Living in Singapore is not cheap, is it? Trying to save money without compromising on the quality of life is hard and some may argue almost impossible. But we beg to differ. We are of the opinion that you can save money without sacrificing having fun. Here are 8 ways on how you can save money:
1. Heathier the Better
Now this is an easier option to stay healthy and save money while doing so. Eating out is not only expensive it is unhealthy too. Preparing your own food, although tedious, is satisfying, cheaper and healthier, resulting in a healthier you. This, in turn, means you will fall sick less often, resulting in you saving money on your health and life insurance.
2. Redefine Your Auto Insurance
This is a smarter way to save money. It is hard to survive in Singapore without having your own commutation option. And this comes with its own share of expenses. But here’s what you can do to cut down on auto insurance. Never ever buy auto insurance without comparing. Go online, explore your options and opt for the cheaper option among the lot. Now the second step. Do you really need that collision coverage? If your answer is no, then even here, you will end up saving. Thirdly, lower your premium by raising the deductible. All these together result in you saving quite a few dollars
3. Better Credit Score
If you have loans or want to get a loan now or in the near future, get a head start by planning from today. Having a good credit score seems to be the smartest way to go about it. If you have a good credit score, you can get loans at lower interest rates. You can improve your credit score by paying your bills on time, watching credit card balances, periodically checking your credit report and more. Small steps like these can translate in you saving thousands of dollars.
4. Smart and Cheap Investments
Here, there are 2 options to explore. You can either opt for mutual funds or become an active stock and options trader. If you want to be a mutual fund investor, it is advisable to go with funds with low expense ratios. Keep the weighted average expense ratio under 0.5% for all your mutual funds. Active traders can go for discount brokers who charge $10 or less.
5. Triple Play
Almost everyone in Singapore is addicted to their phones and cannot live without Wi-Fi, cable and phone. If we consider the annual amount you shell out on these facilities, you will be surprised to see that a major chunk of your money is spent on these necessary evils. A smart way around this is triple play. Using this, you can avail major discounts when you club these 3 together from your service provider.
6. Get a Prepaid Connection
The problem with post-paid is that you lose track of the money you are spending. This is not the case for prepaid connection. You pay and then you use, which means you cannot spend the money that you don’t have. You can find good prepaid plans that may charge as less as $0.10 per minute.
7. Online Shopping is the Way to Go
One of the huge advantages of shopping online is that you tend to splurge less. You can review your order and make changes accordingly. Not only this, a host of online shopping websites offer attractive discounts, coupons and promo codes for their customers. You can shop to your heart’s content while saving a couple of bucks for yourself. In addition to this, you are also given a plethora of options. For a Singaporean citizen like you, online websites are many and you can always compare the prices on different websites before you make the big purchase.
8. Cashback to the Rescue
One of the many perks of having a credit card is that the banks provide brilliant cashback offers on them. But this does not mean that you go overboard and spend the money that you don’t have. What you can rather do is, pay your monthly bills using the credit cards. You can set-up automatic bill payment for them and get cash back while doing so. You can also use the credit card for your grocery shopping. But always remember to pay the credit card bill in full repeatedly throughout the month.
Thanks to online and mobile banking facilities, you can do all of these from the comfort of your home.
Now that you know the painless ways to save money, use them smartly and save a couple of bucks without undergoing major budget cuts. Remember, saving money need not always mean living like a miser. You can still have fun and save money at the same time.