MoneyDigest - Personal Finance, Lifestyle, Money Saving Tips

Easy Ways You Can Save Over S$3,000 A Year

Life is unexpected; you will never know when an emergency or financial crisis will hit. With that constant reminder, who does not want to save over S$3,000 a year? That said, here are the Easy Ways You Can Save Over S$3,000 A Year:

1. WATER SELECTION

If you are purchasing bottled water from the stores that are priced at S$1/1.5L bottle then, a family of four goes through at least 20 bottles a week. This is why it is best to drink from the safe tap. Filling up your reusable water bottle or jug only takes seconds and only costs S$0! With the tap water, you save about S$960 annually!

2. POWER STRIPS OFF

Power strips or otherwise known as power bar, trailer lead, or extension block, can spike your electric costs even if you turn it off.

Image Credits: US-power-strip-rotated via Wikimedia Commons (Licensed under CC BY-SA 3.0)

Accounting for about 5-10% of your home’s energy bill, the best way to save from this is to unplug it completely. Unplugging your power strips can save you approximately S$70-330 per annum.

3. LIMITING AIR CONDITIONER USAGE

At 900 watts or more, your air conditioner (AC) is one of the major appliances that contribute to a huge chunk of your energy bill. So, if it is running for 8 hours a night for 365 days then, your medium-sized AC unit will cost you about S$600 annually. A good way to save about 50% is to time your AC to shut down after 4 hours. Then, save about S$25 on AC – a month!

Furthermore, here are the 5 Cost Saving and Energy Saving Air conditioners For your HDB:

Image Credits: home.intraix.com/5-aircons-to-buy

4. ELIMINATE THE DRYER

Instead of constantly putting your clothes in the dryer, hang it in properly in a clothesline. The dryer, like the AC, is contributing to a huge chunk of your energy bill. It feeds on energy and a lot of it. So, by letting your dryer rest, you can save about S$103 a year. That is if you regularly have 6 loads per week and take 20 minutes per load.

5. HAVE HOME COOKED MEALS FOR DINNER

Aside from packing lunch at work, cooking at home every dinner will cut your costs effectively and immensely. The cost of the meat, vegetables, and spices are lesser at the grocery than at the restaurants outside. This is why you must limit your restaurant trips or take-out meals to at least once a week.

For instance, you are going out for dinner at an average restaurant for 3 times a week then, it can cost you S$240 a month or S$2,880 a year. So if you limit your outside dinner trips to once every week then you can save up to S$1,920 a year!

SUMMARY (M-1 month & Y-1 year):

A. Water: S$80/M , S$960/Y

B. Power Strips: S$5.8-27.5/M, S$70-330/Y

C. Air Conditioner: S$25/M, S$300/Y

D. Dryer: S$8.6/M, S$103/Y

E. Dinner: S$160/M, S$1,920/Y

Image Credits: pixabay.com (CC0 Public Domain)

Thus, the total can go up to S$3,613 worth of savings in just 12 months!

Sources: 1,2,3 & 4

Am I ready to invest in a child?

There are countless joys in welcoming a new member to the family. A child’s cheery smile and mesmerising gaze have miraculous effects: they melt hearts and boil away the remnants of worry and misery.

However, raising a kid in Singapore is increasingly an uphill task. Singapore is known for its soaring cost of living and having one more mouth to feed does not make living in this overcrowded city any much easier.

In addition to the financial strain, parenthood also poses another competing use for time. Not surprisingly, it remains a constant struggle for dual-income households to balance work and family life.

Therefore, there lies no simple answer to the question of whether one should bear a child and, by extension, invest significant amount of resources, time and effort in the process of raising the child. Nonetheless, the flowchart below aims to delineate the emotional and financial considerations involved in parenting, though they are by no means prescriptive.

Awesome Sephora Hacks You Wouldn’t Want To Miss

If you are looking for beauty products in Singapore, one store usually comes in mind – Sephora. The name Sephora originated from the Greek term for beauty: “Sephos” and the gorgeous wife of Exodus’ Moses: “Zipporah”.

Founded in France in the 70s, Sephora had become one of the world’s leading stores for quality bath, cosmetics, and other lifestyle products. It has become a home to many luxurious brands that shape the hottest trends today. In addition to that, they also have their own private label containing assorted products. But, beauty comes with a price tag, which is often at high cost.

So, as much as I love Sephora, I still value my frugality by following these few tips:

1. SIGN-UP FOR THEIR LOYALTY PROGRAM

One of the sure-fire ways to save while you shop at Sephora is to sign-up for their loyalty program – for free! The Loyalty program is called the Sephora Card program whereby you are able to earn points and receive as much as 10% discount and other exclusive benefits such as birthday gift surprises and news updates.

There are two types of Sephora Cards namely: White and Black. But, everyone starts of at with the White Card. Upon accumulating 250 points, you will be upgraded to the Black Card. To start, sign-up by filling a quick form at the cashier or by politely asking their staff.

2. DO YOUR RESEARCH

Before purchasing anything, it is good to read the reviews first so that your money would not go to waste. Do not shy away from Sephora’s products because they are well reviewed as well.

Image Credits: Pixabay (CC0 Public Domain)

Browse for yourself.

