A wise man once said: “It’s not how much you make that matters, it’s how much you save that counts.”

As simple as this advice sounds, putting it to good use requires work, especially with costs of everyday goods and services rising rapidly.

With this in mind, these eight steps just might help you become richer tomorrow than you are today.

1. Prioritise savings

Avoid thinking of savings as the amount left over after paying bills and spending at the end of the month. It should not be an afterthought.

Rather, savings should be prioritised and set aside first, even before paying any bills and definitely before any other expenses. Form this habit today and watch your bank balance grow.

2. Live below your means

It’s easy to fall into the trap of spending more money when you make more money. There’s nothing wrong with enjoying your life, but be mindful to avoid lifestyle inflation or “creep”, where discretionary consumption of non-essential items increases as one’s standard of living improves.

There’s a fine balance between being able to afford buying something and actually buying it. Just because you can, it doesn’t mean you should.

3. Recognise needs vs wants

Relevant with the above point, become an expert at distinguishing between your needs and wants, and apply this to your daily purchases. Add to your savings instead.

Allow yourself time to think about where each sen goes before you spend. Ask yourself if something is a need or want at least three times before deciding on a purchase.

4. Go minimalist

Owning less doesn’t have to mean being deprived or unhappy. Reducing clutter and waste by donating or selling underutilised items can improve any living space and lead to a clearer mindset.

Go through every closet, drawer, and storage space, and sell unused items to start earning some extra cash.

5. Slash subscriptions

It’s critical to keep track of all monthly installments to determine leaks in any budget. Review your mobile phone, cable, or internet bills by comparing them to newer plans and negotiating with service providers.

Eliminate unnecessary subscriptions that don’t offer value or are used the least. You can also pool resources by getting family plans or group rates.

6. Buy in bulk

It’s always cheaper to get items in bulk, especially non-perishable goods and necessities. Buy as a group with friends, family, or neighbours to save and get the best volume discounts.

Coordinate online orders and combine physical trips to stores to reduce transportation and shipping costs.

7. Learn to cook

Mastering a few simple dishes or cooking in bulk can save time and money. Stretch your food budget through meal prepping or freezing excess food, rather than depending on takeout or delivery.

Try forming a group and take turns cooking with family or friends for added variety. Save on ingredients and help one another get the most out of groceries by reducing waste and leftovers in each person’s fridge.

8. Avoid convenience

Convenience stores can save time but will also cost considerably more than other outlets. Plan for purchases well in advance instead of impulse buying. Avoid picking up items at the checkout; instead, stick to a shopping list.

Make a list of items that are needed or running out, and keep the list visible at all times to avoid last-minute purchases.

Reg Ching is a walking quadriplegic (OKU), digital nomad, business consultant, medical cannabis advocate, and cryptocurrency enthusiast. Follow his journey at regching.com.