How to reduce air-conditioning bills in Singapore?

a living room with an air-conditioner

As the tropical heat of Singapore continues to challenge our daily comfort, air-conditioning has become more of a necessity than a luxury.

However, the soaring energy bills that accompany constant usage can be a rude awakening. And that’s why I’m here to help you strike a balance between staying cool and keeping costs down. Or at least try to offer my two cents.

Let’s discuss some practical tips and smart habits that can significantly reduce air-conditioning bills, ensuring you enjoy a cool and comfortable living space without breaking the bank.

Maintain your air-conditioner

First up on our simple hacks list is the need to maintain your air-con properly and regularly.

Even if it’s a tedious process, it’s one that you should not siam.

Clean and replace filters where necessary (depending on usage), and service the unit via a professional to make sure it’s running smoothly.

This will ensure that you use less energy and cool down your room/home faster.

Opt for energy-efficient models

If you don’t know what I’m talking about, just remember—the more ticks, the better it is.

You should be able to find better energy-efficiency products with ease thanks to the tick rating system we have in Singapore.

In other words, if an appliance uses less energy to produce the same results as an appliance that uses more, it is said to be more energy efficient.

And that will have a direct impact on how much you pay for electricity at the end of the month.

It’s almost a no-brainer, right?

So don’t just be a cheapo and go for the lowest-priced one, be a smart shopper for longer-term gains.

Set the right temperature
a remote controller at 25 degrees

Image Credits: luceaircon.sg

There’s no need to make your room feel like it’s winter in Antarctica, yeah.

The sweet spot should be around 24 to 25°C. Any lower than that and your bill will skyrocket like… a rocket. Every degree lower can add up to 10% more energy consumption.

Use a fan

If you really cannot tahan the heat without lowering the temperature, try using a fan to supplement. Or even better, use a ceiling fan.

Turning on the fan and the air-con together can help you set the aircon temperature higher. The fan will help to circulate the cool air and make you feel much better.

You don’t need to worry too much about the electricity bill because a fan uses waaay much less energy than the aircon. So, you can enjoy the cool air and save money at the same time.

How awesome is that?

Use a timer

Next, set the timer to turn off after a few hours, especially at night when you’re in deep slumber.

Some people like to leave the aircon on an entire day, and then wear a jacket or wrap themselves in a thick blanket because it’s too cold.

Why?!

You’re just saboing yourself financially.

Insulate your home
blinds on a window

Image Credits: softhome.sg

You don’t need to hire someone to do it.

Just invest in some curtains, blinds, or window films. Block out the sun during the day, keep your home cooler, and reduce the need for air-conditioning at night.

And speaking of which, remember to also close your windows and doors. If your air-conditioner is turned on with an open window, you can’t blame anyone for those high bills.

Dress for the weather

People can die for fashion but I won’t sacrifice it for comfort.

I’m saying this because I used to have a friend who layers like he was going to the North Pole or what. He calls it the “layering fashion” and thinks it’s cool. Oh, well.

Anyhow, don’t be like him.

Choose lightweight items of clothing, like cotton or linen. They can help you stay cool and thus reduce the need to rely too much on your air-conditioning when you reach home from a warm day out.

Minimize heat-producing activities

When you cook or use appliances like an iron or a hair dryer, it makes your surrounding area hotter than your spouse’s temper.

The air-con works harder to cool down your house, so your bill goes up.

If feasible, turn on the air-conditioner after you’re done with all those appliances. It may sound like a “sis, you serious?!” moment but, hey, every little bit counts.

Install energy-efficient lighting

Those old-school bulbs are damn hot and can make your room feel even hotter than the weather outside.

But if you use LED bulbs, they generate less heat, and less power is needed also. Good, right?

Plus, LED bulbs can last longer, so you don’t need to keep changing them all the time.

Soaring air-con bills in Singapore really can make you want to pengsan. But don’t worry, follow the tips I’ve listed in this post to help you get by like a pro. To recap some points we’ve looked at: clean your aircon regularly. If there’s dust and dirt, the air-con must work harder to cool the room. Next, use a fan together with the air-conditioning. Not only will you be saving energy, but you will also instantly make the room feel cooler with the constant air circulation. Then, set the temperature to 25 degrees—no need to make the room feel like it’s winter. So there we have it, simple hacks for long-term gain 😉

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Simple ways to save money every month starting today

expense tracker template

I’ll splurge today and save tomorrow.