3. CONSIDER THE LOCATION

The location of products at any Sephora outlet says something about its price. Those that are far more expensive are clustered in the middle while the less-expensive brands including the in-house label are at the sides. Thus, as much as possible, avoid the center of the store.

4. FOLLOW THE DEALS

Stalk them on Facebook or Instagram to get an inside scoop of their great deals on cosmetics, skincare, fragrances, and so much more.

Currently, Sephora’s Facebook page shares that you can get discounted items from now until September 2 at the ION branch. For example, the once S$82 STILA Glam Gift Set retails for only S$50. The same goes for the once S$70 LAURA MERCIER Artist Palette for eyes & cheeks that are now sold for only S$50.

Image Credits: facebook.com/sephorasingapore

Incredible Ways You Can Save As Parents Of A Newborn Baby

Knowing that pregnancy bills, documents, clothing, accessories, and so much more can cost more than S$10,000 in total, parents in Singapore must find savvy ways to manage their money because a baby will depend on them in everything. Here are some incredible ways to save money along the way:

1. SAY “YES” TO BREASTFEEDING

One of the empowering things that only women can do is to breastfeed their baby. As much as you can, opt for breastfeeding because it will not only be healthy but also be able to save you as low as S$1,500 per year.

To help you draw milk, you may use an electric breast pump but it comes with an expensive price tag of S$90-500. So, it is best to borrow a breast pump from a friend but make sure to change the plastic attachments. You can buy those for far less.

2. SAVE ON CLOTHES

Start saving for baby clothes by asking your friends and family if you can have their child’s outgrown clothes. You will not only help your friends or family members to de-clutter their space but you will also save more. Believe me when I say that babies can have sudden growth spurts so, it is unnecessary to buy loads of baby clothes in advance. It goes the same for shoes, as socks will be sufficient to keep their cute toes warm.

Also, you may invest two big T-shirts rather than bibs. All you have to do is to look for T-shirts that fits a baby (i.e., 1-2 years older than yours) while you are in a flea market. Then, use these big T-shirts while your baby is feeding instead of a bib.

3. SAY “NO” TO FANCY BABY TOYS

Several parents came to the conclusion that babies are not hard to please. In fact, their favorite “toys” such as plastic cups, cardboard boxes, and utensils often come with friendly price tags. They are not even the traditional toys! Buying a toy for less and still make your baby happy is such a win-win situation. You may even try to make your own toys such as a rattle made with a jar and a few coins.

4. SAVE ON FOOD

Preparing homemade baby food is simple, quick, and less costly. Having this power over your child’s food choices, you will be able to know exactly how much nutrition he or she is getting.

Before you begin feeding your baby, make sure that he or she is ready for solid food. It is recommended to wait for at least 6 months to feed solid food while you must wait until 10 months to feed them with gas-inducing foods such as broccoli, wheat, cauliflower, garlic, onions, beans, and dairy products. Be cautious of the common allergens as well.

Nonetheless, here are the recipes you can try for babies aged 6 months and beyond:

a. Carrots Baby Food (Recipe costs as low as S$0.80)

b. Peach Purée Baby Food (Recipe costs as low as S$2)

c. Pea Puree (Recipe costs as low as S$1.80)

Image Credits: Kim Love via Flickr (CC Attribution-ShareAlike)

Sources: 1 ,2 & 3

5 Shopping Hacks Everyone Should Know

In the celebration of Singapore’s 50 years of progress, several online and physical shops have been offering discounts of 50% or above. To name a few, New Look is having 50% on dresses, bags and Footwear in their Somerset, City Square and Westgate stores while Zalora offers 50% on local designers and international labels.

So, whether you are shopping online for the perfect holiday outfit or considering a huge appliance purchase, spend your money wisely and save along the way with the 5 Shopping Hacks Everyone Should Know:

1. COMPARE PRICES

Before purchasing anything, compare the different prices offered by various shops for a particular product you have been eyeing on. Do this by intelligently finding information in the comparison website called PricePanda Singapore. When shopping online, it is best to get the biggest discount by using a coupon code. You may use the coupon codes available at Singapore’s CupoNation.

2. READ THE MEASUREMENT GUIDES

You are just wasting money if you bought something online that is not true to its fit. This is why it is essential to read the footnotes or the measurement notes. It will tell you the size and measurements across an array of countries. Also, it will tell you if the garment is tight or loose. Then, get more information about the clothing article by reading the height and the size of the model.

3. SAVVY QUESTIONS TO ASK AT A STORE BEFORE YOU PURCHASE

a. Do you give rebates?

b. Is there a mailing list that announces the promotions or sales earlier?

c. Do you offer a loyalty or membership program to earn back points or cash on purchases?

d. What is the return policy?

4. ADD UP THE COSTS

Do not be fooled by the flashy “sale” sign on the window or on the website’s sidebar because some shops will make you spend extra for shipping, minimum purchases, restocking fees, return policies, or even discount exclusions. Therefore, you must add up the product price plus the extra fees first before making a purchase. Also, make sure that your online retailer is reliable.

5. EMPLOY THE “URGENCY TEST”

If you are on a physical store and you are thinking twice on purchasing an item, ask yourself if you are willing to try it on the dressing room at that very moment. If you are not really excited to wear it then, do not bother to buy it.

Image Credits: Pixabay (License: CC0 Public Domain)

Sources: 1 & 2

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