<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0><TBODY><TR>Nov 9, 2008
small change
</TR><!-- headline one : start --><TR>Call me cheapo but I'm riding out the downturn
</TR><!-- headline one : end --><TR>Claiming credit card points, taking bus or train, eating at home are ways to save </TR><!-- Author --><TR><TD class="padlrt8 georgia11 darkgrey bold" colSpan=2>By Lorna Tan, Finance Correspondent
</TD></TR><!-- show image if available --><TR vAlign=bottom><TD width=330>
</TD><TD width=10>
</TD></TR></TBODY></TABLE>
<!-- START OF : div id="storytext"--><!-- more than 4 paragraphs -->
I never needed to think twice when I took taxis. Not anymore.
The financial hurricane might have blown over but the rest of the world is still gasping for breath. We are facing a global economic slump with no clear indication of how long it will last.
There's nothing I can do to change the world economy but I've taken steps to make some changes to the way I live so that I can ride out the downturn successfully.
The changes may not lead to massive savings - in fact, they will appear insignificant in the bigger scheme of things - but they do go some way towards trimming some excesses and, hopefully, will result in better spending habits.
Take public transport. My husband and I share a car and in the past, when he used it, I would take a cab. It's convenient, comfortable and saves time. But the exorbitant cab fares are a big disincentive now.
Just a taxi ride from my Toa Payoh office to Shenton Way cost me almost $20 one early evening. It still amazes me how much a taxi ride can come up to after accounting for the various surcharges.
My husband, who takes public transport more often than I do, had been persuading me to do the same and I finally succumbed to his good sense.
Three weeks ago, I bought my first ez-link card. Since then, I've become a more regular public transport commuter, although I have to ask for directions at the MRT stations.
One change led to another. Because I take public transport more often, I've assembled a 'recession' wardrobe. This comprises mainly pants, short-sleeved or halter-neck blouses and boots. To add a professional look, I carry a jacket.
The reason is simple. I now have to walk to an MRT station or a bus stop and after I have alighted, I have to walk to my destination. That makes wearing high heels as well as pretty, delicate sandals difficult. Hence, the boots with flat or low heels.
It is also more comfortable to be wearing pants instead of dresses and skirts when you have to run after a bus or cross a road briskly.
And since my seven pairs of pants are mostly black, no one can tell if I am wearing the same pair two to three days a week if I wear them with a different top each time. That way, I save on the washing and ironing too.
As I'm wearing boots more frequently now, I figured that I could cut down on the frequency of my pedicures. After all, what's the point of having immaculately painted toe nails if they are hidden in covered-up footwear.
I used to pay more than $200 for a package of six pedicure sessions and would renew it every quarter. Now, I'm trying to stretch the same pedicure package over a year. And instead of having my feet massaged by a pedicurist, I do it myself at home with a pumice foot scrub.
In the past, I might have been lax in claiming my credit card reward points so there were times when they expired before I could redeem them. I'm more careful now. Last week, I claimed $500 worth of vouchers from my reward points. I'm also keeping a close watch on my husband's Krisflyer mileage points as they too have an expiry date.
I also keep track of the one-for-one meals which are regularly advertised by credit card companies and make use of them for family outings.
When it comes to grocery shopping, it is possible to stretch your dollar too. Selecting house brands over branded items can result in savings of about 15 to 40 per cent for the same product quality.
I also figured that this is as good a time as any to learn how to cook some simple dishes. That way, I can whip up something quick at home instead of eating out, which invariably costs more.
Of late, I've perfected one dish - a Greek pasta called 'kokinisto'. These days, I cook a huge quantity each time so I can refrigerate the bulk of it and consume it slowly during the week.
And instead of spoiling my children with delicious but pricey desserts at restaurants, I've resorted to cheaper alternatives - I buy frozen desserts and warm them in my oven.
To the delight - and amazement - of my two kids and myself last weekend, I successfully produced two lava chocolate cakes which I had got frozen from Marks & Spencer ($10.90 for two). They tasted as delicious as those that cost $14 apiece at a high-end restaurant, even if they are not as pretty to look at. My sister-in-law has promised to pass me a recipe for this dessert, and if I can bake it from scratch, I'm sure it will be even more nutritious - and cheaper.
I used to think I couldn't do without my pedicures or buying a diamond accessory every year. But you know what? It's not that difficult once you set your mind to it.
On the more serious topic of finances, I'm keeping a close eye on my emergency fund, making sure that I have enough money to cover at least six months of living expenses for contingencies.
I'm also asking my financial adviser more questions and keeping closer tabs on my investments. Despite the panic in the market, I'm continuing my dollar cost averaging strategy - that is, I put a fixed sum into the market monthly via my unit trusts so that in times like this when the markets are low, I'm buying more units and averaging down my overall cost.
Last but not least, the recent saga of the failed investment products linked to bankrupt Lehman Brothers is a timely reminder to me not to put too much emphasis on accumulating wealth for its own sake because we never know when they will suddenly lose their value.
People should always come first before money.
At the start of this year, I made a resolution to spend more time with my aged parents and family.
