SG50 Ways To Save Money Part 2


sg50 ways to save money

This is a continuation from Part 1 on SG50 Ways To Save Money.

26) Fixed Deposits In Foreign Currency

A supersized add-on measure to savers who may want to terminate their fixed deposit early. To deter you further from spending the money, it is now in a foreign currency. You should be able to enjoy additional gains should you pick an appreciating currency against the SGD.

27) Use Credit Cards To Your Advantage

At social gatherings, you can settle the bill first so everyone pays you instead. You can offer to ask for less if you feel nice… Since you’ll be benefiting from the credit card points and cashback.

28) Use Your Credit Card Like A Debit Card

Settle payments earlier than the due date. That helps you remain clear on your current spending. A habit like that saves you from late payment charges.

29) Try The 10 Second Rule

Before you shop for non-essential items, allocate 10 seconds to convince yourself whether and why you need it. This cooling off protects you from impulse buys.

30) Negotiate Before Dealing

Whether it is agreeing to pay for annual subscriptions for credits cards or parking fines, it’s worth a try requesting for a waiver. There are ways to save on in-hotel WiFi through negotiation techniques, but that’s beyond this article.

football negotiate referee

[image credits: no-point-stories.blogspot.com]

31) Commit To Growing A Joint Account

You have someone important in your life to spend the rest of your life with. Why not start a joint account together? It provides mutual assurance that you’re serious about a future together. The matching amount from each party can stack up and be substantial for morale.

32) Nominate An Accountability Partner

You can benefit from someone reminding you when you are spending beyond your limit, once you declare it to this person. The accountability partner can be your significant other, or financial advisor.

33) Update Your Personal Savings Accounts Regularly

At least once a month, you can set aside time to see if you are doing alright in your expenses and savings. If you’re spending too much, it’s good to consciously watch your behaviour in the coming month.

34) Buy Good, Buy Once

Sometimes, you have to spend to save. Sounds contradictory? Take some personal items for example. A pair of leather shoes or a leather purse. Better quality ones can last up to 10 years, bringing down the cost per use. If you buy cheap, the replacement cycle is higher for lower satisfaction.

35) Eat Healthier

The long term costs of caring for an unhealthy body outweighs the savings made by eating cheaper fast food and junk food. The damage done to our body is permanent when we eat food that contain little nutrients other than carbs, salt and sugar.

36) Trying It Before Buying It For Big Ticket Items

If you are uncertain about committing to a house with your other half, consider renting a place together first. It costs less than regular staycations, yet gives you a preview of what home ownership feels like.

37) Set A Saving Target

If you agree that setting specific goals make you more likely to achieve them, why not have a savings amount to work towards? You can start by setting a target to have in your savings account by November. Then you’ll get to pamper yourself guilt-free come shopping season.

38) Constant Reminder To Saving Target

It’s easy to leave the target at the back of your mind, but to keep it in front of you helps consciously make the effort to reach that sweet spot. You can set your desktop wallpaper to remind you of the goal, or a recurring calendar entry on your mobile until you close your eyes and see it in front of you.

39) Leverage Off Frequent Travelers

If you have friends who are going to South Korea, you can piggyback some skin care products from them. That will result in immediate savings for you. The next time you travel, offer to do the same.

Unless your friend is part of the cabin crew, then you’ll have to offer something else.

40) Invest In Skills That Generate Income

Instead of letting fate decide whether the winning combination is the one you bought, you can invest in yourself. By learning skills that enable you to earn additional income, you will be able to have more savings.

41) Sign Up For Corporate Mobile Plans

If you feel more secure with a line contract, you may want to enquire if your workplace has the corporate plan arrangement with telcos. Using this option may result in 40% cheaper bills every month.

42) Alumni Discounts

Are you holding on to any alumni card from your tertiary institution? Chances are, some dining establishments give you discounts just for graduating from school.

A fairly palatable option compared to using your matriculation card from ages ago and playing the “I’m still a student” card.

43) Surf Shopping Sites Anonymously

To reduce the likelihood of advertisers reaching out to your from your past surfing history, you may want to browse online shopping anonymously. The function is present in many internet browsing software, using different names.

You may know them as Incognito, private browsing, privacy mode. By browsing in this manner, you may be exposed to less advertising messages that remind you to go back and seal the deal.

incognito browser google chrome

[image credits: www.reddit.com]

44) Choosing In-house Brands At Supermarkets

Supermarkets carry many brands of similar products. If you are not loyal to any brand, you can consider saving money by getting in-house brand items. They may be imported from quality sources, but you enjoy savings by consuming them.

45) Consider Renting Luxury Items

Got a company function that you have to attend, and you wish to turn up the glam factor without paying the hefty price tag? Rent the luxury item when you need to. That helps you put less money down to look good for just one evening.

46) Car-pool As Alternative To Taxi

Car pooling with regular friends may be hard, as different schedules may leave you stranded without a ride to your workplace. A mobile app like Tripda helps you secure your ride in advance, and is more cost effective than taxis. You can split the ride with other people headed in the same direction, taking the awkwardness out of approaching strangers to share cabs to your destination.

47) Share Food During Lunchtime

If you find portions you order for lunch is usually too much for one person to finish, consider sharing the extra amount you know you can’t finish with other people. I noticed some female colleagues sharing one portion of food, effectively halving their lunchtime expenses.

48) Spend Time, Not Money, On The Kids

After spending long hours at work, it may feel right to give your child whatever they wish for. After all, you’re working so hard to provide for them. When kids throw tantrums demanding a new toy, you may give in.

What they need more is likely quality time together with their parents. In spending precious family time together, you can reduce your spending yet build on family bonding.

parenting_youre_doing_it_right_

[image credits: 9buz.com]

49) Trade Games With Friends

Console games cost upwards of $70, that can easily eat into your savings plan. To continue enjoying this choice of entertainment, you may find it worthwhile to trade games with friends. That way, you can enjoy the variety of games without paying the full price for every new game that comes out.

50) Extra Pocket Money Writing About Ways To Save Money

If you enjoy expressing your views on personal finance, sharing about your investment approach while getting reimbursed for your time and effort, you should write for us.

There you have it, I hope you will benefit from the 50 ways to save money in Singapore. Go to part 1.

What did I miss? Here’s your chance to add to the list!

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