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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

Closing Your Singapore Bank Account the Right Way

Closing a bank account in Singapore is generally straightforward, but it is not as simple as clicking a button. Personally, it is a step I will be taking in the coming weeks as I switch banks. Whether you are consolidating your finances (like me) or managing the estate of a loved one, doing it properly ensures a smooth process and helps you avoid unnecessary fees or complications.

The first step is to make sure your account is ready to close. That means settling any outstanding balances, unpaid fees, or overdrafts. If your account still holds money, decide how you would like to receive it. Most banks offer a few options. You can transfer the remaining funds to another account, request a cashier’s order, or withdraw the balance in cash at a branch.

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Before you move forward, take a moment to review any automatic payments or GIRO arrangements linked to your account. These recurring transactions must be canceled in advance. Failing to do so could cause missed bill payments or rejected transfers once the account is closed.

Once everything is settled, contact your bank for the closure form. This can usually be done by visiting a branch or downloading the document from the bank’s website. Fill it out with your personal details and specify which accounts you intend to close. Each account typically requires its own form. For instance, this is a sample of the OCBC Account Closure Form and a sample of the CIMB Account Closure Instruction.

Submitting the form depends on your situation. If you are in Singapore, visiting a branch remains the fastest route since bank staff can process the request immediately after verifying your identification. You can also mail the signed form, though this may take longer to process. For customers based overseas, some banks accept international submissions, but you may need to have your documents verified at a Singapore overseas mission, which could come with extra charges.

Digital banking has made the process even easier for some. DBS and POSB, for instance, allow customers to close a personal or joint alternate account online using the digibank portal. After logging in, you can select the account, verify your details, and transfer any remaining balance to another account before confirming the closure.

When the account is officially closed, you can receive your remaining funds by transfer, cashier’s order, or cash at a branch. Once done, the account becomes inactive and cannot be used for any further transactions, whether through ATMs, online banking, or other self-service facilities. Any GIRO deductions or cheque clearances will automatically be rejected. In addition, PayNow links tied to your mobile number or NRIC will be automatically removed. Any incoming payments through PayNow will no longer be credited once the account is deactivated.

If the closed account was the only one linked to your ATM or debit card, you should destroy the card to prevent accidental use. The same goes for a savings passbook, if applicable.

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In cases where you are handling the account of a deceased loved one, contact the bank directly. You will likely need to present documents such as a death certificate or the Last Will & Testament. Each bank has its own policy for estate settlements, and staff can guide you through the steps.

Closing a bank account is often the last chapter of a financial story. By taking the time to settle obligations, secure funds, and follow the bank’s procedures, you can bring that chapter to a close with confidence and clarity.

Sources: 1 ,2, & 3

How to Start Investing in Gold in Singapore

There is something undeniably alluring about gold. Beyond its gleam and grandeur, gold carries a timeless quality, a tangible piece of wealth that transcends generations. Whether worn as jewelry or stored as bullion, it is an asset that often endures when markets falter. But for those looking to begin investing in gold in Singapore, the questions remain: Where should you start? Should you buy gold bars or gold jewelry, and which form truly protects you against inflation?

Gold’s enduring appeal lies in its reputation as a safe haven. When uncertainty shakes the global economy, as seen during the 2008 financial crisis or the COVID-19 pandemic, investors frequently turn to gold to preserve value. It is the metal that shines brightest when confidence in currencies fades.

One of the most traditional ways to invest in gold is by purchasing physical bullion, which refers to investment-grade gold in the form of bars, coins, or ingots. Each bar typically bears the stamp of its manufacturer along with its weight and purity, usually 99.5 percent or higher. Coins, on the other hand, often carry artistic engravings or collector value that can push prices above the metal’s intrinsic worth. In Singapore, buying bullion comes with a tax advantage because gold that qualifies as an Investment Precious Metal (IPM) is exempt from the Goods and Services Tax (GST). Reputable sellers include UOB Gold Bullion, BullionStar, and GoldSilver Central.

