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Money Saving Tips: How To Build Your Nest Egg

It’s finally “thank you, next” to 2020 as we embark on the new year 2021. Our way of living has changed greatly due to Covid-19, including our way of spending. Surprisingly, I have saved more money than before because I no longer have my wallet hanging near a Starbucks branch. Instead, what’s hanging around is the habit of saving up now! As the saying goes, a penny saved is a penny earned. If Covid-19 has taught me anything, it is the importance of an emergency fund, or a nest egg. 

Metaphorically, a nest egg has to be situated outside of your reach so that you wouldn’t be tempted to access it easily. Literally, it means a separate savings account. After setting one ‘outside’ your reach, Outside is here with 5 creative money saving tips to build up your nest egg!

Corporate greed ain’t stopping us from building our nest egg…

Source: Imgflip

  1. Money-saving Challenges

Of course, all of us talk about wanting to save more money, but actually doing it is a lot harder than we thought it would be. Luckily, we have these fun money-saving challenges to motivate us and prevent what we all know as “all talk no action”.

Our personal favourite is the template below that lets you tick away once you’ve completed the goal for the day. It starts with you saving $1 on the first day, then $2 on the second, and so on. How satisfying would it be to watch your balance increase while checking off the list! By the end of 30 days, you would have saved up to $465 in your nest egg! That’s more than the price of a pair of Airpods Pro!

For those who love checking off lists.

  1. Pay for Bad Habits

Here’s another fun way where you can kill two birds with one stone: To kick away one bad habit while keeping more money in your wallet. Pick a nice jar and label it with the bad habit you wish to kick. Mine would be to stop slouching. Each time I find myself slouching, I’d drop a coin into the jar! It’s a straightforward carrot-and-stick method to start the New Year with a new you. 

Looks like the habit here is quite hard to kick…

  1. Switch to Kopi

While Starbucks is no longer with me in proximity, I have opted for a nearer alternative, that is our good ol’ Kopitiam kopi. Not only is it a stone’s throw away, it will also keep my wallet safe from a gaping hole. As someone who used to drink Starbucks 3 times a week, my switch to kopi gao has saved me over $15 now. 

What if you already have your favourite go-to kopi? Check out your personality type according to your coffee choices on our Instagram page under Game highlights here

I’m a kopi gao kind of person, what about you?

  1. Spring Cleaning Sale

With the end of 2020 and the start of 2021, let us hit the “reset” button to start afresh! Well, what better way to do so than to clean out unused belongings we no longer need? Say no more to hoarding, and start sparking joy like Marie Kondo! 

If you would like to clear out unused items and help those in need at the same time, you can check out Facebook donation groups like this, where you can donate your items to needy families. If you require assistance in delivering the item to the recipient, you can post a delivery task on Outside and our taskers will be there to provide a helping hand! Another option is to donate the items to charities such as Salvation Army at any of its branches. 

Other than donating the items, you can also opt for regifting them, as an act of kindness and passing them on. For items such as books, you can trade them at Thryft, Singapore’s first sustainable bookstore. 

  1. Make Use of Gig Economy

The economy in Singapore is restructuring. Gig work is increasing and along with the trend are new opportunities for freelance work. These can all provide additional income streams to build up your nest egg. Freelance work can be found on platforms such as Outside, where nearby tasks are posted. Whether you are hoping to accumulate savings or actively pursuing wealth, Outside is a platform for you to consider having in your phone. 

Looking for some freelance work, what about you?

With our chat functionalities and geolocation capabilities, you can easily find a task that is most convenient for you and establish conversations with a hirer to complete the task. Upon completion, you will get the promised payment conveniently and securely. It’s just so simple! 

Well, we hope you’ve learnt a thing or two about budgeting, and we hope you’ll try them out this new year! After all, it is time for our wallets to get plump, don’t you think? Before you go, we’ve heard that time is also money. So, save some time for your friends looking for money-saving tips by sharing this article with them!

Outside is a community-tasking app that connects users to help each other out for their daily inconveniences. Since its launch in 2017, the app has gained recognition for its work through media features and competitions, where it has won multiple awards. Currently, the app boasts over 10,000 users and is officially supported by Ministry of Culture, Community and Youth (MCCY)’s #SGUnited and Majurity Trust’s #SGStrong

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