Spending Less and Living More in Singapore

I once stumbled upon a small shop that sold pre-loved books and a title caught my eye. It read “Live More, Spend Less”, and it made me reflect on how people in Singapore can stretch every dollar without giving up comfort or joy. In a city where the cost of living can feel overwhelming, it becomes even more important to be conscious of how we live and what we value. Living well does not need to mean spending freely. Sometimes it means being intentional with daily choices.

One of the most practical ways to save is by rethinking everyday habits. Cooking at home can make a big difference. If you have access to a kitchen, preparing meals in advance can cut food expenses dramatically while also giving you control over what goes into your meals. Even something as simple as drinking water from a reusable bottle can save money that often gets spent on beverages throughout the day. And of course, we are blessed with its famous hawker culture. For less than S$10, you can enjoy hearty meals and local favorites. If you want a more comfortable setting, food courts offer air conditioned spaces, although they come at a slightly higher cost.

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Living better also means spending with awareness. Tracking expenses through a simple app or spreadsheet helps reveal patterns that are easy to miss. Paying yourself first by setting aside savings before spending anything else builds financial discipline. But saving money should not mean giving up the things that make life meaningful. A thoughtful splurge on an experience with loved ones or a purchase that enhances your life is more rewarding than spending without thinking. Planning ahead also goes a long way. Booking tickets for activities through platforms like Klook or Agoda often comes with discounts that free up more room in the budget.

Furthermore, the beauty of Singapore is that you do not always need to spend to enjoy it. The city offers many free attractions that showcase what makes it unique. Walking trails at the Singapore Botanic Gardens are a refreshing escape in the middle of the city, while neighborhoods such as Little India and Chinatown offer vibrant streets filled with culture and food. A hike up Mount Faber rewards you with a sweeping view of the skyline and sea. Visit at sunset and you will be treated to one of the most beautiful sights in the city. From there, the cable car to Sentosa awaits if you choose to continue the adventure.

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Living more while spending less is not about deprivation. It is about being mindful, embracing resourcefulness, and finding joy in what already exists around us. Sometimes we just need to pause long enough to see them.

Sources: 1 & 2

 

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How Singaporeans Are Redefining Financial Strategy in 2025

In a country known for its efficiency and fast-paced urban living, the way Singaporeans approach personal finance is undergoing a quiet yet powerful transformation. With inflation still a concern and financial aspirations shifting from mere survival to long-term security, 2025 marks a turning point in how budgeting is viewed.

According to the latest data from YouGov, nearly half (45%) of Singaporeans believe the global economy will fall into a recession within the next six months. This cautious sentiment is mirrored at home, with 25% anticipating a local recession. Although 30% expect the economy to remain stable and 18% are optimistic about growth, the broader mood remains conservative. These views come against the backdrop of rising inflation, global political instability, and persistent energy cost concerns. As households brace for possible turbulence, many are reassessing their spending priorities. Already, 25% of respondents say they are cutting back on dining out, 23% on indulgent food and drink, and 20% on food delivery.

Amid these shifting expectations, the very idea of budgeting is also evolving. Gone are the days when budgeting was synonymous with cutting back. Increasingly, individuals are leveraging their budgets to build wealth, channeling funds toward investments through robo advisors, topping up retirement accounts, and using SkillsFuture credits to future-proof their careers. This shift reflects a deeper mindset change: budgeting is no longer reactive, but strategic. It is less about frugality for its own sake and more about using every dollar with intention.

Moreover, technology is playing a central role in this financial evolution. AI-powered tools are rapidly gaining ground, offering users more than just spreadsheets or transaction logs. These platforms now analyze spending patterns, forecast future cash flow, and provide highly personalized savings strategies. Apps like Seedly and DBS NAV Planner have become more than financial dashboards. They are decision-making companions. Even ChatGPT is being adopted as a budget coach, helping users create custom plans tailored to lifestyle and goals.

Automation has emerged as another critical enabler. Much like CPF contributions that happen quietly in the background, more individuals are setting up auto transfers via GIRO or savings apps to consistently build up emergency funds or investment portfolios. The principle is simple yet effective: when savings become automatic, wealth accumulation becomes inevitable.

