Anna Agoncillo
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Living in Singapore isn’t cheap. With rising costs and temptations everywhere, it can feel tough to set money aside. But whether you’re saving for a rainy day, your BTO, or a well-deserved holiday, getting into the habit now can make a big difference.
Read this simple guide to help you get started.
#1: SET A CLEAR GOAL
Don’t just say “I want to save more.” Be specific! Are you saving for an emergency fund, a new laptop, or a holiday?
Once you have a clear goal, break it into monthly targets. Open a separate savings account to track progress. Naming it something fun like Japan Trip Fund can keep you motivated.
#2: LET YOUR MONEY WORK
Put your savings in an account that earns interest. Local banks like DBS, OCBC, and UOB offer savings accounts that reward you for crediting your salary or paying bills.
Every little bit of interest adds up, and your money grows even while you sleep.
#3: EAT OUT LESS
Eating out often can burn a hole in your pocket quickly. Cooking at home a few times a week can save you serious cash and help you eat healthier.
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Even simple home-cooked meals cost less than most hawker or café food. Plus, you’ll waste less and stretch your grocery dollar further.
#4: USE THE SAVINGS BUCKETS
Organize your savings into three buckets namely:
a. Emergency fund: For unexpected expenses like medical bills or home repairs
b. Short- to mid-term goals: For things like education, weddings or travel
c. Long-term goals: Retirement or financial independence
Having separate goals helps you stay focused and on track.
#5: BE CAREFUL WITH CREDIT CARDS
Credit cards can be useful for rewards, but only if you pay off the full amount every month. Otherwise, interest charges add up fast.
If you find yourself carrying a balance, switch to cash or debit to stay in control of your spending.
#6: PAY BILLS ON TIME
Late payments lead to extra fees and can hurt your credit score. Set reminders or automate payments to avoid unnecessary charges.
If you can’t pay on time, contact the provider early. They might offer an extension or payment plan.
IN A NUTSHELL
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Saving money doesn’t mean you have to give up fun. Start small, stay consistent and track your progress. Even saving an extra S$50 a month puts you on the right path. Small habits today build a more secure future tomorrow.
