According to Business Insights, Singapore is one of the highest costs of living and living. To comfortably survive in Singapore, you would need a well-paying job, or you should be working with a government parastatal. Otherwise, the cost of living alone is capable of putting you on your knees. This also means that saving could be a dream to many Singaporeans, especially if they earn anything close to SGD 1300. Think of paying bills and accommodation if you stay in rented apartments and fees for your kids. You may find SGD 1300 like smoke that vanishes in a single day.
However, that does not mean you cannot save if you live in Singapore with a monthly salary of around SGD 1300. Some lenders, such as A1 Credit advice on the best saving tips and strategies.
Here are some of the ways you can use to save.
Formulate A Shopping List
When going shopping in a mall or groceries, create a shopping list and learn to abide by it. Do not shop for anything out of the list. This will teach you to be disciplined and stick to your limits, preventing unnecessary expenditure. Take time, like a week, coming up with a collective shopping list that will cover everything in the household. Prior planning will prevent you from buying things that you already have, or even those that you do not need at the moment. What about swapping your list with your trusted friend? So that you can shop for each other and avoid falling for temptations in the malls?
Choose Bulk Purchases
Buying things in bulks can save you more Money. There are discounts offered when you buy more items at once. Such refunds may range from 20% to 50%. However, only fresh products cannot be purchased in bulk because they may get spoilt. This trick will favor if you buy non-perishables items such as groceries, canned food, and noodles. On various occasions, you could team up with your friends and family members to make bulk purchases that would save you more Money.
Buy Second-Hand Items, Sometimes
You may be tempted to buy a luxurious item your eyes land on, but with a salary of around SGD 1300, you find yourself chained to the wall. You may find it difficult to make any purchase, and live admiring it. Do not worry, go for second-hand items. Although there is a misconception that second-hand items are out-of-fashion and of poor quality. Allow me to refute that. Second-hand items are still as good as new, only that they are priced below the original items. Settling for second-hand items is an excellent way of saving Money as you live a comfortable life, just like other people.
Make Use of Coupons and Discount Vouchers
Do not shy away from using those discount vouchers that you recently won. Before making any purchases, google on cheap and alternative online promotional codes. Use discount opportunities offered by companies like GrabFood and FoodPanda. They play a significant role in money-saving if you are a low-income citizen. Additionally, food discount apps such as Fave and Shopback also offer discounts on food and other products on their lines.
Use Automated Monthly Saving Plan
Taking your Money to a savings account can be tricky, but if you dream of saving, you must intentionally save monthly. You could reduce the stress by automating your monthly saving. Let the bank automatically transfer a fixed amount of money from your checking account to a saving account. Automated saving is a kind of forced saving that will restrict the amount of Money you spend monthly.
Go for Public Transport
There are high custom taxes and fuel prices that would haunt you if you own a car in Singapore. With these additional constraints on your small salary of around SGD1300, you better stick to public transport, at least for now. Various discounts come with monthly travel pass and student concession cards if you are still in school that you would make use of and save some money in the process. All you need to do is calculate your monthly traveling frequency and see if your concession passes are enough for transportation. Alternatively, tap into the MRT before 7.45 am and enjoy a 50 cents discount on your ride.
More Food at Home
Having a family meal would save you some coins that you would have wasted on eat-outs and promote family bonding. If you think of saving Money, cut all those unnecessary meals in the hotels and hawkers and eat more at home. Cooking a single meal for several people is relatively cheaper than eating outside. Home-made food is also healthier and delicious.
Plan for Vacations Early
Working on a small salary should not limit you from having fun and relaxing your mind out of your everyday environment. Sometimes a family can demand a vacation outside the city or even abroad. In that case, you need to prepare for the holiday as earlier as possible to avoid being caught in black and white. For instance, you can start planning for it one year before the actual date. This will enable you to familiarize with your destination and estimate the flight costs and accommodation.
Walk with A Bottle of Water
Singapore is a hot-weathered country, and you may be tempted to buy a cold drink when you are out. This cost can be cut down by walking with a water bottle every time. Don’t you know that water Is also healthier than a cup of tea every day? To some people, buying a can of Pepsi won’t cost much, but to you, these little costs may sum up and be a shortage on your salary.
Learn to Bargain
It might look ridiculous, but is a money-saving tip. Whenever paying for goods and services, try to ask if you could get freebies, discounts, or free months on your purchases. Some credit cards offer rewards and discounts on their purchases, so ask first before paying for the services. It is a matter of survival, and there is no crime in bargaining.
The Bottom Line
With the harsh Singaporean economy, living in Singapore with a monthly salary of SGD 1300 may be a tough idea to save. But saving is essential, and you must adopt the spirit regardless of your salary. It is for your benefit, you know. Learn the outlined tips above and see your savings account grow.