Sadly, one of the greatest concerns of about 90% of Singaporeans is the rising cost of living. This was found out from a survey carried out in 2022. Thankfully, the government has decided to create measures that can help Singaporeans manage the rising cost of living.
On the other hand, Singapore has been marked as one of the most expensive places to live in. This simply means that whether you're a local or an expat, to live comfortably in Singapore, you'd need to plan how to spend and manage your finances effectively. In this article, you'll learn the 10 best ways to save in Singapore.
10 Best Ways To Save In Singapore
Below are the best ways you can live cheaply in Singapore as a local or an expat:
1. Create A Budget- One of The Best Ways To Save In Singapore
The first thing you'll need to do to enable you to save properly in Singapore is to create a budget. Your budget will help you track where your money is going and help you know areas you can cut back. To be able to create a budget, you’ll have to start by tracking your income from various sources.
Doing this will give you an idea of how much will be coming in each month. After you’ve had an idea of what your income for the month is, you can go ahead to categorize your expenses into housing, transportation, food, insurance, debt repayment, entertainment, savings, and miscellaneous.
Once you have an idea of your income and expenses, set financial goals for yourself. Do you want to save for a down payment on a house? Pay off debt? Build an emergency fund? Assigning specific goals will help you allocate your resources more effectively.
2. Sign Up for Credit Card Cashback
Signing up for credit card cashback is another easy way to make money in Singapore. Currently, due to how competitive the credit card market is, some companies offer rewards to customers. These companies do this with the hope of getting more customers.
So, if you’re looking to earn cash, you should definitely sign up for credit card cashback. Go ahead and enjoy rewards on your everyday purchases like groceries, transportation, and dining. Some popular cashback credit cards you can try out in Singapore include Citi cashback card, HSBC advance credit card, UOB one card, and more.
3. Save On Housing- Best Way To Save on Housing for Expats
If you're an expat, you can save money on housing in Singapore by getting a roommate. Doing this can help you split the cost of rent, utilities, and other expenses. With this, you can be sure to live an affordable life in Singapore. Aside from being able to share your rent and utility bills with your roommate, you can also share household responsibilities.
To find a roommate, you can use online platforms or social media. You can try out websites like PropertyGuru. When searching for a roommate, it's important to set clear boundaries and expectations. You have to discuss and agree on these details before signing a lease or moving in together. This will help prevent conflicts and ensure a harmonious living environment.
4. Turn Off Your AC
Turning off your air conditioner (AC) when not in use is a simple way to save money on your utility bills in Singapore. ACs are one of those appliances in your home that consume a lot of energy. So, by turning it off, you can reduce your energy consumption and lower your bills.
How to Save Money on Transport In Singapore: Best Way To Live Cheap In Singapore
Best ways to save money on transport in Singapore:
5. Don’t Get A Car: Use Public Transport
I know you love the idea of driving your own car around town however, with the cost of living in Singapore, owning a car isn't advisable. Rather than get a car, consider using public transport. Doing this is more efficient and affordable. Singapore actually has a well-developed public transport system.
This transport system includes buses and trains that can get you wherever you need to go. When moving around or commuting to work, you can use the MRT (Mass Rapid Transit) or bus services, which are extensive and reliable.
6. Buy An EZ-Link Card
Getting an EZ-Link card is another way to save money on transportation in Singapore. EZ-Link cards are a convenient and affordable way to pay for public transport fares in Singapore. With an EZ-Link card, you can enjoy convenience and discounts. Now you no longer need to carry cash or buy individual tickets. All you need to do is simply tap your card on the reader to pay your fare.
7. Carpool With Friends or Colleagues
Carpooling is a great way to save money on transport costs. When you share a ride with friends or colleagues, you can split the cost of fuel and tolls. Doing this will make your daily commute more affordable. For expats who recently moved to Singapore, you can make use of online platforms or apps like Weride.my to find a carpooling buddy.
Thankfully, Singapore is opening up to carpooling services so you don't need to bother about getting stopped. However, before choosing a carpooling service ensure to confirm that the services are not offered through non-official mediums. As it is seen as illegal. But if you're a Singaporean, you can decide to carpool with your friends or colleagues from work. Trust me, you really don't need to get a car.
How to Save Money on Food in Singapore
8. Plan Your Meals
If you're looking for a way to save money on food in Singapore, try out planning your meals. Having an idea of what to eat each day helps you avoid last-minute takeouts and dining out, which can be ridiculously expensive. Also, with meal planning, you only get to focus on buying what you need, reducing food waste and saving you money.
To start meal planning your meals you can make use of a meal planning app or find inspiration online. After planning your meals, you can make a grocery list and stick to it. Aside from planning your meals to save money, meal planning helps you eat healthier. Meal planning can also help to reduce stress.
9. Buy Your Groceries In Bulk
Buying groceries in bulk can help you save money on food in Singapore. You can buy items like rice, pasta, and canned goods in bulk. This would actually help reduce your shopping bills and also help with your meal planning. When buying your groceries in bulk, you'll need to ensure that the items won't expire soon. You can also split bulk purchases with friends or family to save even more.
10. Cut down On Takeouts
Eating takeouts can be expensive and unhealthy. To cut down on takeouts, you can cook meals at home. This would help you save money on food expenses and eat healthier. If you want to effectively cut down on takeouts, you can start by tracking your spending and identifying areas where you can cut back.
You can also plan your meals in advance and prep healthy snacks. However, if you're too busy to cook, consider meal prep or using a slow cooker. These options can save you time and money while still allowing you to eat healthy, home-cooked meals. Overall, cutting down on takeouts is a simple yet effective way to save money and improve your health.
Do Singaporeans Like To Save Money?
According to a survey conducted by Statista in 2022, employed people in their twenties save at least 35% of their income in cash savings. On the other hand, employed people between 55 to 65 years of age save at least 29% of their income. Generally, Singaporeans are known to be realistic and financially savvy, and saving money is a big part of that. In fact, Singapore ranks number three for the country with the highest savings rates in the world.
Final Thoughts
There you have it! 10 ways to save money in Singapore without having to break the bank. Whether you're an expat or local, by simply following the tips outlined in this article, you can save even more money and achieve your financial goals.
Additionally, as a Singaporean you can take advantage of the many savings schemes and initiatives offered by the government. Some of these schemes include the Central Provident Fund (CPF) and the Singapore Savings Bond (SSB). By doing so you can achieve your long term saving goals easily.
Are you looking to have a stress free relocation to Singapore? Look no further than SIRMOVE services. Whether you're a local or an expat, our team will handle every aspect of your move with care.
Comments