Beginner’s Guide to Saving Money in Singapore

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.

Sources:1,2, & 3

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Bad Money Habits We Grew Up With (& Why We Must Unlearn Them)

Money talk isn’t exactly dinner table conversation in many Singaporean homes. You can bet we’ve all heard the usual: “Don’t spend unnecessarily”, “Save your angbao money”, or worse, just silence when it comes to CPF, loans, or budgeting.

Whether it was your mom, your dad, your loud uncle at Chinese New Year, or your office colleague who still pays minimum on their credit card, the financial “wisdom” we grew up with often came with good intentions but not always good outcomes.

So here’s a real talk list of bad financial lessons many of us were taught.

#1: NO CREDIT IS GOOD CREDIT

Some of us were raised with the fear of credit cards. “Ah girl, don’t take credit card ah. Later you kena debt!”

My friend’s parents had their struggles with borrowing, so they swung the other way and taught them to avoid debt completely. But here’s the thing. No credit history can actually work against you.

Without any credit activity, like responsibly using a card and paying it off, you might find it hard to get a loan or rent a flat. Credit isn’t the enemy. Misusing it is.

#2: DON’T WASTE = REPLACE EVERYTHING

You know the classic auntie logic: “Don’t waste money on repairing lah, just buy new one.”

Whether it was a microwave, a pair of shoes, or even a fan, if it broke, we just tossed it and replaced it. Never mind that a simple fix might cost less and last longer. Somewhere along the way, the “waste not, want not” principle got twisted.

#3: SWIPE FIRST, THINK LATER

Living beyond our means is something many of us saw growing up but didn’t realize was a problem until adulthood.

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Some elders would say, “Just put on card first lah, pay later.” But later never really came. Buying branded goods on installment plans, splurging at Robinsons or TANGS sales, or upgrading gadgets every year became the norm, not the exception. Saving up first before spending? Almost unheard of.

#4: NO PLAN, NO PROBLEM (UNTIL IT’S A PROBLEM)

Planning for the future? Wah, so far one. Whether it was not having insurance, skipping CPF top-ups, or not saving for retirement, the mindset was very much “today first, tomorrow worry later.”

Problem is, later always comes and then we scramble.

#5: ONE-DAY MILLIONAIRE SYNDROME

You know this one. Payday comes, and suddenly it’s crab dinner, new clothes, kopi upgraded to Starbucks. Next thing you know, end of the month liao, and it’s instant noodles until the next pay comes in.

It wasn’t that our parents were reckless. Just that budgeting wasn’t something they were taught either. So what did we learn? That spending is reward and saving is optional. Oops!

#6: MONEY TALK = TABOO

In many households, money talk is more hush-hush than your cousin’s secret engagement.

We don’t discuss how much we earn, how much we owe, or whether we’re struggling. The result? Most of us grew up with a very murky idea of how money works. We weren’t taught about insurance, taxes, or loans. We were just expected to figure it out, somehow.

IN A NUTSHELL

Our parents did their best, but now it’s our turn to get smart.

Start small. Track your spending, ask questions, learn what you missed. There are loads of free financial literacy programs now. DBS, OCBC, and even CPF have online tools to help you budget, plan for retirement, or understand your savings options. Nonprofits like Credit Counselling Singapore (CCS) also offer workshops if you’re feeling a little lost about managing debt or building your credit.

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There’s no shame in learning money skills as an adult. Better late than broke!

Sources: 1,2, & 3

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Stop Oversharing Your Wealth on Social Media

In a digital era where every meal, milestone, and moment is shared online, it’s tempting to show off your financial wins. I am talking about your latest pay raise, that dreamy Maldives vacation, or the luxury watch you just bought.

But before you hit POST, consider this: oversharing your financial life on social media can bring more harm than good. Here’s why keeping your salary, travels, and big purchases under wraps might just be the smartest financial move you make.

#1: AVOID UNWANTED ATTENTION FROM SCAMMERS

Singapore has seen a rise in scams, from phishing attempts to identity theft. When you broadcast your salary or expensive purchases online, you inadvertently make yourself a target. Scammers can use this information to craft highly personalized attacks, tricking you into revealing more personal data or even gaining access to your accounts.

For instance, if you constantly post about your latest gadgets and expensive vacations, cybercriminals may assume you have disposable income. Keeping your financial details private reduces your vulnerability.

#2: PREVENT UNNECESSARY SOCIAL PRESSURE

Even among close friends and family, revealing your salary or luxurious purchases may stir envy or create unnecessary competition. Oversharing can lead to silent resentment or pressure others to keep up, potentially leading them into unnecessary debt just to match your spending habits.

Furthermore, constantly flaunting wealth can strain relationships. You might find yourself being approached for loans or financial favors more often than you’d like.

#3: PROTECT YOUR PROFESSIONAL REPUTATION

Sharing your salary and big purchases on social media can backfire in the workplace. If your colleagues or boss see your posts about pay raises or lavish spending, it could create tension or resentment. If you work in an industry where discretion is valued, such as finance, law, or consulting, oversharing may be perceived as unprofessional.

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In some cases, discussing salary publicly can even put your job at risk. Employers often discourage employees from disclosing their earnings.

#4: MAINTAIN PERSONAL SECURITY

Posting vacation photos in real time signals to the world that your home is unattended. Even if you live in a secure condominium, why take the risk? If you must share your travels, consider posting only after you return.

Similarly, revealing expensive purchases online can expose you to potential burglaries. A new Rolex or designer bag on your Instagram feed might attract the wrong kind of attention.

