In This Economy?! Simple Ways to Save More Money

Living in Hong Kong isn't cheap! Rent eats half of your salary, groceries seem to cost more than they should, and, not to mention the "Eh, why not!" to every dinner and/or drink the group chat throws at you. Whether you're just trying to save that little bit more or you've found yourself in between jobs, it's worth knowing where the easy wins are. From using your kitchen more often to rethinking how you spend your downtime, here are some low-effort ways to save more, without giving up all of the fun stuff.

Set Your Budget and Be Proud of It

Regardless of your income (unless you have an unlimited amount of money), it’s never a bad idea to set yourself multiple budgets: one for the year, one for the month, and one for specific situations. Nothing is completely linear: sometimes you’ll overspend, sometimes you’ll underspend, but it’s how you react and adapt that matters.

For example, if you’re going out for dinner and drinks with friends, give yourself an amount you’re aiming to spend for the evening and try to stick to it. Not to the point where you’re obsessing over every buck, but just as your pocket-friendly guide. If you’re particularly terrible at this, especially after a glass or two, bringing cash instead of your credit or debit card can give you a physical limit. If you do spend more than planned, don’t overthink it. Over the next couple of days, look at where you could cut back to balance things out, whether that’s making your coffee at home or packing a lunch for work. Be proud of your budget! Being self-aware is one of the best traits to have. Don’t be shy about telling your friends, either. If you’re trying to be better with money, there’s no shame in saying so. Genuine friends will understand and support you.

Eat at Home More Often if It's an Option

If you’re lucky enough to have a kitchen at home, especially in Hong Kong, try to make use of it! Eating out can range from surprisingly cheap to ridiculously expensive, but it all adds up. While grocery shopping prices can also come as a shock (the yoghurt 😭), eating at home can still be hugely beneficial to your wallet and your health when you shop smart. The trick is knowing where to buy what. In our case, it usually goes something like this: vegetables, meat, and eggs from the local wet market, fruit from wet markets or supermarkets, snacks from shops like Best Mart 360° and 759 Stores, and dairy from Dai Sang Groceries. It can differ depending on where you live and what you’re buying, so do your research and figure out what works for you. Also, don't sleep on the sale section - it's our FAVOURITE part of any shop.

Once again, if you're lucky enough to have a freezer, make sure you're utilising it! Fresh meat can be expensive in Hong Kong, so frozen options can save you both money and time. Frozen chicken thighs, for example, can work out at around HKD$20 for three large thighs at our local market, compared with roughly double the price for fresh ones at the cheapest supermarket. We’re not saying you should never eat out. Eating at home can get tiresome, and going out for a meal is one of the best things about living in Hong Kong! Supporting local businesses is important, too, and we encourage it whenever and however you can. It’s about finding a balance that works for your budget, so you can still enjoy the restaurants and cafés you love, without putting yourself in a financial pickle.

Only Buy What You Need To Save More

This one is more subjective, but we suggest only buying what you actually need. Bulk buying works for some, especially if you have the space and know you’ll use everything, but in a city like Hong Kong, it doesn't always make sense. The same goes for your weekly grocery shop; unless you're really good at planning meals and using everything up, it’s easy to end up wasting food by the end of the week. For easily perishable things like vegetables, fruit, and fresh meat, it can sometimes make more sense to shop for the next day or two rather than stocking up for the entire week, especially in Hong Kong, where you can easily pop out to a supermarket or wet market whenever you need something. That way, you're more likely to use what you buy, rather than throwing money in the bin, along with the forgotten broccoli! Do what works for you, but we think that buying less, more often, can be a simple way to save money, reduce food waste, and make the most of the space you have.

Side note, we also love the CHOMP app, which helps you discover discounted food from local restaurants, cafés, bakeries, and shops that would otherwise go to waste. It’s a great way to pick up something delicious for less, while also doing your bit to reduce food waste.

Get Creative with Your Free Time 

We don't always need to go out to a restaurant or bar to have a good time. It's lovely, but it can get expensive! There are a plethora of cost-effective things to do with great company in Hong Kong: go for a hike, spend the day at the beach, have a picnic, explore a neighbourhood you've never properly visited, check out a free exhibition, or have a games night with friends. If all else fails, nothing beats a can of beer overlooking the harbour! If you're used to socialising over outside food and drinks, it can take a little creativity to break the habit, but there are so many ways to spend time with the people you love without spending a fortune. Take turns hosting dinner at home, bring everyone together for a themed night, or make a day of exploring somewhere new. Hong Kong is full of things to see and do, and sometimes the best plans are the ones that don't cost a cent.

