50 ways to tackle cost of living in Singapore

 Here are 50 ways to tackle the cost of living in Singapore:

  1. 1. Budgeting:

    • Create a detailed budget to track income and expenses.
    • Use budgeting apps to monitor spending.
  2. 2. Housing:

    • Consider living in HDB (Housing Development Board) flats.
    • Explore rental options instead of buying.
  3. 3. Public Transportation:

    • Use public transportation instead of owning a car.
    • Consider purchasing monthly passes for cost savings.
  4. 4. Food:

    • Cook at home instead of eating out.
    • Buy groceries in bulk to save money.
    • Explore local hawker centers for affordable meals.
  5. 5. Utilities:

    • Conserve water and electricity to lower bills.
    • Compare and switch to the most cost-effective utility providers.
  6. 6. Entertainment:

    • Look for free or discounted events.
    • Utilize public spaces and parks for recreation.
  7. 7. Mobile Plans:

    • Choose a mobile plan that suits your usage.
    • Consider SIM-only plans for cost savings.
  8. 8. Healthcare:

    • Leverage government healthcare subsidies.
    • Consider insurance plans for additional coverage.
  9. 9. Education:

    • Explore scholarships and grants for education expenses.
    • Consider local schools to save on tuition fees.
  10. 10. Grocery Shopping:

    • Compare prices at different supermarkets.
    • Take advantage of promotions and discounts.
  11. 11. Internet and Cable:

    • Choose a cost-effective internet and cable plan.
    • Consider streaming services instead of cable.
  12. 12. Second-hand Shopping:

    • Explore thrift stores for clothing and furniture.
    • Buy and sell items on online platforms.
  13. 13. Gym Memberships:

    • Consider outdoor exercises or home workouts.
    • Look for community fitness programs.
  14. 14. Banking:

    • Choose a bank with lower fees.
    • Opt for online banking to save time and money.
  15. 15. DIY Repairs:

    • Learn basic home and car maintenance skills.
    • Do minor repairs yourself to save on service costs.
  16. 16. Meal Planning:

    • Plan meals in advance to avoid food wastage.
    • Cook in batches and freeze leftovers.
  17. 17. Public Libraries:

    • Utilize public libraries for free books and resources.
    • Attend library events and workshops.
  18. 18. Public Healthcare:

    • Use polyclinics for basic medical needs.
    • Explore government healthcare subsidies.
  19. 19. Carpooling:

    • Share rides with colleagues or neighbors.
    • Use ride-sharing apps for cost-effective transportation.
  20. 20. Travel Smart:

    • Plan trips during off-peak seasons.
    • Look for budget travel options.
  21. 21. Community Clubs:

    • Participate in community club activities.
    • Take advantage of their facilities.
  22. 22. Energy-efficient Appliances:

    • Invest in energy-efficient appliances.
    • Turn off electronics when not in use.
  23. 23. Home Gardening:

    • Grow your own herbs and vegetables.
    • Save on grocery expenses.
  24. 24. Bulk Purchases:

    • Buy non-perishable items in bulk.
    • Share bulk purchases with neighbors or friends.
  25. 25. Work Benefits:

    • Maximize employer benefits and perks.
    • Negotiate salary and benefits during job changes.
  26. 26. Tax Savings:

    • Stay informed about tax deductions.
    • Consult a tax professional for advice.
  27. 27. Use Rewards Programs:

    • Take advantage of credit card rewards.
    • Join loyalty programs for discounts.
  28. 28. DIY Beauty:

    • Do your own manicures and pedicures.
    • Experiment with DIY beauty treatments.
  29. 29, Minimalism:

    • Embrace a minimalist lifestyle.
    • Declutter regularly to avoid unnecessary purchases.
  30. 30. Renting vs. Buying:

    • Consider renting items instead of buying.
    • Share tools and equipment with neighbors.
  31. 32. Free Workouts:

    • Explore free workout videos online.
    • Join community fitness classes.
  32. 32. Buy Generic:

    • Choose generic brands for everyday items.
    • Compare prices before making purchases.
  33. 33. Home-cooked Gifts:

    • Make homemade gifts for special occasions.
    • Save on expensive presents.
  34. 34. DIY Home Decor:

    • Create your own home decor.
    • Upcycle old furniture.
  35. 35. Public Schools:

