The three main expenses are housing, transportation and food costs which are crucial in the journey. It is about finding ways of increasing and maintaining the same quality of life while spending less.
An example will be one who drinks beer. Instead of going to the pub for the beers, one can consider getting the beer at the coffee shop/hawker centre. The alternative is to buy beer at the supermarket and drink at home. Beer is not good for health. One can consider replacing it with the plain water. Plain water is good for health as per my perspective.
For the housing, it is about making the right choices and not getting into debt such as mortgages. It makes more sense to pay the property with the full cash if one can afford to do so. If no, it makes sense to go for the renting in the interim. The saved proceeds can be used to invest into the investment portfolio which will generate dividends which can be used to pay the rent.
For the transportation, one can consider taking the public transport instead of buying the car. This will reduce the massive outlay of cash. If one really has to buy a car for convenience’s sake, it makes make more sense to buy the second hand car and focus on making the full payment for the car. There is no right or wrong decision and it is entirely up to the one who decides which approach suits him/her the most.