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8 Money-Saving Tips That Every Singaporean Should Know

1. CREDIT YOUR SALARY

Get your salary credited into your bank account to dismiss the lure of spending your it right away. Update your bank account details with your employer and follow the terms and conditions of your bank so that your income gets credited correctly. In Singapore, these two savings account will give you the best interest rates per month: OCBC 360 Account and DBS Multiplier Account.

2. CONVERT YOUR CASH

According to the Economist Intelligence Unit, the US dollar has been stronger while the Euro weakens. If the above hack does not work, try converting some of your money to US dollars. This way, it is more inconvenient to spend. The thought of having to go for and pay for the currency exchange will likely to dissuade you from spending!

3. LEARN TO COOK

If you want to save money on food, it is best to learn how to cook. Start cooking simple meals with ingredients that are easy to obtain such as Omelet, Scrambled Eggs, Fried Rice, and Chicken Rice. Consider going to the wet market as items are sold for a cheaper price there. Remember that aside from rent, your food expenses make the largest impact on your budget.

4. READ BOOKS FOR FREE

To satisfy your bookworm urges, visit the nearest public library and rent a series of books – for free! While you are there, you can catch the free financial talk entitled “MoneySense@The LLiBrary: Understanding Loans & Credit” on April 14, 2016. Go to nlb.gov.sg or more details.

5. GET THE CHEAPEST GYM MEMBERSHIPS

It is no secret that Singapore’s fitness centers are expensive. And let us face it, most of you will not even use your membership perks to its fullest! Thus, it is best to go for the most affordable gym memberships such as the ones on this list. Alternatively, you can make use of your school’s facilities as most universities are fully equipped with gyms and other facilities.

6. EXERCISE FOR FREE

Aside from sweating at the gym, get fit by exercising outdoors. Satisfy your weekly dose of exercise by running in the nearby pavements, park or park connectors. You can also cycle around if that is your cup of tea.

7. GO FOR THE LAST YEAR’S MODEL

To save money on your next smartphone, consider purchasing the last year’s high-end phones such as the Samsung Galaxy S6 (the Samsung Galaxy S7 has been released last month). To save even more, you can review the well-designed phones offered by “less popular” brands such as Xiaomi.

8. DON’T FALL FOR THESE TRAPS

Aside from the diversity of eateries, Singapore is known for the diversity of shopping centers. Naturally, tourists fall prey for the huge “SALE” sign on the window of most shops. However, if you lived here long enough, you will realize that sales happen all year round. As long as there is a public holiday coming up, sale signs will be up too! So only buy an item if you really need it!

Image Credits: pixabay.com (CC0 Public Domain)

Sources: 1, 2, & 3

5 Financial Tips For Savvy Singaporean Teens

When it comes to money management, starting early is always a good idea!

1. KNOW THE TRUE VALUE OF MONEY

When I was a teen, my sister and I spared a portion of our allowance in order to by the latest CD released by our favorite boy band. Instead of asking our parents for money, we worked patiently for it. That way, we understand the true value of money.

Aside from being a student, if you have a part-time job, you can see the value of money in terms of the work you have to do in order to earn it. For example, if you view a designer wallet as 25 hours of work at a S$6/hour job rather than as S$150 alone, it gives you a unique perspective on spending. This shall help you make more accurate decisions.

2. FOLLOW THE STOCK MARKET

To get a good grasp about investing, it is recommended to follow the companies that have growth potential and renowned products. For example, track the stocks of the world’s no.1 brand for half a century – Coca-Cola (NYSE:KO) or the stocks of your favorite bakery – Breadtalk (SGX: 5DA). Using these shares for financial education can help make learning fun!

3. SPEND SMARTLY

As a teen, you can save more money by employing simple spending strategies such as comparative shopping and buying sale items. If you are an artist who want to purchase assorted colored paints, compare the prices of online and physical shops to get the best deal. And if you want to save even more, go to the clearance or sales section to avoid paying the full price.

Image Credits: pixabay.com (CC0 Public Domain)

4. REWARD YOURSELF

To make savings as vital as expenses, you must set aside a certain amount that you are planning to save first. This way, you can keep track of your money without accidentally spending it. Even as a teen, it is advisable to open your own savings account (e.g., Junior Savings Account).

