Life here in Singapore is challenging especially if we do not have enough resources. It is crucial that we make money more than we spend it. The key here is to save and determine if we really need such things.
There are things that we think are important but are actually not. We have to be keen on identifying needs and wants disguised as needs. Here are some examples of things that we think are important but are not:
- Television: As long as our television is functional, there is no reason why we need to replace it. There are many Singaporeans who continuously change their television set but that is their prerogative. If we want to save, we should not think about our old television.
- Air conditioning: If it is very hot, it is uncomfortable. Air conditioner is a lot of help but we have to be conscious of its cost. Buying a new one can cost us at least $2,000 plus the instalment not to mention the maintenance and other aircon services.
- The latest smartphones: We can survive without a smartphone. Smartphones are just our way of not being “socially excluded”. Everyone is using it, so what? If we have smartphones at present, we have to think twice if we need to change it for S6 of iPhone 6.
- Magazine or newspaper subscription: Not all people here read the magazine or newspaper anymore because we can find it online. If we want to save some money, perhaps we have to think of cutting our magazine or newspaper subscription.
We know our basic needs like food, clothing and shelter. Whatever is beyond that may be considered as wants. If we know how to identify between needs and wants, we will save lots of money.