If you’re looking to grow your personal finances and put money aside for the future, it’s crucial to not only work hard but to think carefully about how you spend your wages. Having funds to spare at the end of a long month is never easy, but the following tips will help get you off on the right track.

  1. Make sensible decisions

When it comes to finances, you must do everything in your power to make sound, well-informed decisions that’ll prevent you from losing your hard-earned cash. This might mean familiarising yourself with a trading glossary before watching the stock market, or it could mean talking with a financial advisor before making an investment. The more clued up you are about your moves, the more sensible you will be (hopefully), so never cut corners and always do your research.

  1. Consolidate and eliminate your debts

Before you even think about opening a savings account, make a big effort to pay back any money you owe. Credit cards and loans with high interest rates, for example, can eat into your salary significantly, so take a close look at what you’re shelling out and see if you can consolidate your debts. Not only will this make your life easier as you won’t have to waste time making numerous bank transfers, it should also bring your overall interest payments down.

  1. Differentiate between what you want and need

There are many ways to save money, especially in countries like Singapore where transport links are superb – meaning you don’t have to spend excessive amounts of cash on a car. That said, it’s wise to write down everything you pay out over the course of a month and see where you can make cutbacks. Differentiating between what you want and need will prevent you from overspending on luxuries and ensure you’re focused on only buying the necessities.

  1. Embrace free activities

Believe it or not, you can still have fun even if you’re trying to save. That’s right, while it can be easy to spend money in urbanised environments thanks to the vast array of shopping malls, cinemas, eateries and other attractions on offer, there are other things to do such as perusing some of the world’s most beautiful gardens, parks and reserves. These offer a tranquil haven away from the hustle and bustle of city life and are usually free/cheap to enter.

  1. Make ‘home’ a fun place to be

Often, people go out because they consider ‘home’ to be a rather dull place – which, of course it can be, especially if you live alone. This, of course, can lead to excessive expenditure, so if you’re serious about growing your finances, try hard to make your abode a place you want to be. From hosting film nights once a week to inviting friends round for a gossip, there are lots of inexpensive ways to keep yourself entertained – and you won’t break the bank in the process.

  1. Download personal savings apps

With so many wonderful personal savings apps available to download these days, there’s no excuse for losing track of what’s in your account. While ToshI Finance is designed to help you integrate budgeting into daily life, Transferwise is ideal for expats trying to transfer money to foreign bank accounts. Similarly, comparison app Price Panda will ensure you’re getting the best price available when buying a particular product online and Onavo Expend will prevent you from overspending on your mobile data plans. Genius.

Growing your personal finances takes time and dedication but with a little knowledge and commitment you can surely turn your financial situation around.