E-wallets have been popular locally and globally. When it comes to e-wallet markets, Singapore is among three of Asia-Pacific’s biggest adopters with 23.3% of smartphone users seizing the technology. Along with suppressing the need to use your physical wallet, e-wallets have also helped us save money in numerous ways. How exactly does an e-wallet help you to save money? Find out the answer below!
- Track your expenses
There are many reasons why e-wallets garner such popularity at such a fast pace; one of those is because you can monitor your money with ease. Digitalizing money provides heightened security, convenience, and speed compared to physical cash.
Covering the very basics of personal finance, e-wallets help you keep track of every cent you spend. You’ll no longer need to manually log your deals in an app when you make a purchase since all the work is done for you automatically. This also means that you don’t have to spend time and energy trying to remember your expenses and welcoming fuss-free and smart expense tracking.
- Make it part of the money-saving plan
The hardest thing about saving money is getting started. But, with e-wallets, you can now save money by developing a realistic and straightforward strategy and making it part of a money-saving plan. How, however? You can top up with a specific amount limit based on your monthly budget.
As the owner of the e-wallet, you can determine the amount of money to load into your e-wallet. By topping up your e-wallet with an amount limit based on your monthly budget, you can reign in your spending.
But discipline is the key here. Make sure that you don’t cave in by topping it up if you’ve spent all the money in it before the month ends. If you acknowledge that you’ve hit your budget limit, you can start reducing your indulgences and save money more wisely.
- Enjoy discounts and cashback
You can take advantage of cashback or discounts on e-wallets to help you save more money. Usually, there is a time limit for cashback promotion, so make sure that you use it in time. As a part of a brand’s marketing strategy, discounts and cashback can help save your hard-earned cash in general. E-wallets offer many discounts and cashback to get the ball rolling on getting users aboard.
Using e-wallets, it’s easier to earn points and win some cashback. Whenever there is competition in the market, e-wallets are all fun and games in the discounts arena to benefit consumers. Enjoying attractive discounts and cashback from significant players like GrabPay and Lazada Wallet is how you can quickly and conveniently save money with e-wallets.
For some of you, the idea of cashback may sound too good to be true, but it does exist. So, watch for your notifications to see if your chosen e-wallet offers discounts. With this, you can make a purchase, and the seller will pay a part of the price back to you, getting you to save while spending at the same time.
- Pay your bills on time
Paying bills on time isn’t as easy as it may seem, but it’s an important skill to learn and one of the ways to save money. You will fall behind with payments if you don’t pay bills on time, which can leave you in debt and affect other aspects of your financial life.
To avoid forgetting the number of credit deadlines to meet, e-wallets can be your saviour. E-wallets will help you avoid any late payment charges or penalties as most of them come with an auto debit feature, which draws down on your current balance on a specific date to pay recurring bills such as credit card or utility bills.
Known as one of the most efficient payment methods, an e-wallet can also help you save money easily. Implementing those money-saving tips above will give you many advantages, both in spending and saving arenas. So let’s start saving money with an e-wallet and adopting better financial habits!
Disclaimer: The information provided to you in this blog post is intended only for general information purposes only and does not constitute legal or other professional advice on any subject matter. The materials and the information provided are not intended to be and do not constitute an advertisement or solicitation. In no event will Funding Societies be liable to any party for any direct, indirect, incidental, special, consequential or punitive damages for use of such information by you or any unauthorized third party.
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