Gold jewelry offers another route, though it is not quite the same as investing in pure gold. Jewelry comes with added costs such as craftsmanship, branding, and design premiums, which dilute its value as an investment asset. It can still serve as a portable store of wealth, but it is not GST-exempt and should not be mistaken for a direct hedge against inflation.

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For investors seeking something more dynamic, gold can also be approached as a currency-linked investment. Some structured products allow you to treat gold as a tradable currency known by its code XAU. In this setup, you agree on an investment term, a base currency such as USD or SGD, and a target conversion rate. Depending on gold’s performance against your chosen currency, your returns may be paid in cash or in gold itself. The potential for higher yields makes this approach attractive to those comfortable with some risk and the idea of being repaid in ounces rather than dollars.

If you prefer not to store or insure physical gold, exchange-traded funds (ETFs) and unit trusts offer a more accessible alternative. These funds mirror gold’s market performance without requiring you to hold the metal. ETFs tend to passively track gold prices, while unit trusts are actively managed by professionals who buy and sell gold-related assets on your behalf. They trade easily on the stock exchange, making them a flexible and liquid way to diversify your portfolio. Still, investors should review management fees and ensure that the fund is operated by a reputable institution.

Another indirect approach is through gold mining stocks. Companies such as Barrick Gold (GOLD) and Newmont Corporation (NEM) give investors exposure to the gold industry without owning the physical commodity. Their share prices often move in tandem with gold’s market value, though management quality, operational efficiency, and geopolitical risks can introduce additional volatility.

Should you buy gold in Singapore? Absolutely, but with a clear understanding of what you are buying and why. Gold can act as an anchor in turbulent times, a hedge against inflation, and a stabilizing force in a diversified portfolio. Yet it is not without its challenges. Physical gold lacks liquidity compared to ETFs or stocks, and its price can swing sharply in response to economic shifts.

Ultimately, investing in gold is about balance. It is not meant to replace other assets but to complement them, serving as a steady counterweight when markets stumble. In a world of uncertainty, gold remains one of the few investments that appeals as much to the heart as to the head, a rare blend of beauty and financial resilience.

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Disclaimer: This article is for general information only. Readers should research gold investments in Singapore and seek professional advice before investing. Remember that gold is best viewed as a way to diversify a portfolio, not as the sole safeguard for wealth.

Sources: 1 & 2

The S$1 Million Dream: Can You Retire at 50?

For some Singaporeans, the dream of financial independence is not just a distant fantasy but a tangible goal. A recent survey conducted by CIMB Singapore in collaboration with the Nanyang Centre for Marketing and Technology reveals that 63% of respondents aim to achieve financial freedom between 40 and 60 years old. More than half believe that reaching at least S$1 million would free them from financial worries, and nearly three-quarters consider this target realistic. Yet only 43% feel confident in their ability to manage finances effectively to reach this milestone.

The study, which gathered insights from over 500 residents aged 26 to 60 in December 2024, also highlighted the anxieties that accompany these aspirations. Among those aged 40 to 50, 47% report feeling often or always anxious about their financial future. The obstacles are familiar: high living costs, family responsibilities, and limited income streams. Surprisingly, gaps in financial literacy persist. While insurance ranks among the top three tools for building wealth, alongside savings and stocks, 39% of respondents remain unsure of its effectiveness as an investment vehicle.

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Financial analyst Albert Tan suggests that early and disciplined planning can turn this dream into reality. A 25-year-old aiming to retire at 50, investing $1,000 monthly with annual increases of 3%, could potentially accumulate over S$1 million by their target age, assuming a 7% annual return. Tan notes that this approach does not account for other life priorities such as property purchases or family expenses, and relies on consistent wage growth, which is not guaranteed for everyone.

CPF savings remain a critical pillar in the retirement plan. Securing the Full Retirement Sum in a CPF Special or Retirement Account by age 55 could provide a reliable monthly payout of around S$1,700 from 65, supporting long-term financial stability.

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Ultimately, achieving financial freedom by 50 may be ambitious. However, with consistent investing, income growth strategies, and prudent CPF planning, it is far from impossible. For Singaporeans willing to map out their financial journey early, what once seemed like a distant dream could become a carefully planned reality.

Sources: 1,2, & 3

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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