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10 Easy Ways to Saving Money

Author - 07/03/2019 - 0 comments

As we know, Singapore has one of the highest cost of living in the world and if you are one of those average earning workers, it would help if you can save even a few dollars. 

An important rule of thumb is that, one must always have minimum savings that can cover for three to six months expenditure. However, not everyone finds it easy to save unless they get a salary bump or wait for that bonus to move it into savings.

It is often overlooked that by making small changes, or just by giving extra thought to purchases, it is very possible to see savings reach a sizeable amount.

Here are some tips to help steer you towards the path of savings.

  1. Automate your savings – set a recurring transfer of your salary as it comes in to a savings account.
  2. Don’t save your credit card details online – this way you spend less on impulse buys, get lazy to manually key in your details for purchase and probably end up closing the site, as well as protects you from identity theft.
  3. Look through your bank statements monthly/ keep your receipts from purchases –buy doing this you will see where you spent and what you spent on, and adjust for the next month.
  4. Unsubscribe to merchant newsletters – they just make you more tempted to shop.
  5. Promotional codes and dining apps are your friends –if you do go out for dinner try going to places that have promotions, try out apps such as Eatigo, Chope and Burpple. If you do shop online, do a quick search to see if there are any promo codes that merchant currently has.
  6. Shop during end of season clearance sales or warehouse sales, this is when prices are slashed.
  7. Have Patience –when shopping for big items, practice patience and think Can it wait?, come back at the end of the month (if you haven’t forgotten about it), it may even be on sale then.
  8. Make a list – write down your grocery list and stick to it, avoid buying any items not on that list.
  9. Cook your own meals – majority of Singaporean eat/buy out or call for delivery more than 4 times a week. Try making meals for the week instead, or cook every other day, store it in the fridge and reheat for meal times. I guarantee you will notice savings in the long run.
  10. Buy a reusable bottle –to buy water in Singapore isn’t expensive, but when you buy more than one bottle a day it can chalk up to quite a bit. Buy a good reusable bottle with a design you like, and carry it with you everyday. Refill your bottle from water coolers/dispensers, or even straight from the tap (it’s safe to drink!)