Sure, traveling and socializing are great, but they come at a high cost. As a millenial, you need to find ways to save as well. Whether that means borrowing from licensed moneylenders in Singapore (rather than credit cards from the banks), or saving a bit more of your paycheck each month, below are a few hacks which will help you save, and build your credit scores up at the same time. You should know that credit scores is very important and you do not wish to get into the black book and unable to get personal loan next time when in times of emergency circumstances. So these are the 6 bulletproof savings hack that Millennial in Singapore should start learning and practice.

1. Cash back

Buying a new dress for work or a social event? Going on a business trip? If so, why not get paid for the items you have to buy anyway? With many cash back credit cards, and other saving based account options available, you can earn money, for the money you have to spend. Since you are going to make these purchases regardless, you might as well get a little bit back (even if it is 1%), rather than nothing.

2. Avoid emotional pings

Tired, feeling lonely, or simply bored out of your mind? When you feel these things, you tend to spend more. From binge eating that pizza at 2 AM on your own, or spending online, you tend to spend more when you get overly emotional. Make sure you pay attention to these habits, and find triggers to help you avoid the spending. You will find it helpful to your wallet (and possibly to your waist line as well).

3. Shop wisely online

Millenials are online every day, for hours a day. So, why not use your time wisely? Look for a great fave (previously Groupon) deal, or choose to buy items in bulk. Look for deals through online shopping sites. Use your time wisely and take the time to shop and compare before you make an impulse decision to buy. And, consider other options. What this means is rather than cable, why not opt for a much cheaper Netflix subscription instead? You can still enjoy the things you love, and you can still buy and spend money which is something you love to do. But, you can also be thrifty in doing so. So, take the time to shop and compare, and look for the deals out there, as there are quite a few to be found if you know where to go when you are shopping on or offline.

4. Maximize what you spend

Use different resources to help you save. And yes, there are many. When you take the time to see where your money is actually going, you are going to find that you are spending foolishly. Look for alternative accounts, use the online tools and resources, and find ways in which you can cut back and save a bit on the items you are buying. You don’t have to cut everything out, but you should at least consider looking for alternatives, and finding ways in which you can start to save money over time.

5. Track it

If you turn a blind eye to every little purchase you make in your 20s, it will haunt you. This doesn’t mean don’t spend, but rather, track it. Know where your money is going. Make sure you account for all funds which come in and all monies which are going out of your accounts. It will pay off, and in the long run, it is going to help you learn to save money, when you realize how foolishly you are currently spending it.

6. Use technology

There are apps you can download which will tell you where to shop for less. You can find instant coupons or savings when you use an app to check into a store or a restaurant. So, garner the power of technology. You are using it regardless, so why not take advantage of it and use it so you can save on the items you are going to be purchasing and enjoying?

In Conclusion

There are so many ways in which you can cut back, and start to learn about the power of saving at an early age. As a millenial, you are likely to keep spending and buying items you want to buy. But, if you take the time to step back and think a little, you will at least find that you can save, and start moving forward to building a sound financial future as you get older.