Smart Money Hacks for 2024

As we step into the final weeks of 2023, it’s time to break free from old financial habits and embrace money-saving strategies that can boost your income and savings.

ALWAYS HAVE A SHOPPING LIST

Heading into a grocery store without a plan can be a recipe for overspending. We’ve all been there, wandering aimlessly and ending up with a cart full of things we didn’t really need. Avoid this by always carrying a shopping list with you. Having a clear plan in place will help you stick to your budget and make wiser purchasing decisions.

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SEPARATE YOUR SAVINGS ACCOUNT

If impulse shopping has been an issue for you in the past, it’s essential to protect your savings from unnecessary spending. Keep your savings in a separate account, entirely distinct from your day-to-day spending. By creating this barrier, you make it more difficult to dip into your savings impulsively, promoting a healthier financial discipline.

MONITOR YOUR EXPENSES

Stay in control of your finances by cultivating a habit of tracking your expenses. Whenever you receive a paycheck, record it in your budget’s income category. Likewise, make sure to log every expenditure, whether it’s filling up your gas tank or treating yourself to a delightful charcuterie night. By keeping a close eye on your spending, you’ll be able to identify areas where you can save and make necessary adjustments to stay on track.

DELETE SHOPPING APPS

Did you know that 4 out of 5 Singaporeans give in to impulse purchases? With 54% of consumers admitting that shopping on mobile devices has led to increased spending, it’s time to take control. Cut down on impulsive buying by removing those shopping apps from your phone. Instead, opt for online shopping from your laptop or desktop where you can be more intentional with your purchases.

PRACTICE MINDFUL BUYING

Before you hit that “buy” button, take a moment to reflect. Ask yourself, “Is this the right time to make this purchase?” Give yourself some space between the desire to buy and actually making the purchase. Set a specific timeframe for consideration; for instance, commit to not checking out for 24 hours or even a few days after adding items to your cart. This simple money hack can be truly game-changing.

REGULAR BUDGET CHECK-INS

Whether you have ambitious financial goals as a family or just want to stay on top of your finances, communication is key. Schedule regular budget check-ins, either on a weekly or monthly basis, and involve everyone responsible for the family’s finances. By doing so, you can make informed decisions, track your progress, and work together towards achieving your financial objectives. Effective communication about family finances is vital, regardless of your specific goals.

CREATE A MINI-BUDGET FOR UNEXPECTED EXPENSES

No matter how well you manage your finances, there will inevitably be times when unexpected expenses arise. Rather than panicking and derailing your entire budget, it’s best to have a plan in place to handle these situations.

Consider creating a microbudget specifically for handling short-term unexpected expenses. Set aside a portion of your savings to serve as an emergency fund. This way, when unexpected costs arise, you can dip into this fund without disrupting your regular budget or long-term financial goals.

AVOID FREQUENT PHONE UPGRADES

Resist the temptation to constantly upgrade your mobile phone just to keep up with others. Telecommunication companies may entice you with appealing upgrade offers, but remember that you’ll end up paying for that phone through your monthly contract. Instead, focus on choosing a phone that meets your needs and holds its value over time, allowing you to save money in the long run.

REMOVE STORED CREDIT CARD INFORMATION

Increase your mindfulness and avoid impulsive online shopping by refraining from storing your credit card details on websites. When you have to enter your credit card information each time you make a purchase, it provides an essential pause to consider if the expense is necessary.

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Additionally, by not saving your details, you reduce the risk of potential hacking and unauthorized access to your accounts. Keep your online shopping experiences deliberate and secure.

Sources: 1,2, 3, & 4

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Starbucks Hacks in Singapore that will Save You Money

Starbucks Hacks

Gaming the Starbucks system isn’t only fair, it’s probably encouraged. After all, it keeps you entertained, and Starbucks will be happy that it keeps you walking to their cash register. Here’s a few ways that people try to squeeze a buck or two out of a latte:

  1. Get a Tea Bag

If your intent is to sit there as long as possible and talk to a friend, then enjoy a tea buffet. Simply get a tea bag, and you can ask for hot water for a refill. In theory you can do this three or four times before you’re basically drinking water with a faint suggestion of tea, but you’ll have a hot cup in hand while sitting there for an hour.

For those of you not on a budget, do note that it’s best to avoid steeping your tea twice. You know, if you’re a connoisseur or anything.

  1. Get a Starbucks Card and Register It

If you buy a Starbucks card, you have two advantages. The first is that you can control your budget – put a set amount of cash in it every month, and when it runs out you know that you’ve hit the monthly limit.

The second advantage is a free drink on your birthday, and rewards on two tiers (green and gold). These entitle you to use special coupons and rewards, which come crowding into your mailbox. This won’t save you money if you visit infrequently, but if you’re the sort whose there at least once a month, it’s worth the savings.

  1. Staying for a While? Just Buy the Venti.

If you intend to stay and sip for a long time, do consider just buying the biggest size possible. There is no Venti drink on the menu that will cost more than two Grandes or two Talls. It’s simple economy of scale and it makes sense to share or split a Venti with your partner, rather than buying a two Talls.

(Although if you feel you can’t finish it, then don’t waste money by getting the bigger drink.)

Incidentally, a price trick: when faced with three foreign sounding words, most people will pick the one in the middle (i.e. the one the business really wants to sell). That’s why Starbucks doesn’t call them small, medium, and large. Now you know.

  1. Cheap Iced Latte

Say you really need a drink to wake the dead, but are on a budget. A simple trick is to ask for three espresso shots with ice. Put it in at least a Grande cup, although a Venti will do as well.

You then have a two minutes or so to rush over to the counter where they keep the milk, and douse your drink in bovine goodness. Why the timer? Because espresso gets bitter really fast, so don’t linger.

Assuming you pull this off, you could have a very cheap iced latte (under S$5). Be prepared though, it’s strong enough to leave you vibrating for a few hours. Also, it’s not technically allowed so don’t do it repeatedly.

  1. Ask for Your Grande Coffee in a Venti Cup

Just add some milk afterward, or more ice. It will dilute your drink a little, sure, but you’ll get a bit more bang for your buck. Just make sure you don’t go to the extent of emptying out the milk carafes, because the rest of us need it too.

This next one is not a hack, but…
Do remember to use an appropriate credit card, if that’s your mode of payment. If you’re not using your Starbucks card then you may as well get rewards, one way or another. You can find the best credit card in Singapore with SingSaver’s price comparison tools.

(This article is brought to you by SingSaver.com.sg)

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