    • Consider public schools for education.
    • Explore supplementary education options.
  36. 36. Flexible Working Arrangements:

    • Negotiate flexible work arrangements.
    • Explore remote work options.
  37. 37. Community Gardens:

    • Join community gardens for fresh produce.
    • Share gardening tools with neighbors.
  38. 38. Volunteer:

    • Volunteer for events to access freebies.
    • Contribute time instead of money.
  39. 39. Negotiate:

    • Negotiate prices for services.
    • Seek discounts when possible.
  40. 40. Buy Second-hand Electronics:

    • Purchase second-hand electronics.
    • Sell or trade old gadgets.
  41. 41. Home Energy Audit:

    • Conduct a home energy audit.
    • Implement energy-saving measures.
  42. 42. Reusable Items:

    • Use reusable bags, water bottles, and containers.
    • Invest in durable, long-lasting products.
  43. 43. Childcare Co-ops:

    • Collaborate with neighbors for childcare.
    • Share babysitting duties.
  44. 44. Public Events:

    • Attend free public events and festivals.
    • Explore cultural performances and exhibitions.
  45. 45. DIY Haircuts:

    • Learn to cut hair at home.
    • Invest in quality hair-cutting tools.
  46. 46. Pre-owned Vehicles:

    • Consider buying a pre-owned car.
    • Use public transportation when possible.
  47. 47. Emergency Fund:

    • Build and maintain an emergency fund.
    • Avoid financial stress in unexpected situations.
  48. 48. Time-of-Use Appliances:

    • Use appliances during off-peak hours for lower rates.
    • Set timers for energy-consuming devices.
  49. 49. Subscription Audits:

    • Review subscriptions regularly.
    • Cancel unused or unnecessary subscriptions.
  50. 50. DIY Pest Control:

    • Handle minor pest issues yourself.
    • Use natural remedies when possible.

Staying informed about government policies and seeking financial advice can further assist in managing the cost of living in Singapore.

How to Grow the CPF OA since the SA will no longer be available after 55.

This article i am writing is with regards to the OA. With SA no longer available after age 55.

  1. Regular Contributions from your job : Ensure that you make regular contributions to your CPF OA through your monthly salary deductions. The more you contribute, the more your CPF OA will grow over time. The first $6800 monthly salary in year 2024 will attract 37% contribution to the OA, SA, MA accounts. The first $7400 monthly salary in year 2025 will attract 37% contribution to OA, SA, MA accounts. The first $8000 monthly salary in year 2026 will attract 37% contribution to OA, SA, MA accounts.

Without Housing Loan :
For people that do not have housing loan and your MA is maxed out. Depending on your age before 55, the contribution rate to OA will range from 25% - 29% of the monthly salary subjected to cap at $8000 in year 2026.
  1. Maximize CPF Interest Rates: The CPF OA provides a basic interest rate, and there is an interest rate of 3.5% for the first $20,000 of your combined CPF balances.


  2. Investment Schemes: CPF OA funds can be invested in various instruments to potentially generate higher returns than the default interest rates. CPF Investment Scheme (CPFIS) allows you to invest in a range of instruments, such as stocks, bonds, and unit trusts. The potential returns can range from 3.5% - 30% depending on the instruments you used.


  3. Top-Up Schemes: Consider taking advantage of the CPF Voluntary Contribution (VC) scheme, where you can make additional voluntary contributions to your CPF accounts. This can help to enhance your CPF savings over time.

The main target is to grow the OA savings to $500,000 by the time to reach age 55 so that can at least enjoy $12,500 of passive income from OA every year or even more if you are investing in other instruments. Why $500,000. As a salary worker with a family of 4, with $500,000 in my Ordinary account when i am age 55 that generates $12,500 in passive income. I have an additional of $1,000+ to spend every month. It also acts as my emergency funds and i can access it easily if i need to. It serves as my buffer as well.

Enhanced Retirement Sum in 2025

Come in Year 2025 the enhanced retirement sum will be 4x of the Basic Retirement Sum. With the Basic Retirement sum increasing to $114,100 in year 2027. The Full Retirement sum will be $228,200. The Enhanced Retirement Sum will be 4x of BRS which is equal to $456,400. My age will be 50 whereby i still have 5 more years to go till 2032 before i reach age 55. 

Based on the current projection of 3.5% per annum increase of BRS retirement sum, the FRS will be projected to be $271,200. The BRS in year 2032 will be $135,600 and the ERS will be $542,400. 