5. DO AVOID DEBT

In Singapore, students are eligible to use their parents’ CPF account in order to pay their school fees. To pay it off, you might start your adult working life with debt. Such type of debt is unavoidable but credit card debt is. So avoid debt as much as possible.

Image Credits: pixabay.com (CC0 Public Domain)

Sources: 1 & 2

The Do’s And Don’ts Of Spending Money In Your 20s

For most people, 20s was the decade that defined who they became for the rest of their lives. It is the era of endless exploration and distinctive decision-making. Not to mention, it is the time that you establish your spending habits.

If you are in your 20s right now…take the time to invest in yourself, to learn about personal finance, and to get on the right track. Start by observing the healthy financial habits and diminishing the unhealthy financial habits.

THE DO’S

1. DO THIS FIRST OF ALL

The first step you must take is to establish a realistic and beneficial budget. Instead of perceiving it as something that limits your spending, perceive it as a tool that encourages you to live within your means.

Begin by listing down your expenses (i.e., fixed and variable), your income, and debts. Your cash flow for the previous weeks will help you setup your budget. Do not panic if you still have to pay your student loan because your budget will help you plan your income allocation.

2. DO EDUCATE YOURSELF

Read and understand materials about self-empowerment, investment, and money management. Here are four books to get you started with:

“The War of Art” by Steven Pressfield
“Why Stocks Go Up and Down” by William Pike
“The Intelligent Investor” by Benjamin Graham
“Turning Pro” by Steven Pressfield

3. DO PRACTICE COOKING

With the pervasive technology, it is possible to learn just about anything! If you want to save money on eating out (especially if you are living on your own), it is best to learn how to cook. Convince your 20-something self that it is about time to practice cooking simple meals such as Omelet, Carbonara, and Chicken Rice. Remember that aside from rent, your food expenses make the largest impact on your budget.

Image Credits: crateandbarrel.com

THE DON’TS

1. DO NOT SPEND TOO MUCH ON CIGARETTES

As you know, Singapore is one of the cities that sell expensive cigarettes. And if you are caught smoking one in a restricted place, you are bound to pay a hefty price of S$200-1,000. Aside from its high cost, you are at risk of paying costly health care fees (e.g.,due to lung cancer). So think twice before you light one!

2. DO NOT BOOST YOUR CREDIT CARD DEBT

Aside from splurging your money, another unhealthy habit that you have to stop is not paying off your credit card. The bad credit decisions you made in your 20s can haunt you in the future. For example, it can affect whether or not you are able to get a loan to buy a car.

3. DO NOT SPLURGE FOR “EXPERIENCES” ALONE

Millennials have shifted their spending patterns to experiences rather than material goods. However, if you solely spend your hard-earned cash to pay for your travel without the consideration of your savings, everything can go down hill. Saving money is important not only because emergencies happen but also because retirement is inevitable.

Image Credits: pixabay.com (CC0 Public Domain)

Sources: 1 & 2

9 Smartest Ways To Save Money As An Individual Or An Entrepreneur

IMPROVE YOUR PERSONAL FINANCE

1. ELIMINATE AN EXPENSE

Spend at least 5 minutes on examining your last month’s utilities bill or last month’s credit card statement. Use your hawk eyes to look for one unnecessary expense that you can reduce. Whether it is the unusable gym membership or the expensive dinners at the restaurants, you must commit on eliminating it and saving more.

2. KEEP THINGS SIMPLE

Save more on clothing and handbags by keeping your closet “simple”. You do not have to wear the same outfit everyday like Facebook’s founder Mark Zuckerberg or Apple’s late founder Steve Jobs, just save money by avoiding costly designer clothing and purchasing during year-round sales.

3. SHOP AROUND FOR MEDICATIONS

When prescribed with medications, carefully compare the prices from the different providers to get the best price. According to Ministry of Health guidelines, every patient must get an itemized medication bill. To save more, ask your physician if there is a cheaper yet equally efficient alternative especially if you are taking medications on a long-term basis.

