We all know that the standard of living in Singapore is relatively high and it is not easy to live comfortably without any monetary worries. If you want to survive in Singapore’s living standards, you must know how to save. Let’s cut the chase and here is a quick glimpse on how to save money in Singapore.
1. Use The Saving Principle
One of the easy ways to save money is to follow the saving principle. It means you must save 20% of your income, 50% towards your household utility bills, groceries other necessities and 30% for other miscellaneous expenses comprising of fancy outings and shopping.
2. Use Your Credit Card Wisely As A Mode Of Payment
Many credit cards in Singapore offer rewards and point collection on shopping. The best way is to buy on credit card and pay it immediately. You get to earn the points through which you can shop once a set of points are accumulated.
3. For Long Distant Travel Purpose Use Taxi Promo Code
Although it is best to travel by public transportation or to carpool, there could be instances where you have to take the cab. In such a scenario download an app such as Grab or Moobi Taxi that offers promo codes. You might save a fortune on that.
4. Earn Through Using Your Car As An Advertising Space
If you wish to earn something extra, use your car as an advertising space. It helps you make $300/month by merely decorating the car with the banner.
5. Grocery Buying For A Week And Month
Though it is advisable to plan your groceries for a week, to some extent, shopping for non-perishable goods for a month is a good idea. Buying in bulk for a month will offer you discounted prices. So divide buying non-perishable grocery items on a monthly basis and perishable ones weekly. Don’t indulge in shopping during the weekend; you stand up buying discounted items unnecessarily.
6. Ask Your Bank To Set Your Saving Goals
The new method of the jar has emerged. Here the bank takes care as per the number of jars you decide to fill in. It could be for medical, retirement, education, etc. Select a bank that offers jar method of saving. So you don’t have to put all your savings in one bank account. Your savings are kept in sub-accounts and are provided to you after you have reached your saving goals.
7. Cut Short On Impulsive Buying
Locking your ATM card is an excellent idea if you are an impulsive buyer. It is so because, by the time you activate it again, it will take a day, the feeling subsides, and you don’t shop unnecessarily.
8. Look Out For Free Classes At Sports Hub
Many exercises classes are held at Singapore’s Sports Hub. Take advantage of it. Instead of spending money at the gym, go for such classes. The days that they do not host go for daily walks and crunches.
9. Credit Card Limits Must Be Lowered
You ought to get spoilt due to your increasing credit card limits. But if you are given limited resources, you ought to live in the same income. So don’t get carried away when the credit card people offer you with an enhancement of credit limit. Just say ‘thank you’ and don’t go for upgrades.
10. Get Your Friend Or Someone Else To Shop For You
To avoid the temptation of unnecessary shopping items, it is best advised to ask your spouse or friend or someone else to buy for you. All you got to do is hand over shopping list and get your stuff.
11. Take Help From Moneylenders
If you have a considerable amount of credit cards or debts to pay, go for money lenders. Many licensed moneylenders can provide you with short-term loans. Seeking loans from banks can make you pay a considerable interest. With moneylenders it is easy. Companies like Credit Excel Capital Moneylender, EasyCredit Directory, Credit Hub Capital, offer fast approvals of loans, quick access to funds and convenient repayment options with competitive interest rates.
12. Enter For Drinks Late
You cannot let your social life ruin since you want to save money. But all that you can do is appear for the drinks late. By that time, you will be able to save a couple of Singapore dollars as your intake of drinks will be limited.
13. Rent A Car And Not House
When you live in Singapore, if you do not have carpooling option, go ahead with renting a car. You save a down payment of S$60,000. Since the car is a depreciable asset, on selling you hardly earn any amount. But on the other hand, if you are living in a rented house, it is best to buy. The property gets appreciated over the years. Besides, the rent amount paid can be worked towards EMI option.
14. Carpool Option
Carpooling option is excellent where you and your buddies can take turns to take your car to the office. It saves petrol, time, servicing, maintenance, etc.
15. Sell What You Don’t Want
Trash nothing if you can sell them. There is a second hand market in Singapore where you can sell your old stuff.
At least something is better than nothing. From Craigslist to Gumtree, Bakipa to Carousel, these are some sites you can try selling it on.
16. Use Your Card During Group Dining
If you want to earn cash back or reward points, when dining out with friends, take the initiative of paying by using your card. It is a win situation as you can collect cash from others and deposit the very same day.
17. Buy Insurance Plans At The Earliest
The younger you are, the lesser is the premium. So you pay less over the long-term. Retirement plan is very important as one do not simple wait till you are old or you start having health problems. By then, it is too late and the premium will be very costly.
18. Shop During Warehouse Sales
Wait for the warehouse sales to open. You can get some great discounts and offers. All you need to do is be patient. Season’s end sale, end of the year sale, will give you options that are irresistible.
19. Scroll For The Dining Experience
20. Fix Gift Amounts
Emotions are undeniable. When it comes to buying gifts, one often tends to spend out of pockets. Instead, limit yourself. Tell you close friends to restrict their spending to S$ 50, while for the family it could be S$100. This way, the fact that one is spending more and the other not, will not arrive.
Get saving every penny the easy way. For all your money lending transactions you can trust Credit Excel Capital. Comment, Like and Share, if you have found this useful.