For people who can reach the ERS sum in year 2032, they can potentially get $4,100 per month for the rest of their lives. That is $49,200 per year. 

From 2032 to 2042 with the interest rate assuming at 4%, the $542,400 will balloon to $808,627. Such is the power of compounding. In order to gain back the total amount of $808,677, one would need live at least 16.5 years which is 81.5 years old before they can get back the money that was in their CPF RA. If i manage to have $542,400 in my SA and Ordinary accounts when i am age 55. Assuming if i only put the $271,200 and the rest of the money continues to be in Ordinary and i come up with the table for the below to show what money i will have left in my ordinary earning 2.5% and how much money that RA is going to pay me. 




From the computation it can be seen that even though i will be getting less from FRS compared to ERS. However once I reach 82 years of age, i will have accumulated $532,271 in Ordinary account which will generate $13,306 per year and i still have the $532,271 left to use if i need to. To me it will be no brainer to go for FRS instead of ERS and to use the ordinary account as spare cash like an emergency fund. Although some people may prefer to go for ERS and get a higher monthly pay out from 65 years old but my opinion it lacks of liquidity and you cannot access the funds in the event you need it. 


Extract from Dollars and Sense website on the table for the changes in BRS , FRS, ERS

Year that Members Reach Age 55
 202220232024202520262027
Estimated Monthly Payouts Provided By Retirement Sums at Age 65*
BRS$850$870$900$930$950$980
FRS$1,570$1,620$1,670$1,730$1,780$1,840
ERS$2,300$2,370$2,450$3,330$3,440$3,550
Retirement Sums at Age 55
BRS$96,000$99,400$102,900$106,500$110,200$114,100
FRS$192,000$198,800$205,800$213,000$220,400$228,200
ERS$288,000$298,200$308,700$426,000$440,800$456,400

Announcement of $4000 for 40 years old and above

 With the announcement of the $4000 for 40 years old and above, i believe that there will be a lot of people going for courses in the next 2 years. Hopefully the courses that will be provided by the skills future and NTUC learning hub will have more depth instead of an overview. 


Currently for NTUC learning hub, they provided a list of certifications for Prince 2, PMP, Cisco, Microsoft etc which is quite affordable less than $500. For people who are 40 and above and have not utilized the skills future credit. you will have $1500 in the account. Do take note that $500 will have to be utilized by 2025. 

Below are the areas of interest for people who are age 40 and above.

  1. Digital Literacy:

    • Embrace technology and stay updated on digital tools, social media, and online platforms.
    • Learn basic coding or data analysis skills, as these are increasingly in demand across various industries.
  2. Project Management:

    • Acquire project management skills to effectively plan, execute, and oversee tasks, projects, or even career transitions.
  3. Communication Skills:

    • Enhance your communication skills, both written and verbal, as effective communication is crucial in any profession.
  4. Leadership and Management:

    • Develop leadership and management skills to take on more responsibilities or leadership roles within your current profession.
  5. Entrepreneurship:

    • Explore entrepreneurship and business skills if you're considering starting your own business or pursuing freelance opportunities.
  6. Data Analysis and Business Intelligence:

    • Gain skills in data analysis and business intelligence to make informed decisions and understand trends in your industry.
  7. Health and Wellness:

    • Focus on maintaining a healthy lifestyle and consider learning about holistic health practices, fitness, or nutrition.
  8. Language Skills:

    • Brush up on or learn a new language, especially if you're involved in international business or have plans to work in diverse environments.
  9. Financial Literacy:

    • Strengthen your financial literacy to make informed investment decisions, plan for retirement, and manage personal finances effectively.
  10. Networking and Relationship Building:

    • Develop networking skills to expand your professional connections, both online and offline.
  11. Soft Skills:

    • Enhance soft skills like adaptability, problem-solving, and critical thinking, which are valuable in any workplace.
  12. Industry-Specific Skills:

    • Identify specific skills that are in demand in your industry and invest time in acquiring them.
  13. Home | Myskillsfuture.gov.sg
  14. Digitalisation Training - NTUC LearningHub

What are the side hustles that you can explore when you are in your teens in Singapore?

Here are some options to consider: 1. Freelance Services (Online) Graphic Design : If you're skilled with design software like Adobe Pho...