Don't Let Your Phone Be Your Wallet

With the advancement of all things digital, we can get disconnected from our money and stop associating tapping our phone with spending actual cash. It is so unbelievably easy to tap, put your phone in your pocket, and carry on with your day, only to be smacked with the reality of how much you’ve spent when you check your bank account at the end of the month. Paying with cash can make you more mindful because you can physically see the money leaving your hands, but we know that’s not always an option, especially as more and more places are going cashless. Having said this, even reaching into your wallet and tapping with your physical card can make you more conscious of what you’re spending, while still earning credit card points! With any luck, having that extra physical step is enough to make you think twice before saying goodbye to that hard-earned money!

Think About Purchases in Hours, Not Money

We find that the concept of money can be blurry at times, and it’s easy to fall into the mindset of, "I can always make more money." And that's true! However, you've also spent your own time earning that money, and you can't make more time. If you earn HKD$80 an hour, that HKD$600 dinner the other day actually cost you 7.5 hours of work. Thinking about purchases this way can make the value of money feel a little more "real" and help you decide whether something is truly worth it to you. This doesn't mean you should never treat yourself or overanalyse every purchase, but when you're about to buy something, ask: "Would I work X hours for this?" If the answer is no, perhaps it's worth putting it back on the shelf. Your time is valuable.

Gift Giving Doesn't Have to Cost The World

If you’re not in a financial position to be gifting things to yourself, you probably don’t need to be spending a fortune on gifts for other people either. The definition of a gift is something given to show love or appreciation, not something expensive that the other person might not even use. Think about what they actually like and what they’ll genuinely get some use out of, rather than buying something expensive just for the sake of it. Be smart with it. If you’re giving flowers, head to your local market, arrange them yourself, and wrap them in brown paper. You’ve potentially saved yourself around $300, and it’s something you’ve put together with a little extra love. Besides, they’re going to be thrown away in a week anyway. Instead of buying an expensive cake, make one yourself if you have the means and enjoy baking. And if you don’t, find a more affordable bakery. It really is the thought that counts, and there are plenty of ways to make a gift feel special without spending a fortune.

Take Advantage of Points and Reward Programmes

Uncle Ben Coffee Loyalty Stamp Card (2 more stamps to go!)

Points that we can actually benefit from are right up our street. There’s nothing better than being rewarded for doing your everyday grocery shop, and systems like Yuu are a great example. The points really can add up, especially if you’re constantly popping into Wellcome, 7-Eleven, and IKEA. We most definitely make the most of it! If you’re loyal to a specific restaurant or coffee shop, it doesn’t hurt to find out if they have a loyalty stamp programme, like our favourite Uncle Ben Coffee. Don’t sign up for every loyalty card under the sun just for the sake of collecting points, but if you’re already spending your money somewhere, it’s always worth checking whether there’s something you can get back in return.

Reject the Idea of Shame

There’s a mindset that we need to have everything figured out by a certain age, but it’s just not realistic. Everyone has different situations, backgrounds, and ways of thinking. What feels like success to one person could be someone else’s personal hell. Financial freedom is something many people can only dream of, but there are still steps we can take towards becoming more financially savvy. That might mean saving where you can, being more mindful of how you spend, or even taking a job that isn’t your dream job but pays the bills. The important thing to remember is that nothing is forever, and there is absolutely no shame in doing what you need to do to take care of yourself. Whether you’re figuring things out or just trying to be more frugal, you’re doing what you can with what you have right now. And that is something to be very proud of.

You don't have to miss out on the things that make you happy to save. It's more about making your money work a bit harder for you, whether that's through a freezer full of chicken thighs or thinking twice before tapping your phone on the screen when you're ready. There will always be things worth spending money on, especially in this city, but being mindful about the things that aren't can make a bigger difference than you think. Hong Kong may be known for its big spenders and lush lifestyles, but if that doesn't fit where you're at right now, who cares? Spend your money in the ways that make sense for you, not because you feel like you have to keep up appearances.

Disclaimer: This is not financial advice. These are tips and suggestions based on personal experiences and opinions, and what works for one person may not work for another. Take what works for you, leave what doesn’t, and always do your own research when it comes to your finances.