Gayle Phua, general manager of The Food Theory Group Pte Ltd, shares her tried-and-tested secrets to becoming cash-rich.
1. Think before you buy
“There were times when I couldn’t resist an expensive purchase and ended up falling behind my savings plans. To make up for it, I went on a “shopping diet” for a few months. This means no new clothes, shoes, makeup, and other stuff I can do without. These experiences really help to remind me to think through every purchase carefully and treasure what I already have.”
2. Set a yearly savings target
“I find it easier to decide on a ballpark figure at the start of every year, and divide that amount over 12 months. So, for example, say my goal for that year is to save $6,000: that makes $500 a month.”
3. Save every penny
“I don’t know much about stocks and bonds so I don’t dare to put my money there. Instead I save up 15 or 20 per cent of my salary. I’m normally quite frugal – I buy a roasted spring chicken from Cold Storage, hash it up and make sandwiches and salads to last me several lunches.”
By Sylvia Ong, Singapore Women’s Weekly, 8 April 2016