Save Money and Fight Inflation with These Tips

It’s not just the weather that’s hot these days. Prices of everyday living are burning a hole through our bank accounts and wallets too.

Use our money-saving tips below to keep you from sweating too much over the big dollars and small cents.

Ride-hail and take public transport

Singapore has the highest car prices in the world. Even for lower-end models, prices can go more than 5 times than in most other countries.

On average, owning a car in Singapore would set you back by around S$2,000 per month.

Hence, if you’re looking to save a meaningful chunk of your money, ditching your drive is almost a no-brainer.

True, having a car is convenient. But our trains and buses really are not too shabby. For a tiny island measuring just 50km by 27km, we have one of the densest public transport networks in the world.

Taxis and private hires are also simply a few taps away. Expenses can easily go up to hundreds of dollars a month if you ride regularly. But at least these are pay-per-use, unlike the 24/7, passive expenses of owning a car.

If going car-less is giving you severe withdrawal symptoms, consider car sharing. At last count, there’re 8 such services in Singapore, with affordable rentals that go by the day, hour and even minute.

Chances are, you’d be able to find at least one with pickup and dropoff locations that’re convenient for you.

DIY and house brands for food and drinks

Besides expensive cars, we are also known as a foodie nation.

Drinks kiosks have been mushrooming faster than we can count. Where there used to be only Starbucks and Coffee Bean, now more and more concoctions imaginable are just round the corner.

Think bubble tea, avocado milk shake, coconut shake, and who knows what else.

But do you know that you can just as easily whip up your favorite beverages in your kitchen, and go lighter on your wallet too?

Simply google recipes of the drinks, and you’d know what we mean.

We’re likely to part with at least S$3 to S$5 every time we visit a drinks kiosk. DIY means you can save some serious money without sacrificing on your craving.

Speaking of cravings, some of us prefer certain atas, premium brands for stuff like pasta and cooking oil. A common assumption is that they taste better and are more nutritious than regular brands.

But why not give house brands a try? You’d be surprised that in most cases, you can’t differentiate the taste from their premium counterparts.

Watch your watts and volts

Electricity prices are going through the roof. In fact, we’ve not seen such prices for the past decade.

Fortunately, the ways to save on electricity are hiding in plain sight. When we practise these every day, the savings can quickly stack up:

• Don’t let vampire electricity suck your wallet dry. Switch off devices and appliances at the power sockets when not in use.
• Singapore may be hot and sweaty, but you don’t need to turn your room into an igloo. Try to set the aircon at a minimum of 25 ˚C, for the comfort of yourself and your wallet. For every degree higher, you can save around S$25 per year.
• We’ll let you in on a little secret for fridges, and it’s not buying one with 5-tick energy efficiency. Try to make sure there’s a gap of at least 5cm around the sides, back and top of your fridge. This helps with ventilation, and keeps the fridge from heating up too much.

Maximize your mobile plans

Picture this: Your partner loves to chat all day with friends, and hardly touches the data. You’re the opposite, preferring to binge-watch the latest dramas or surf the net on the go. 

Getting 2 separate mobile plans, each with its own talktime and data, is simply a waste of money. 

Sharing is caring. Look out for mobile plans that allow you to share talktime, data and SMSes with each other, to better care for your wallet. 

Better still, instead of just a 2-in-1, why not have a 6-in-1? 

Circles.Life’s Family Plan allows you to share one plan with up to 6 accounts. The more people you share with, the cheaper it gets per line. 

Plus, you get to choose whom to share the love and savings with. Family, friends, colleagues. You decide. 

And to stretch your plan even more, there’re affordable top-ups for unlimited talktime and data add-ons. 

There are many other tried-and-tested ways of saving money. But this list would get you off to a solid start. Every dollar and cent counts!