A Guide On Building Your Savings In Singapore

A Guide On Building Your Savings In Singapore

Saving money is hard for many people, but it doesn’t have to be. If you want to learn how to save money in Singapore, you will surely find this article interesting. Listed below are some of our tips on how to save money.

Without further ado, let’s start:

  1. Cut down on your debts

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Regular loan settlements are the greatest barrier to save your money. Debt will eat up on your income, especially debts like payday loans. If you truly want to build your savings, you should start working on cutting down on your debts. It might not be easy, but there is a fast way to do so. You can do the debt snowball technique, in which you will settle your smallest debts first, working your way up until you get to your big loans. As soon as your monthly revenue is free from loan repayments, you can now start on your building up your savings. You will also save money on interest rates by settling all the loans under your name.

  1. Reduce your grocery shopping

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The majority of people do not budget their grocery savings and just go around shopping. As such, they have no control over their expenses. It is really easy to go through every single section of the supermarket, get some snacks, and other inexpensive things. Now, do that every single time you shop for groceries and the expenses will quickly add up. Reduce your expenses on groceries by arranging your servings every week and evaluating the groceries that you already have at home before you head out to the groceries. If you have kids, it might be a wise idea to leave them at home since kids like to get candies and treats from the groceries. If you can’t control them, you can just leave them at home.

Another thing you can do to cut down on your expenses is by trying your hands on online grocery pickups. For the uninitiated, grocery pick up is a method of buying groceries in which you will shop and place your order in the grocery’s mobile application and website. Then, your groceries will be delivered straight to your home, or you can arrange for a pick up in their store. Most groceries offer grocery pickups, which is something that you can take advantage of. With it, you will no longer be tempted by the treats and snacks you see at the groceries that you will unconsciously place on your cart.

  1. Terminate your automatic monthly subscriptions

If you are not living under a rock, chances are high that you have monthly subscriptions for Spotify, Netflix, Amazon Prime, Twitch, and other online subscription services. You may also have gym subscriptions and other commitments to physical locations. If you have a full-time job, the chances of you not using every single one of those services is also high. There is simply very limited time to take advantage of every single subscription service today. As such, it is always a wise idea to cut down on your auto monthly subscriptions and only keep the ones that you use regularly.

Another way of saving on your monthly subscription services is by sharing them with friends and families. This is applicable to streaming services like Netflix, especially those with built-in family sharing options.

  1. Deduct money automatically from your income as savings

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There are banks that offer automatic transfers to a savings account. If you are constantly forgetting to start on your savings, or if you already have one but forgets to actually add money into it, this is the perfect solution for you. You can set up a fixed amount to be transferred as savings, or it can be percentage-based.

  1. Borrow tools from friends or neighbors instead of buying your own

If you ever find yourself in need of specialized tools like power tools, gardening equipment, and other items that you do not use regularly, consider borrowing them instead of purchasing one for yourself. This will allow you to save up money on purchases that you will seldom use anyway.

  1. Go green

Even though appliances that are efficient on power usage will do wonders for your electric bill, they will, on the other hand, hurt your bank account. Purchase them one at a time, and avoid going green in one go. Consider it as a long-term process, and start with the appliances that you always use like light bulbs, refrigerators, and whatever appliances that you frequently use.

  1. Bring lunch and avoid eating outside

You will be able to save a lot by bringing your own lunch prepared at home as opposed to just buying your lunch at your workplace. Also, you should avoid eating outside. Buying groceries and doing the cooking by yourself will always be cheaper compared to eating outside. Eating at your favorite restaurant from time to time is not bad, but when you do it regularly, that’s when the problem (and expenses) starts.

  1. Always ask for discounts

There are shops that provide discounts but they do not disclose it if the buyer didn’t ask. As such, always ask for discounts, especially on big purchases. You can also try negotiating for a discount as long as you are paying in cash.

Even if you don’t want to take up a loan for your savings, there will be some situations in which you will have to take up a loan. Maybe you had an emergency, or you have some unaccounted for but important expense. If you do, then be sure to take out your loan from a reputable money lender like A1 Credit. Click here to visit their website to view their loan offerings, or give them a call at 6336 0833.

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