“Savings is a virtue. You should save for a rainy day… …”
We know the importance of savings but it can be such a chore! There is nothing new that we can tell you about savings that you do not already know. However, a little reminder can go a long way, and keeping up with the trends such as money savings tools can help you squirrel a year-end bonus.
So, read on for practical savings tips and hacks in Singapore to help you save more.
- Know your expenses
Do you find yourself wondering at the end of the month “where have my money gone”?! Well, you are not the only one. Budgeting and keeping track of expenses can be dreary, but the truth is … … if you want to save more by spending less, you do need to know your expenses first. Here’re some lazy genius methods to keep track of your expenses:
- Keep a separate bank account for spending
It can be easy to overspend if you are using the same bank account for savings and expenses. To help yourself be more disciplined, allocate a certain sum of funds for expenses in a separate bank account (preferably one with good credit/debit card rebates) on a monthly basis.
- Use an expense tracker app
The challenge of using an expense tracker app lies in having the discipline to key in your expenses each time you spend. However, with newer and smarter technology, it is possible to integrate your bank accounts with an expense tracker app, and if you are already in the habit of making cashless payment, all your expenses will be consolidated without you putting in much effort! Check out Spendee or Toshi Finance!
On the other hand, if you worry about cyber security (a real issue!), you can consider basic expense tracker apps with fun functions (such as Household Account Book) to motivate you to input your expenses daily. You know what they say, just do it consistently for a month and it would become a habit. Voilà!
- Make the most of your purchases
Source: Department of Statistics SG
According to the by Department of Statistics SG, the average monthly household expenditure is S$ 4,724 in Singapore, and the top three costs are attributed to housing and related expenses, food and transport. Well, all of us have our ‘weaknesses’ and the temptations that we cannot resist. If you absolutely have to spend, you should spend smartly and make the most of your purchases.
- Know your choices and make comparison
While is it not wise to compare people, comparing prices can interestingly give (instant and long-lasting) gratifications! Knowing your choices and making comparisons can help you to save substantially. For example, why would you pay more for electricity when you can reduce costs by selecting a plan that suits your lifestyle from an electricity retailer? Did you know PacificLight offers up to 21% savings for your electricity bill?
- Go digital and enjoy online perks
Doing your shopping online for certain merchandise (such as electronic products) can certainly save you a great deal! For example, this couple saved a ton on apartment revamp when they purchased their furniture online. With promo codes and shopping rebates, there are even more reasons to buy online. Simply do a quick google search prior to making your purchases!
- Use apps for discounts and deals
There are various apps for discounts and deals in Singapore, which allow you to save even as you spend. For example, if you are a foodie, you should have the Entertainer or Eatigo app that offers up to 50% discount for dining! If you are shopping online and want to save on hefty shipping costs, try EZbuy or SGShop! If you do not mind pre-loved items, go on Carousell and enjoy savings up to 90%! For public transport users, the EZ link rewards app allows you to accumulate points in exchange for perks on food and lifestyle. Oh! And don’t forget to ask around if your loved ones or friends are already using certain apps. In addition to getting valuable feedback, there may be referral programmes that reward both parties!
- Save smart
When it comes to savings, it is not enough to look into managing expenses. It is necessary to review earnings and learn to save smart. It is indeed good practice to squirrel away a few dollars in the piggy bank daily, but there is an easier way to save, and with higher guaranteed returns!
The eEASY save series feature Singapore’s first online insurance savings plans. At present, the new tranche for eEASY save V (a non-participating endowment plan) offers a guaranteed returns of 2.68% p.a. for the first 6 years. For eEASY savepro (a participating endowment plan), there is a potential yield of up to 4.07% p.a.*!
Everyone often laments that “earning money is not easy”. In that case, let’s try to save easy with smart tools in this digital age.
*Illustrated yields are 4.07% p.a. & 2.51% p.a. based on the illustrated investment rates of 4.75% p.a. & 3.25% p.a. respectively. Benefits payable may vary according to the future performance of the participating fund.
As buying a life insurance policy is a long-term commitment, an early termination of the policy usually involves high costs and the surrender value, if any, that is payable to you may be zero or less than the total premiums paid. This policy is underwritten by Etiqa Insurance Pte. Ltd. (Company Reg. No. 201331905K). Protected up to specified limits by SDIC.
Information is accurate as at 29 August 2019. This content is for reference only. You should seek advice from a financial adviser before deciding to purchase the policy. If you choose not to seek advice, you should consider if the policy is suitable for you. This advertisement has not been reviewed by the Monetary Authority of Singapore.
Tiq by Etiqa Insurance Pte. Ltd.
A digital insurance channel that embraces changes to provide simple and convenient protection, Tiq’s mission is to make insurance transparent and accessible, inspiring you today to be prepared for life’s surprises and inevitabilities, while empowering you to “Live Unlimited” and take control of your tomorrow.
With a shared vision to change the paradigm of insurance and reshape customer experience, Etiqa created the strong foundation for Tiq. Because life never stops changing, Etiqa never stops progressing. A licensed life and general insurance company registered in the Republic of Singapore and regulated by the Monetary Authority of Singapore, Etiqa is governed by the Insurance Act and has been providing insurance solutions since 1961. It is 69% owned by Maybank, Southeast Asia’s fourth largest banking group, with more than 22 million customers in 20 countries; and 31% owned by Ageas, an international insurance group with 33 million customers across 16 countries.
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