Sounds familiar?

But having the mindset of doing things “later” almost always turns into “never.”

And if that’s you, this post is for you.

Automate savings

I don’t automate savings because I don’t see the need to.

But those with a fixed paycheck and on rather fixed pay dates may find it useful.

For instance, DBS has this eMySavings Account which promises “higher interest when you save more each month.”

DBS eMySavings Account

You can save any amount from S$50 to S$3,000 and edit the amount and crediting date anytime via the digibank app.

Not bad.

Or you can…

Use an Excel sheet

I used to spend money without thinking much about tomorrow.

But then having to repay a student loan got me into being more sensitive to the ins and outs of money management.

And speaking of repaying loans, you may be interested in this article I wrote 2 days back:

A student’s guide to navigating student loan repayment

Okay, self-promo’s over. Let’s get back.

I may be far from the money gurus out there but this method has gotten me quite far: using an Excel sheet to track salary and spending.

I have just one monthly log and two main tabs: spending & calorie count. Yep, TMI but I do track my daily calorie intake too.

Every dollar and cent that goes out goes into my spending tab. So whether I’ve topped out my EZ-link card or bought a McDonald’s vanilla ice cream cone, it gets tracked.

At the end of the day, I tally my spending to make sure it says within my daily budget.

No choice, got to do this when you’re not rich.

Review at the end of each month

My Excel sheet refreshes every month, so I get a fresh document ready to track every last day of each month.

At the same time, I’ll be able to see at a glance the total I’ve spent and how much I’ve left.

I used to “roll over” the remaining amount to the next month so I can have more money to spend at the start of each month (especially with bills to pay).

But now, I’ve decided to just shift the “leftover” amount to my savings account instead, since I have other financial commitments ahead of me.

I’ve used this method for years and it’s working very well.

I like how it’s not too complicated and that’s why I’m sharing it with you. It’s simple to implement and doesn’t take a lot of time to track.

Tip: Get the Google Sheets app on your phone so you can always input it right there and then you make a payment.

Using this method, you won’t ever get to the point where you wonder, oops, what happened to my salary?

For folks who want to go a step further, you can break down the spending into various categories, whether it’s bills, transportation, or lifestyle/entertainment costs.

I have never exceeded my budget and it takes a hell lot of discipline.

But if you’re the complete opposite, then maybe having sub-categories would make sense. When the time comes for you to make adjustments, you can straightaway identify the categories that are taking up waaay too much of your budget, and make the decision to cut back wherever necessary.

Or you can try using the newly launched Budgeting tool from OCBC to sync up your spending and paycheck.

OCBC budget tool

Be a little aunty when it comes to coupons and discount codes

There’s nothing wrong with wanting to be a little kiasu when it comes to getting the best deals.

Every dollar you save adds up and the aunty in you will thank you.

I’m not a very outgoing person so staying at home works for me most of the time. But if you’re always meeting friends and having lots of gatherings to go to, take advantage of coupons, discount codes, and even existing brand loyalty programs.

Some brands may not offer much but as I like to put it: it adds up.

For example, Shopee has this daily cashback voucher (usually a higher percentage on weekends) that allows you to earn cashback coins on most purchases.

Shopee cashback vouchers

There’s also a daily app “check-in system” that allows you to earn FREE coins so you can accumulate and use them on your next cart out.

And for bubble tea lovers, the KOI card offers “leaves” for your top-ups and drinks purchases so you can use it to claim a FREE topping, 1-for-1 drinks at times, and more! There are also birthday privileges on your birthday month. The same goes for the Starbucks card.

And when it comes to local deals, don’t forget to follow the Money Digest Facebook page for all the juicy deals my fellow editors are curating daily 😉

Saving money really doesn’t have to be that difficult. Find a routine that works for you and build on it gradually. Don’t get overly ambitious right from the get-go because a complete change to everything rarely works. You won’t last. Period. So as we close, the main takeaways from this article are: automate, track, review, and be a little aunty with discounts. Now, go feed your bank.

