Cost of living has been going up in 2023 in Singapore. As a Singaporean living in Singapore. I check out and list the 10 ways to stretch in Singapore. Hope that it can help people in the day to day.
Managing your Money
First Step is to see when your money goes to. Compiling of the list of fixed expenses and variable expenses. Fixed expenses like housing, insurance, transportation, utilities, childcare cost etc. It will be fixed. Variable expenses will be on Food, leisure, travel, shopping, fitness, beauty care whereby you can cut down. Hopefully these 10 ways will give you an idea
1. Current Account Opening If you are working and getting a fixed income per month, consider to open an account with either of the 3 major banks in Singapore . UOB / DBS / OCBC. With the salary credit to the current account every month, you can potentially earn up to 7+ percent per year subjected to the criteria that the banks lay out. And the interest is credited every month as well. This will magically create few hundred dollars extra per month that will help in defray the cost of living in Singapore. For myself i used OCBC whereby my salary is credited
2. Invest in T-bills Consider to purchase T-bills in www. mas.gov.sg from there every 2 weeks there is a sale of T-bills. How does T-bills works, You can invest in $500 or max up to $1million. The interest is credited to your account straightaway, take example right now the T-bill is at 3.87%. If you put in $1000, you will receive $38.7/2 which is $19.35 as it is a 6 months period. At the end of the 6 months period, you will receive back the principal that you have invested.
3. CDC vouchers With the $500 CDC vouches that the government has announced, $250 for Grocery and $250 to purchase. For those that do not have app in mobile, you can retrieve paper copies of the codes to use. Extract from Straits Times.
As at Jan 3, at least four of the eight participating supermarket chains are offering return vouchers or other deals for those who use a minimum amount of CDC vouchers for each transaction.
The FairPrice Group (FPG) will give out $8 in return vouchers for every $80 worth of CDC supermarket vouchers used in a single transaction at its outlets until Jan 17.
At U Stars stores, customers who spend $60 of their vouchers between Jan 3 and 17 will get a $7 return voucher, while those who spend $120 in vouchers will receive a $15 return voucher.
DFI Retail Group said customers who spend $100 worth of vouchers at Cold Storage, CS Fresh and Jason’s Deli from Jan 3 to 7 will get $5 cash vouchers.
Those who spend $100 worth of vouchers at Giant from Jan 3 to 7 are eligible to redeem a 2.5kg bag of rice.
4. Drink Water instead of Soda / Coffee / Tea For myself i have cut down my spending on drinks to only drink water. It is good for my health and i'm able to save money. Most restaurants also offer water. It is a habit that i have cultivated.
5. Gym work out For the past 1 year, i have been using the community center GYM. Each entry is $2. I also run near my park. For people who loved jogging and gym. Going to community center GYM might be a good alternative and it does save money.
6. Library Resources in books, magazines are free resources in Singapore. Can access online at www.nlb.gov.sg and you can download the libby app to borrow books as well. All the financial books, comics, stocks, property i borrow from the library. Normally people only read once or twice. Also can go to sg books don't throw in facebook group.
7. Carousell Consider to sell the items that you do not need in Carousell app. I have been using the app to sell some things like TV, mini fridge, tricycle, bike etc. It helps that i can recover part of the cost that i have utilised when i first do the purchase.
8. Facebook Groups SGfreerecyle and SGfreerecycle 2 which members will share the items they do not need and will give to people who need it. The objective is to reduce waste and i find there are a lot of stuff that people do not mind giving out as they have no use for it. Also consider to donate to Salvation army if you have stuff that you do not need.
9. Games at a discount or free Last year i pick up the command and conquer ultimate game option at a price of $19 SGD. Warcraft 3 at $20. It was a bargain i pick up during Hallowen period and end of the year sales. Even Diablo 4 was at a discount. Consider picking up games after 1 year as normally they will be promotion or sales which you can further stretch your dollar.
10. Skills to pick up Instead of signing up courses, why not consider searching in you-tube. Nowadays Youtube provide alot of information and course which is free. Consider what topics and courses you want to go in. Research in Youtube and do a trial out. For myself, i really love youtube.
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