At the same time, a renewed interest in accountability is reshaping spending habits. Subscription fatigue is now prompting deeper reflection. Consumers are reevaluating what they truly use and value by cancelling unused streaming services, trimming digital subscriptions, and rediscovering public resources like the National Library Board’s digital app. Even traditional ideas like carpooling or buying in bulk at retailers such as NTUC FairPrice Warehouse Club and Mustafa Centre are regaining traction, seen less as compromise and more as smart financial choices.

Reward-based spending is also becoming more deliberate. Cashback programs, once treated as perks, are now actively factored into purchase decisions. Consumers are seeking out the best credit cards, rewards apps like ShopBack, and promotional deals to turn everyday transactions into small returns. However, the savvy Singaporean spender recognizes the fine line between strategic spending and lifestyle creep. The cashback only counts if the purchase was truly necessary.

Another evolving practice is the return to meal prepping, driven by the rising cost of eating out. Rather than giving up convenience entirely, households are striking a balance by cooking in batches and reducing reliance on food delivery platforms. These seemingly modest changes contribute to significantly leaner monthly expenses.

Even lifestyle indulgences are being approached with greater mindfulness. With outbound travel making a full comeback, more people are relying on apps like Klook and Traveloka to unlock hidden promotions and stretch their leisure budgets. Whether it is discounted theme park tickets or staycation bundles, travel is no longer spontaneous; it is thoughtfully planned.

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What ties all these trends together is a growing financial maturity, a recognition that budgeting is not about restriction, but empowerment. The focus is shifting from saving what is left after spending to spending what is left after saving.

As 2025 passes its halfway mark, this recalibrated approach to money may not only help households navigate economic uncertainty but also shape the next chapter of our financial story.

Sources: 1,2,3,& 4

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5 Personal Finance Tips for Singaporean Millennials

Navigating personal finance can feel like navigating a maze, especially for Singaporean millennials facing unique financial challenges.

From student loan debts to saving for a home in one of the world’s priciest property markets, the journey can seem daunting. But fear not, with the right mindset and strategies, financial security and success are within reach.

EMBRACE BUDGETING

Budgeting is the cornerstone of personal finance. It empowers you to track expenses, prioritize spending, and work towards financial goals. Start by understanding Singapore’s cost of living and allocate your income accordingly.

Track expenses diligently; even that artisan morning coffee can add up. Utilize budgeting apps and tools to streamline the process and stay accountable. Take advantage of credit card perks responsibly to avoid debt accumulation.

MANAGE LOANS

For eligible Singaporeans, Tuition Fee Loan and Study Loan are available options. To assist those grappling with student loan debts, explore repayment options and loan consolidation programs.

Craft a repayment plan that aligns with your budget and lifestyle. Consider making extra payments whenever possible to expedite debt payoff. Remember, managing student loans is a marathon, not a sprint. Stay disciplined and patient.

TAKE ADVISE WISELY

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According to research, nearly a quarter of Millennials (22%) have turned to family and friends for financial advice. While seeking financial advice from friends and family is natural, be discerning. Advice from unqualified sources could lead to costly mistakes. Listen to advice, but ensure your financial decisions align with your long-term objectives and risk tolerance. Better yet, seek professional advise.

SAVE FOR YOUR HOME

Owning a home is a common goal for Singaporean millennials. Start by setting realistic savings targets and explore government housing schemes like the Central Provident Fund (CPF) Housing Grant or HDB Loan Eligibility (HLE) letter.

Consider alternative housing options like Built-To-Order (BTO) flats or resale flats in non-mature estates to maximize affordability. Boost your home-buying fund by exploring side hustles or investments.

PLAN FOR RETIREMENT

Though retirement may seem distant, it’s never too early to plan. Take advantage of employer-sponsored retirement schemes such as CPF Special Account (SA) or Supplementary Retirement Scheme (SRS).

Consider diversifying investments across asset classes to minimize risk and maximize returns. Automate contributions and regularly review your retirement plan to ensure alignment with your goals.

IN A NUTSHELL

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Navigating personal finance can be challenging, especially for Singaporean millennials. But by adopting proactive strategies like budgeting, loan management, home saving, and retirement planning, financial stability and success are attainable.

With determination and discipline, pave your way to a secure financial future.