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S$1 = 1000 KRW: Singapore dollar hits 13-year high against the Korean won

 

Asian currencies have broadly declined against the buoyant US dollar, sliding to levels not seen since the Asian financial crisis.

Among the worst-hit currencies is the Korean won which extended losses this month, dragged down by the U.S. Federal Reserve’s aggressive monetary tightening. South Korea which is export-dependant also comes under increasing pressure with higher oil prices and a deteriorating trade balance.

On the flip side, the Singapore’s dollar has been resilient against the US dollar. To fight inflation – which is expected to keep rising – the Monetary Authority of Singapore (MAS) allows the Singapore dollar to appreciate against peer currencies. This helps to slow the inflation momentum and ensure price stability thereby driving down the cost of imported good in local currency terms.

The SGD/KRW crossed the 1000 mark on Sep 30, 2022

On Friday, the SGD/KRW went above the 1000 support, a level not seen since March 2009.

According to the CashChanger’s site, one can get a rate of approximately S$1 = 975 KRW at local money changers in Singapore on Friday, Sep, 30, 2022. That’s a good rate if you are planning a travel to South Korea any time soon.

 

 

 

 

 

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Trust Bank, the latest digital bank in town, is giving out $35 NTUC e-Vouchers

Graphical user interface, application Description automatically generated

 

Have you heard of Trust, the latest digital bank to take the digital banking scene by storm? Trust Bank offers up to 1.4% interest rate for its savings account, 21% rebate on its credit card, $35 NTUC e-Vouchers as well as free rice and Kopitiam breakfast set. Here is how to save and score these freebies!

What is Trust Bank?

Graphical user interface, application Description automatically generated

Trust Bank (known as Trust) is a new digital bank set up by Standard Chartered Bank and NTUC. This means that customers of Trust conduct all their banking activities online since Trust Bank does not have any physical bank branch. Here are the products available under Trust.

1. Trust Bank Savings Account

Trust offers a base interest rate of 1% for the 1st $50,000 deposits. If the customer makes 5 eligible card transactions, this can be increased to 1.2% and 1.4% for non-union and union members respectively. No minimum amount is required to start earning the base interest rate. Best of all, there is no fees or lock-in period required.

2. Trust Bank Credit Card

Trust credit card provides up to a mind-boggling 21% savings rate on card spend. This is issued in the form of Linkpoints which can be offset against purchases at NTUC, Unity stores etc. If a NTUC union member spends at least S$350 per month on expenditure outside of FairPrice Group every month, he or she will be entitled to 21% savings rate on spending made at FairPrice Group. Simply put, if you are already spending within the NTUC ecosystem- i.e. shop at NTUC and Unity, dine at Kopitiam, now is the perfect time to save on your spending with Trust card.

Other amazing perks are the absence of annual fee, foreign transaction fee, cash advance fee as well as card replacement fee. Finally, those who sign up for the Trust credit card will enjoy complimentary coverage of the Family Personal Accident Insurance for the first 2 months

Amazing Promotion

Another eye-catching aspect is the generous freebies thrown in to mark its launch. These freebies add up to a total of $42:

  1. $10 FairPrice e-Voucher upon signing up with a referral code (DFFZV6CZ)
  2. Free Signature Breakfast Set to be redeemed at Kopitiam (worth $3.10)
  3. Free 1KG Superior Fragrant Rice (worth $3.55)
  4. S$25 FairPrice e-Voucher on your first card spend (no minimum amount required)

Besides these one-off freebies, Trust also pushes out regular discounts from popular merchants such as KFC, Burger King, Starbucks, Gong Cha etc. Remember to browse the app regularly and grab these vouchers!

Sign Up For Trust

From downloading of the app to approval of application takes less than 20 minutes if you sign up via MyInfo. With such a smooth onboarding process and the amazing freebies, what are you waiting for?

Download Trust app to collect your freebies- remember that the $10 FairPrice voucher is only valid if you sign up with a referral code. (DFFZV6CZ)

 

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