1. Optimize Your Utilities Usage (Save)
- What to Do: Use energy-efficient appliances, unplug devices when not in use, and take advantage of utilities rebates (e.g., U-Save vouchers for HDB households).
- Difficulty: Easy
- Why: Minimal effort is required once you've invested in energy-efficient appliances or adjusted daily habits.
2. Leverage Cashback and Rewards Cards (Save/Earn)
- What to Do: Use credit cards or apps (like GrabPay or ShopBack) that offer cashback or rewards for essential spending like groceries, dining, and transport.
- Difficulty: Easy
- Why: Requires discipline in paying off credit balances on time to avoid interest charges.
3. Declutter and Sell Unused Items (Earn)
- What to Do: Sell unused items on platforms like Carousell or Facebook Marketplace. Items like clothes, electronics, or furniture often fetch good prices.
- Difficulty: Easy to Moderate
- Why: Listing items is simple but might require some effort in negotiation and shipping.
4. Explore Side Gigs (Earn)
- What to Do: Consider part-time tutoring, freelancing, or food delivery with platforms like Grab, Deliveroo, or Fiverr.
- Difficulty: Moderate
- Why: Flexible hours, but it requires time and consistent effort to generate a steady income.
5. Cook at Home (Save)
- What to Do: Prepare meals instead of eating out. Plan meals weekly and shop smartly at markets or grocery sales.
- Difficulty: Moderate
- Why: Needs planning and time, but the savings on eating out can be significant.
6. Invest in Dividend Stocks (Earn)
- What to Do: Build a portfolio of Singapore stocks offering stable dividends, such as REITs or blue-chip companies.
- Difficulty: Moderate to Challenging
- Why: Requires initial capital and research to pick the right stocks.
7. Use Public Transport or Bikes Instead of Owning a Car (Save)
- What to Do: Stick to MRT, buses, or bike-sharing services instead of owning a car, which incurs COE, petrol, insurance, and maintenance costs.
- Difficulty: Moderate
- Why: Adjusting to the public transport schedule might be inconvenient for some, but it saves substantial money.
8. Maximize CPF Contributions (Save/Earn)
- What to Do: Voluntarily top up CPF to earn interest on your Special Account (4%–5%) or use schemes like the Retirement Sum Topping-Up Scheme (RSTU).
- Difficulty: Moderate to Challenging
- Why: Tied up until retirement, so it requires good liquidity planning.
9. Rent Out a Spare Room or Home (Earn)
- What to Do: Rent out extra rooms to expats or students for passive income. Ensure compliance with URA regulations.
- Difficulty: Challenging
- Why: Requires investment in property or adapting your space to be tenant-friendly.
10. Participate in Government Support Schemes (Save)
- What to Do: Use schemes like Baby Bonus, GST vouchers, SkillsFuture Credits, or Workfare Income Supplement (WIS).
- Difficulty: Easy
- Why: Application processes are straightforward but often overlooked by eligible individuals.
Let's take a closer look at decluttering and selling unused items.
Here’s a detailed guide to decluttering and selling unused items in Singapore:
Steps to Declutter and Sell Unused Items
Step 1: Organize and Identify What to Sell
- Strategy:
- Sort your belongings into categories: clothes, electronics, furniture, books, and toys.
- Use the 1-year rule: If you haven't used it in a year and it has no sentimental value, consider selling it.
- Tip: Start with high-value items like gadgets or branded products, which tend to sell quickly.
Step 2: Take Good Photos
- Why: Attractive, clear photos increase the chances of a sale.
- How:
- Use natural lighting and a clutter-free background.
- Take photos from multiple angles.
- Highlight unique features or include close-ups of labels and brand marks for authenticity.
Step 3: Choose the Right Platform
- Popular marketplaces in Singapore:
- Carousell: Best for almost everything, particularly fashion, gadgets, and furniture.
- Facebook Marketplace: Great for furniture and larger items.
- Shopee: Excellent for hobbyist items, crafts, or bulk sales.
- Cash Converters: For selling items quickly at physical outlets.
- Recycle@Mandai: If you're decluttering old tech for eco-friendly reasons (sometimes they pay for usable parts).
- Electronics/Gadgets: Carousell, Facebook Marketplace
- Clothes/Accessories: Carousell, Style Tribute (for luxury brands)
- Furniture: Facebook Marketplace, Carousell
Step 4: Price It Right
- Research current prices for similar items on the platform you’re using.
- Price slightly above your target so you have room to negotiate.
Step 5: Write a Great Listing
- Key elements of a good product description:
- Title: Clear and concise. E.g., "Pre-loved iPhone 12 (128GB) in Excellent Condition"
- Condition: Indicate new, like new, or used. Be transparent about flaws.
- Reason for Sale: Builds trust (e.g., "Upgrading my phone").
- Keywords: Help buyers find your listing through searches.
Step 6: Secure Transactions
- Meet buyers in public areas like MRT stations or shopping malls.
- Use cashless options (PayNow, PayLah) for secure payments.
- Ship items if possible; charge for shipping or include it in your price.
Challenges and Tips
Challenge: Lowball Offers
- Tip: Stay firm but polite. Let buyers know you’re open to reasonable offers.
Challenge: Time-Consuming Negotiations
- Tip: Set a fixed price for items in high demand or bundle items to increase appeal.
Challenge: Unsold Items
- Tip: Lower the price or bundle items with popular ones. Alternatively, donate to charities like Salvation Army.
Difficulty Rating: Easy to Moderate
- Easy: Selling items like gadgets, furniture, or branded items due to high demand.
- Moderate: Clearing out less valuable items like books or basic clothing can require more patience.
I have sell on Carousell and also on ebay.
Here’s a guide with platform-specific setup tips, listing templates, and negotiation strategies:
