During the recent May-June 2021 month-long Phase 2 Heightened Alert (P2HA) aka. Circuit Breaker 2.0 aka. pseudo-lockdown, it…
When it comes to saving money, Singaporeans are no strangers to being savvy with their finances. From cutting back on expenses to earning more through side hustles, there are plenty of ways to maximize your savings in Singapore. In this blog, we’ll share some top money hacks that can help you save more and achieve your financial goals.
Transportation can be a major expense for many Singaporeans, but don’t worry – we’ve got some money hacks to help you save big on your commute. One of the most effective ways to cut back on transportation costs is to take advantage of Singapore’s excellent public transportation system instead of driving.
|Types||One-month unlimited travel Concession Pass rates|
|Senior||Senior Citizen Concession Card $64 (Hybrid only)|
|Adult||Adult Monthly Travel Card $128 (Hybrid only)|
|Full-Time National Servicemen (NSF)||Bus Concession Pass: $55.50
Train Concession Pass: $48.00
Hybrid Concession Pass: $90.50
|Student||Bus Concession Pass (BCP): $24.00 to $55.50
Train Concession Pass (TCP): $21.00 to $48.00
Hybrid Concession Pass (HCP): $43.50 to $90.50
Rates determined by the type of school attended by the student
If you travel frequently on public transportation in Singapore, purchasing an Adult Monthly Travel Pass (AMTP) can be a cost-effective option. For a fee of $128, Adult Monthly Travel Card holders can enjoy unlimited travel on both train and basic bus services (including trunk and feeder services) for a month. This can be especially beneficial for commuters who rely on public transportation to get to work or school, as it allows them to save money on daily fares. In addition to the AMTP, there are also various concession cards available for different groups, such as students, national servicemen, and senior citizens, which offer discounts on fares.
You could also try cycling or walking for short distances. Another option is to use ride-sharing apps like Grab or Gojek, which can be more affordable than traditional taxis. You can also try carpooling with friends or colleagues to save even more. By implementing these simple tips, you can significantly reduce your transportation expenses and keep more money in your pocket. Ready to start saving? Give these money hacks a try!
Electricity bills can be a major drain on your finances, especially if you have a large household.
Electricity bills can be a major expense, but there are some money hacks that can help you save big on your monthly bill. One of the simplest ways to cut down on electricity costs is to switch to energy-efficient light bulbs and unplug appliances when they’re not in use. Another easy hack is to set your air conditioning to a higher temperature, as cooling your home can account for a significant portion of your energy bill. If you’re looking for more advanced options, you could consider installing solar panels or switching to a green energy provider. By adopting these money-saving strategies, you can reduce your electricity bill and keep more money in your wallet. So what are you waiting for?
If you’re a foodie in Singapore, you know that dining out can quickly add up and put a dent in your budget. But with a little creativity and some money hacks, you can still enjoy good food without breaking the bank. One way to save money is to cook at home more often and host potluck dinners with friends. Additionally, you can look for dining deals and promotions to take advantage of discounts on your meals. Another hack is to use cashback and rewards credit cards to earn discounts on your dining expenses. By adopting these money-saving tips, you can enjoy delicious food and save money at the same time. So why not give it a try and see how much you can save?s.
Shopping is an unavoidable expense for most people, but overspending is not. You can cut down on your shopping expenses by adopting some smart money hacks. One of the most effective ways is to purchase in bulk, especially for items that you use regularly. Another way is to shop during sales and promotions, which can offer significant discounts. You could also consider buying second-hand items, which can be significantly cheaper than new ones. And if you’re a frequent shopper, you can earn rewards and discounts by using cashback and rewards credit cards or looking for discounts and coupons online.
Starting a side hustle can be a great way to earn extra income and boost your savings. There are plenty of side hustle options available in Singapore, from freelance writing and photography to tutoring and pet-sitting. You could also consider selling items online or starting your own small business. Not only can a side hustle help you earn extra income, but it can also be a great way to pursue your passions and hobbies.
Tracking your expenses is an important step in achieving your financial goals.
Tracking your expenses is one of the best money hacks you can use to achieve your financial goals. By monitoring where your money goes, you can identify areas where you can cut back and save more. With the help of various apps and tools like budgeting apps and expense trackers, you can easily keep track of your expenses. You could also try traditional methods like keeping a spending diary or using a spreadsheet to track your expenses. Whatever method you choose, make sure to keep it consistent and up-to-date to get the most out of your tracking efforts.
Using cash instead of credit is a popular money hack for staying within your budget and avoiding overspending. Physically seeing how much money you have and how much you’ve spent can help you stay on track. Another option is to use a debit card instead of a credit card, which can help you avoid accruing debt and interest charges. By avoiding the temptation of credit, you can make more mindful spending decisions and stay in control of your finances.
Investing in yourself is one of the best money hacks to achieve your financial goals. It can boost your earning potential and improve your quality of life. There are many ways to invest in yourself, such as taking courses or attending workshops to develop new skills, investing in your physical health by joining a gym or taking fitness classes, or investing in your mental health by seeing a therapist or attending mindfulness workshops. By investing in yourself, you can enhance your personal and professional growth, increase your earning potential, and open up new opportunities for success.
In Singapore, the government provides various schemes and initiatives that can help you save money and achieve your financial goals. These schemes cover a wide range of areas, including housing, healthcare, education, and retirement planning. By taking advantage of these programs, you can enjoy significant savings and benefits. For instance, you can use the Central Provident Fund (CPF) scheme to save for your retirement or tap into government subsidies to make healthcare more affordable. It’s important to stay informed about these initiatives and explore your options to maximize your savings and secure your financial future.
For example, if you’re a Singapore Citizen, you may be eligible for subsidised health screenings through the Screen for Life (SFL) programme. SFL recommends screenings based on your age and gender, and aims to encourage regular check-ups to detect and prevent diseases such as diabetes. Early detection and intervention can make a significant difference in preventing or delaying the onset of illnesses and related complications. To make these screenings more accessible, the Ministry of Health and the Health Promotion Board have enhanced subsidies for SFL starting from September 1st, 2017, to encourage more Singaporeans to take advantage of these recommended health screenings and follow-ups.
If you want to save money and reduce your financial stress, making use of government schemes can be an effective money hack. To learn more about these money-saving schemes, you can visit government websites or consult a financial advisor for expert guidance.
Finally, one of the most important money hacks is to prioritize your savings. Whether you’re saving for a down payment on a house, a child’s education, or your retirement, it’s important to make saving a priority. One way to do this is to automate your savings, by setting up automatic transfers from your paycheck to your savings account. Another option is to create a budget and stick to it, allocating a certain percentage of your income to savings each month.
We hope these tips have been helpful in jumpstarting your financial journey. However, if you’re feeling overwhelmed or would like more personalized guidance, don’t hesitate to contact us for a free financial planning session.