Regardless of how bad the economy is, this is a resolution that I plan to renew next year. [email protected]
small change
</TR><!-- headline one : start --><TR>Call me cheapo but I'm riding out the downturn
</TR><!-- headline one : end --><TR>Claiming credit card points, taking bus or train, eating at home are ways to save </TR><!-- Author --><TR><TD class="padlrt8 georgia11 darkgrey bold" colSpan=2>By Lorna Tan, Finance Correspondent
</TD></TR><!-- show image if available --><TR vAlign=bottom><TD width=330>
</TD><TD width=10>
<!-- START OF : div id="storytext"--><!-- more than 4 paragraphs -->
I never needed to think twice when I took taxis. Not anymore.
The financial hurricane might have blown over but the rest of the world is still gasping for breath. We are facing a global economic slump with no clear indication of how long it will last.
There's nothing I can do to change the world economy but I've taken steps to make some changes to the way I live so that I can ride out the downturn successfully.
The changes may not lead to massive savings - in fact, they will appear insignificant in the bigger scheme of things - but they do go some way towards trimming some excesses and, hopefully, will result in better spending habits.
Take public transport. My husband and I share a car and in the past, when he used it, I would take a cab. It's convenient, comfortable and saves time. But the exorbitant cab fares are a big disincentive now.
Just a taxi ride from my Toa Payoh office to Shenton Way cost me almost $20 one early evening. It still amazes me how much a taxi ride can come up to after accounting for the various surcharges.
My husband, who takes public transport more often than I do, had been persuading me to do the same and I finally succumbed to his good sense.
Three weeks ago, I bought my first ez-link card. Since then, I've become a more regular public transport commuter, although I have to ask for directions at the MRT stations.
One change led to another. Because I take public transport more often, I've assembled a 'recession' wardrobe. This comprises mainly pants, short-sleeved or halter-neck blouses and boots. To add a professional look, I carry a jacket.
The reason is simple. I now have to walk to an MRT station or a bus stop and after I have alighted, I have to walk to my destination. That makes wearing high heels as well as pretty, delicate sandals difficult. Hence, the boots with flat or low heels.
It is also more comfortable to be wearing pants instead of dresses and skirts when you have to run after a bus or cross a road briskly.
And since my seven pairs of pants are mostly black, no one can tell if I am wearing the same pair two to three days a week if I wear them with a different top each time. That way, I save on the washing and ironing too.
As I'm wearing boots more frequently now, I figured that I could cut down on the frequency of my pedicures. After all, what's the point of having immaculately painted toe nails if they are hidden in covered-up footwear.
I used to pay more than $200 for a package of six pedicure sessions and would renew it every quarter. Now, I'm trying to stretch the same pedicure package over a year. And instead of having my feet massaged by a pedicurist, I do it myself at home with a pumice foot scrub.
In the past, I might have been lax in claiming my credit card reward points so there were times when they expired before I could redeem them. I'm more careful now. Last week, I claimed $500 worth of vouchers from my reward points. I'm also keeping a close watch on my husband's Krisflyer mileage points as they too have an expiry date.
I also keep track of the one-for-one meals which are regularly advertised by credit card companies and make use of them for family outings.
When it comes to grocery shopping, it is possible to stretch your dollar too. Selecting house brands over branded items can result in savings of about 15 to 40 per cent for the same product quality.
I also figured that this is as good a time as any to learn how to cook some simple dishes. That way, I can whip up something quick at home instead of eating out, which invariably costs more.
Of late, I've perfected one dish - a Greek pasta called 'kokinisto'. These days, I cook a huge quantity each time so I can refrigerate the bulk of it and consume it slowly during the week.
And instead of spoiling my children with delicious but pricey desserts at restaurants, I've resorted to cheaper alternatives - I buy frozen desserts and warm them in my oven.
To the delight - and amazement - of my two kids and myself last weekend, I successfully produced two lava chocolate cakes which I had got frozen from Marks & Spencer ($10.90 for two). They tasted as delicious as those that cost $14 apiece at a high-end restaurant, even if they are not as pretty to look at. My sister-in-law has promised to pass me a recipe for this dessert, and if I can bake it from scratch, I'm sure it will be even more nutritious - and cheaper.
I used to think I couldn't do without my pedicures or buying a diamond accessory every year. But you know what? It's not that difficult once you set your mind to it.
On the more serious topic of finances, I'm keeping a close eye on my emergency fund, making sure that I have enough money to cover at least six months of living expenses for contingencies.
I'm also asking my financial adviser more questions and keeping closer tabs on my investments. Despite the panic in the market, I'm continuing my dollar cost averaging strategy - that is, I put a fixed sum into the market monthly via my unit trusts so that in times like this when the markets are low, I'm buying more units and averaging down my overall cost.
Last but not least, the recent saga of the failed investment products linked to bankrupt Lehman Brothers is a timely reminder to me not to put too much emphasis on accumulating wealth for its own sake because we never know when they will suddenly lose their value.
People should always come first before money.
At the start of this year, I made a resolution to spend more time with my aged parents and family.
Regardless of how bad the economy is, this is a resolution that I plan to renew next year. [email protected]
