for a future trip to Europe, and another can be for your child’s education. This way, you won’t lose track of your goals and can clearly see the progress you’re making.

5. Plan for Monthly Costs
This may sound odd, but it’s important to plan for the expenses you know are coming. To manage your money well, set aside enough to cover bills like electricity and water. After you subtract your regular bills and your savings goals from your total income, you’ll see how much money you can spend for the month. When you already know what you’re allowed to spend, you’ll be less likely to use the money you’ve saved.

Now that you’ve learned some useful ways to save money, it’s time to start putting them into action. Pay attention to your daily habits and begin with small changes. Take some time to plan your spending and saving based on your income. If you’re not sure where to begin, reach out to us. Our team of friendly financial advisors is here to help you live well today and in the future.