Learn to budget
You can make a budget to help you plan for saving some of your money. In a budget, you keep a record of the money you earn and the money you spend. Doing this will help you make sure you don’t spend more than you actually have.
Set goals
Imagine the one thing you want to buy –for example, a new mobile phone. Do some research to compare prices and make sure that you are getting a good deal. Work out how much you can save each week and how long it will take you to save for it. Be realistic –if you try to save more than is practical you will only get frustrated and disappointed when you don’t meet your target.
Open a savings account
There is no better time than now to start a savings account. There are plenty of banks to choose from and providing that you do your research first, you should be able to find the best bank for you. Even saving a small amount each month will add up over time.
Don’t carry all your money around with you
Budget how much money you need for a day and only put this in your wallet, plus an amount for emergencies.
Don’t substitute shopping for entertainment
You will save a lot more money if you stay away from shopping centers and markets as much as possible. This can be difficult in Phnom Penh so if you can’t avoid them then make sure to only take a small amount of money with you.
Resist temptation
Never make unnecessary purchases on impulse. Wait at least one week or perhaps until next pay day. Quite often, you’ll find the urge to buy has passed and you’ll have saved yourself some money by simply waiting.
Invite friends over instead of going out
Almost every activity at home is less expensive than going out. Try suggesting a dinner or home picnic, a DVD evening or dance party at your home. You’ll have so much fun that you can all take turns to be host.
Drink more water
Drinking clean water is incredibly good for your health and can also save you money! Firstly, it is cheaper than any other drink and secondly, a glass of water before a meal means that you are likely to eat less.
Manage your wardrobe
Buy clothes that mix and match well and you’ll not need nearly as many clothes. Buy classic pieces and then accessories smartly.
Encourage your friend to do less expensive activities
This can be a hard thing to do but can be great fun and you all save money. Go for a pushbike ride or a weekend picnic rather than paying for entertainment or meeting at a restaurant or ice-cream parlor.
Read more
Reading is one of the cheapest –and most beneficial –hobbies around. Spend some of your free time in a cozy place in your house, just reading away. You’ll learn something new, improve your reading ability, enjoy yourself, and not have to spend any of your hard-earned cash.