CUT DOWN YOUR HOME EXPENSES

4. DE-CLUTTER AND EARN

Save money by increasing your income through de-cluttering. Clean the clutter in your closet and find the things that you deem to be unused or underused because you can sell them online. The old clothing articles of your children as well as your old devices that are still in good condition can be sold too. Sell your items to the global marketplaces such as eBay, Carousell, and Gumtree.

5. CONSUME THE LEFTOVERS

Save the unconsumed food when you either ordered too much restaurant food or when you cooked excessively. Regularly label these leftovers so you can keep track of how long it has been in your refrigerator.

6. UNPLUG REGULARLY

Even if you turn off the switches, your appliances and electronics will continue to consume energy and spike your tariff. So reduce your bills by unplug your cables and electronics when not in use.

Image Credits: moneydigest.sg/wp-content/uploads/2014/12/4153368583_15706e04a2_z.jpg

Instead of leaving the TV on as a background noise, consider using your hand phone as a radio. This small daily act can save you a month’s worth of major electricity.

LOWER YOUR BUSINESS COSTS

7. TAKE ADVANTAGE OF CHEAP ADVERTISING

Use free websites to post your ads. Online classifieds are a good choice as these are cost-effective, convenient to relay contact, visible to a large-scale of consumers, and the you are able to edit a listing anytime. Browse a list of good advertising websites here.

8. EMBRACE MODERN TECHNOLOGY

Instead of buying bulky desktop computers, invest on laptops as they are not only less expensive but they also consume less energy. Whenever possible, use these laptops and Internet tools to communicate effectively. For example, if you are planning to call your international client, call them through Facebook’s free video chat.

9. IDENTIFY THE TAX DEDUCTIBLES

As an entrepreneur, it is important to know the types of tax breaks, reliefs, and deductions you can take. In fact, budding businesses can avail the Tax Exemption Scheme For New Start-Up Companies as well as the Angel Investors Tax Deduction Scheme.

Image Credits: pixabay.com (CC0 Public Domain)

Educate yourself about the tax deductibles by visiting iras.gov.sg.

Money-Saving Fashion Resolutions You Must Keep

1. RECYCLE MORE OFTEN

You can recycle your gorgeously patterned old clothes by sewing it into pillowcases or teapot covers. On the flip side, you can accept mint condition hand-me-downs from family and friends especially those who have baby clothes or infant toys. Do not be too picky! These said items are not utilized a lot since babies grow significantly every day anyway.

2. REFRAIN FROM USING CARDS

A surefire way to save money while shopping is to leave your credit cards at home. Only bring the substantial amount of cash you saved up for rewarding yourself. By doing so, you will only be purchasing things you actually afford!

3. GO BACK TO THE BASICS

If you are aiming to make your affordable clothes appear lavish, it is best to go for the basics and to avoid handbags or clothes that are filled with bargain embellishments or distressed denim patterns. If you want to accessorize, opt for a thick bracelet rather than stacking three little ones to increase the outfit’s impact. Remember: the sleeker and simpler – the better.

4. GET FIT

No! This does not involve spending countless hours at the gym. Instead, it involves purchasing the fitting size for your blazers, bras, hats, and so on

Purchasing the right size entails not having to exchange or return the product. Thus, it will save you effort, time and money. Take advantage of the sales employees who are happy to help you as you fit. Once you found the best size and brand to your physique, become a loyalist (e.g., join their loyalty card program) to enjoy discounts and other perks!

5. DRESS IN MONOCHROME

Since splashing yourself with every color on the rainbow can look cheap, wear one shade or color from head-to-toe. This creates an illusion of supreme quality. For example, you can wear the different shades of black, from Jet-Licorice, to look slimmer and more fashionable.

6. SHOP AT THE RIGHT PLACES

Shopping at the right places brings value to your buck! For instance, if you find yourself blessed with a baby this 2016, consider purchasing stylish and inexpensive maternity and nursing clothes from online shops such as Mummy’s Secret and My Little Angels Maternity. Mummy’s Secret, with a price range of S$9.99-30, offers a wide array of youthful-style clothing line that is as cute as those sold in Korean or Japanese shops.

http://www.99ms.com.sg/maternity/maternity-wear

Image Credits: 99ms.com.sg/maternity/maternity-wear

While My Little Angels Maternity offer diaper bags and infant wear with socks as low as S$2.90!

Sources: 1, 2, & 3

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