Go for Cost Effectiveness

Nope, I haven't been writing not because of another writer's block, but I've just been busy with preparations for Eid celebration.

With all the mayhem going around, it's really important to ensure that you choose the cost effective path.

In Singapore, when the Malay Muslims celebrate Eid, a big population of them will go for wastage - meaning, they will change everything from the sofa set to the curtains to the rugs, among other things. Some of them do this every year, for the sake of getting into the celebration.

Truth is, we should always keep things simple. If you were to keep this up every year, you will only burden yourself with budget problems. You will definitely dread the festive season because you have to change every damn thing all over again (and we all know how fast 365 days pass by!).

Worst still if you bought the things on credit terms, as some of those payoffs are as long as 36 months. So that means every year, you have an excess of 24 months to pay off - kinda like placing yourself in an unnecessary debt situation.

Here are some of the guidelines that I follow when I go shopping:

1. Need Vs Want - It is necessary to shop for what we Need not what we Want. This way, we will be able to minimize the options of buying things we don't need.

2. Plan your Budget (and your shopping list) - Another way to go with cost effectiveness is to ensure that we plan our budget and to shop within the allocated amount. Going shopping without a budget will only allow you to create a hole in your wallet / purse / pocket faster.

3. Go for value - A brand-X dish washing detergent works as good as a branded dish washing detergent, and brand-X is cheaper. A $10 Metro wallet works as good as a $700 LV wallet.

4. Always pay 100% upfront - with CASH! - Unless you don't mind paying a little extra interest every month for 36 months, then be sure to save up enough money to pay for the item in question. Also, using a credit card with entitle you to additional interest charges.

So far, all these have worked for me, and it has saved me from unwanted debts and other non-essentials. Maybe you can try it out and let me know if it worked for you as well? :)

Happy Eid everyone & happy holidays!