Sources: 1, 2, & 3

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How to Start a Budget from Scratch

Congratulations on starting your financial journey! Creating a budget and sticking to it is no easy feat, but it is the best way to manage your finances and ensure that your money is going toward the expenses that matters most to you and your family.

Start by determining why you want a budget. Deciding on a budget can help you make informed decisions. Budgeters are almost twice as likely to report no financial worries compared to spenders. Moreover, budgeters are less likely to struggle with finances. Common reasons to create a budget include: to save more money, to reduce overspending, to eliminate couple financial disputes, to get out of debt, to break the paycheck-to-paycheck cycle, and to achieve goals.

After determining the reasons why, you want to create a budget, you must go deeper into your current spending habits. What are your spending habits as an individual and as a family? If your budget is not realistic, it is useless. Most experts recommend tracking your spending for about a month to get a clear picture of your spending habits.

The next step is to identify your financial goals. A great framework to use is the SMART method. It stands for Specific, Measurable, Achievable, Relevant, and Timebound. For instance, you want to save S$3,000 for home renovation within six months. You will need to save about S$500 per month. Thanks to your budget, you already know that you will have an excess of S$750 per month. This will help you with your goal!

Once you have your financial goals down, decide how much you need to save (per month or per year) for each goal. Bigger expenses such as home renovation and debt repayment can take a longer time to build. You can also incorporate building an emergency fund into your budget.

The basic phases are done, and it is time to make a budget. There are many types of budgets, so you will have to choose the one that suits you best. Options include zero-based budget and 50-30-20 budget.

A zero-based budget is an approach popularized by Dave Ramsey. It involves making income minus outflow equate to S$0. With a zero-sum budget, every dollar you have is assigned a task, with some of those going into savings or other spending categories. This type of budget can be restrictive, which is not ideal for everyone.

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The 50-30-20, on the other hand, divides your budget into different percentages. 50% of income is allocated toward needs, 30% to your wants, and 20% to your savings. Do your research to help you decide which budget method will make sense for you.

Sources: 1 & 2

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Ways to stick to a monthly budget

a woman calculating her expenses

It’s not simple to stick to a budget and even the most diligent savers have trouble staying the course at times.

The fact of the matter is that making mistakes is an inevitable process of learning. You will have a greater awareness of your connection with money and more command over your expenses once you get a hold of it. There isn’t a magic button that will keep your budgeting on schedule, but there are a few suggestions that can assist.

Keep scrolling for ways to stick to a monthly budget.

Side incomes

Budgeting is only half of the story; boosting your income can help you achieve your financial goals. Look for ways to make additional money by working or by taking on a side hustle. Admittedly, nothing feels more comfortable than regular contributions to your bank account.

Track the transactions

We all spend money in various categories daily: food, petrol, eating out, and so on. It’s better to develop the practice of recording these transactions as soon as they occur. For instance, do not leave the supermarket until you have done recording the purchase amount on your phone.

Plan your weekly meals
a woman shopping with a grocery list

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The quickest method to protect your cash on hand is to plan your meals and follow a shopping list. You won’t overspend on products that will go stale fast in your refrigerator and then end up in the trash if you plan everything you need to cook for the week.

You will also most likely eat healthier if you avoid buying junk foods that don’t fit into your eating plan. Choose recipes that employ similar ingredients so that you will be able to make full use of them without letting them go to waste due to leftovers.

Say no when you need to

To be realistic, you do have to learn how to reject occasionally; it’s all a part of adulthood. You can’t just expect to acquire whatever you desire. It’s similar to declining social invitations to conserve your time and effort. Saying no to spending is the same—you don’t splurge to avoid draining your current account or your money for tomorrow.

Don’t be concerned about what everyone else claims to have on social networking sites. Some of them are heavily in debt to their luxury possessions, while others are struggling to gain control of their lives away from the camera. So put forth the attempt to protect your budget because being committed to it and your financial goals are more precious now than later.

It’s never a bad way to strictly adhere to your budget, maintain budgeting skills, and keep your save-spend proportion in check. While you may still do anything you want, whether it’s taking a quick trip during the holiday season or checking something off your wishlist from time to time, make sure you have a budget set up for each activity. And don’t forget to incorporate some of the abovementioned ways to help you stick to it.

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