Living Digital: 5 Easy Money Management Tips

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Everyone can improve on money management through what they do online

In today’s digital age, a lot of your spending can be done online. But do you keep track of where your money is flowing? Here are some digital money management tips to follow so you can save as much as possible.

Be rewarded when you go cashless

A couple using e-wallets for money management purposes when purchasing coffee

Using e-wallets helps you save money through perks like discounts, cashback and reward points. Some e-wallets provide analytics interface for you to check your daily expenditures in order to keep track of all your expenses. Not having to carry around cash is already an advantage, but e-wallets also speed up transactions and save time. Gone are the days of anxiously counting the change in front of the cash register. As they say, time is money.

Don’t let the data go down the drain

Young professional should keep track of their data usage in order to manage the money spent

From GPS for directions, to video-calling your friends or binge-watching Netflix series, there’s almost nothing a smartphone can’t do… till the data runs out. Info-comm Media Development Authority (IMDA) reported that Singaporeans consume 185 million gigabytes (GB) of mobile data a year. That’s an average of 2.7GB of data per person each month.

The government installed more than 21,000 free public WiFi hotpots under the Wireless@SG programme. So unless you have an unlimited data plan, always connect to WiFi before using your smartphone online. Alternatively, you can download your network provider’s app to keep track of your data usage.

Buy your living necessities through online shopping

Money management can be made easy through online shoppingToothbrush, t-shirt, television, teapots… Ever noticed how online prices are cheaper than retail prices? Because you don’t have to pay for the extra margins to run brick-and-mortar stores. Your favourite online shopping platforms also have special promos on certain days, such as the famous 11.11 Sales. So keep track of the days to get the best deals, then have all your necessities delivered to your doorstep. Don’t forget to view your purchase history regularly for money management purposes to keep track of all your spending.

TiqOurWord: Follow your favourite brands on social media for the occasional promo codes and discounts. Like how you can keep tabs on the latest promos for insurance products on Tiq’s Instagram. Read more tips and tricks for online shopping here.

Boost your savings with an online insurance savings plan

A couple deciding on online insurance savings plan as part of their money management effort
Traditionally, you have to make an appointment with your agent to get an insurance savings plan. But in today’s digital world, such investment can be done right at your fingertips. With eEASY savepro insurance savings plan, you can monitor and watch your money grow annually.

Let’s say you pay a yearly premium of S$5,000 for 10 years. With the potential yield of up to 4.07% p.a., you will receive an illustrated total of S$76,091 at the end of the premium term. You also have more flexibility with the choice of lump sum payment or yearly payment. Terms apply. There are other insurance savings plans, too, such as ELASTIQ and eEASY save V which you can compare here.

Manage your online subscriptions

Millennial playing online games and streaming online music using smartphone

Whether you’re streaming music or playing games, most online services come with the option for premium subscriptions to get the best features. But just like paying for a gym membership that you barely used, you might be paying for online subscriptions that you do not utilise as well.

Is your 1-month free trial up? Cancelling premium subscription and opting for the free basic version can help you in money management by saving hundreds, if not thousands, of dollars a year. The money saved can be used for other things, such as online insurance savings plan!

It’s all about freedom

Youngster enjoying themselves with their gadgets of choice

From e-wallets to online shopping, technology offers more control and flexibility like never before. You can track your spending and improve your money management skills or… you could slip down the slippery slope of spending too conveniently online. Be mindful of your spending and keep track of where you money is going. This can help you become a more responsible person as your lifestyle changes for the better.

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Information is accurate as of 3 January 2020. This policy is underwritten by Etiqa Insurance Pte. Ltd. (Company Reg. No. 201331905K). Protected up to specified limits by SDIC. 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. 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.

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.

Discover the full range of Tiq online insurance plans here.

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