Our ability to save money will determine how hard we need to work to support our expenses. There is no secret that the more we spend, the harder we will need to work. Of course, if your goal is to be financially independent, managing expenses is the very first step in the journey.
Here are ten practical ways to save money in Singapore that you can implement immediately.
1. Travel by bus or MRT
Yes, it is convenient to own a car. However, having a car in Singapore is a luxury rather than a need. It is especially so if you are funding the car-related expenses with an active income, i.e. the money you earn through work.
If your goal is to retire young and be financially independent, owning a car is probably the first step to save money.
2. Eat at hawker centres
I love food. However, to enjoy delicious food does not mean we have to spend a lot. There is much mouth-watering food that does not cost much.
I agree not all food that you may like is available at hawker centres. But, there are always promotions and discounts available in your favourite restaurants. You can check out apps like Eatigo that offer generous discounts.
3. Find free or value for money entertainment
One great way to save money is to look for entertainments that are free or cost-effective. Some activities that you can do for free include walking along East Coast Park, jog around the neighbourhood and window shopping in many malls in Singapore.
If you enjoy cycling, the cheapest way to rent a bike will be through bike-sharing. You may check out my article on Anywheel to find out more on how to use bike-sharing.
4. Use fan instead of air-con
Air-con is probably the most energy-consuming equipment in the house. It is possible to cut your electricity bill quite substantially by turning on the fan instead.
5. Use a SIM-only mobile plan
You can have an abundance of data for as low as $ 25 with a SIM-only mobile plan. The post-paid mobile plan generally includes the price of the mobile phone. However, there is no need to replace your mobile phone every two years. While the monthly bill may not be huge, but it adds up across the two years.
6. Daiso first
Daiso is probably the best way to save money when you need to shop. You can find almost everything you need in Daiso. Do remember to check out Daiso first before looking for the items elsewhere.
7. Bring your water bottle
I used to bring my water bottle during lunchtime while I was still working in corporate life. I would refill the bottle through the water dispenser before going out for lunch. It does not just help to save money, but it is healthy too. You will be surprised how much money you can save with this simple step.
8. Buy cost-effective tech gadgets
Tech gadgets like laptop and mobile phone are necessities now. However, you can get a very good one without having to fork out lots of money. The limits I am willing to pay for a laptop is $ 1,000 and $ 200 for a mobile phone. They can do whatever their more expensive counterparts can do. It is of importance to understand the specs of the gadgets. For most of us, we do not need an extremely high-end spec to get our work done or to enjoy some forms of online entertainment such as watching Netflix.
9. Go digital
One of my favourite go-to place in the past was Kinokuniya. I used to spend a lot to buy investment related books. Ebooks were not popular back then. It was extremely costly to buy a physical book.
Going digital helps you to save money. It is much cheaper to buy an ebook as compared to a physical book. Ebook is just one example. There are many other things that you can settle for in the digital version. The good news is that the digital version is almost always cheaper than the physical one.
10. Review insurance policies
Insurance policies can be complex for those who are not familiar with personal finance. You must understand what you are paying. It also highlights the importance of being financially literate. Good financial literacy allows you to plan your insurance needs properly.
I hope this article can help you to save money and get closer to be financially independent. Do let me know in the comment section below should there be any other good money-saving tips that I might have missed.
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