#5: STAY FOCUSED ON YOUR OWN MONEY GOALS

Social media fosters a “comparison culture” where people showcase only the highlights of their lives. If you constantly post about financial wins, you may fall into the trap of spending just to impress others.

By keeping your financial milestones private, you stay focused on what truly matters. Shift your focus to your long-term financial stability. Whether you’re saving for a home or planning early retirement, financial discipline is best cultivated away from social media’s influence.

#6: ENJOY WINS WITHOUT EXTERNAL VALIDATION

Not every success needs an audience. Achieving a financial milestone should be personally fulfilling, not a means of seeking social approval. Keeping these moments private allows you to fully enjoy them without external pressure or unsolicited opinions.

Personally, I appreciate the finer things in life, which is why I save up to travel and experience new places. I also take advantage of opportunities to purchase luxury items at lower prices while abroad. When I share my travels on Instagram, it’s primarily to preserve memories and not to show off.

IN A NUTSHELL

In a world where oversharing is the norm, financial privacy is a power move. Keeping your salary, travels, fancy meals, and big purchases off social media isn’t about being secretive, it’s about being smart.

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So the next time you’re tempted to flex on Instagram, ask yourself: is the validation worth the risks?

 

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5 Signs You’re Financially Ready to Move Out of Your Parents’ House

Moving out is a significant milestone for many young Singaporeans. While living with parents until you’re financially stable is common in Asian cultures, there comes a time when independence is the goal. But how do you know if you’re truly ready? Well, consider these five signs that you’re financially prepared to live independently in Singapore.

#1: YOU CAN AFFORD THE COSTS OF MOVING OUT

Rent will likely be your largest monthly expense. In Singapore, renting a room or flat is common for singles under 35, unless family support helps secure a private apartment. Apart from rent, consider other costs like furniture, food, transportation, and household bills. Location, size, and proximity to amenities will affect rental prices, so ensure you can comfortably manage these costs before making the leap.

HDB flats are typically more affordable but come with eligibility criteria and waiting periods. Private condominiums offer more flexibility but at a higher cost. Understanding the differences will help you make the right choice.

#2: YOU HAVE AN EMERGENCY FUND

Unexpected expenses, like medical bills or home repairs, are inevitable. Having an emergency fund, ideally three to six months’ worth of living expenses, provides financial stability during tough times. If you haven’t built your emergency fund yet, focus on saving before considering independent living.

#3: YOU CAN PAY YOUR BILLS ON TIME

Paying bills promptly is a key sign of financial stability. If you consistently meet your obligations, it shows you’re managing your finances well. Struggling to pay bills or delaying payments? You may need to improve your budgeting skills before moving out. Consider reducing non-essential spending or finding ways to increase your income.

#4: YOUR NET WORTH IS GROWING

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Financial stability means having extra funds to save and invest. If you’re growing your net worth through investments in stocks, real estate, or other assets and side hustles, you’re on the right track. Even small increases in your net worth show that you’re financially responsible and ready for the added costs of independent living.

#5: YOU ARE EMOTIONALLY READY TO MOVE OUT

Moving out is not just a financial decision…it also requires emotional readiness. Independent living involves managing your own household, cooking, cleaning, and solving problems on your own. If you feel confident in your ability to handle these tasks, it’s a good sign you’re prepared for this next step in life.

IN A NUTSHELL

Living independently comes with both perks and responsibilities. Assess your new financial obligations, such as contributing to your parents’ allowance or paying for insurance, and plan your budget accordingly. Additionally, consider the emotional impact on your family dynamics. Moving out can change your relationship with your parents, so make sure you’re ready for this transition.

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Take your time to plan and ensure that when you do move out, you’re doing so with confidence and security.

Sources: 1 & 2

 

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How to Reach Financial Stability While Adulting

Adulting often feels like a juggling act. You’re managing bills, savings, and responsibilities, while also trying to make room for the things that keep you sane like shopping, travel, or that occasional indulgence. It can feel overwhelming, but you can find balance and achieve financial stability with the right strategies. Start with these steps:

LEARN TO ALLOCATE

Budgeting is the cornerstone of financial stability. One effective strategy is the 50-30-20 rule, which suggests allocating:

a. 50% of your monthly income to fixed expenses, like housing, transportation, and subscriptions.
b. 30% to flexible spending, such as shopping, bag charm collections, and leisure activities.
c. 20% to savings or financial goals, creating a cushion for emergencies.

This formula isn’t one-size-fits-all. Feel free to tweak it based on your priorities and responsibilities. The key is to give every peso or dollar a purpose.

TRACK YOUR SPENDING

Ever wonder where your money disappears? Keeping a detailed record of your expenses can be eye-opening. Apps, spreadsheets, or even a good old notebook can help you identify spending habits and areas where you can cut back.

A practical tip: Some people swear by having a bank account without online access as it requires more effort to withdraw money, which might discourage impulsive spending.

EDUCATE YOURSELF FINANCIALLY

Knowledge is power, especially when it comes to personal finance. Start by reading books or articles from reputable sources like Money Digest or the Government’s MoneySENSE. These resources break down complex topics into simple, actionable advice.

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If you’re ready to take it up a notch, consult financial professionals like planners or accountants. And remember, stay firm on your goals. Don’t let anyone pressure you into overspending, whether it’s a significant other or friends planning extravagant trips.

BUILD AN EMERGENCY FUND

You’ve heard it before: “Save for a rainy day.” But how? Allocate a percentage of your income to a contingency fund. This could be in a savings account or investments that allow your money to grow. Even small, consistent contributions can build a significant safety net over time.

SAVE FOR RETIREMENT NOW

It’s never too early to think about your future. Thanks to the power of compound interest, starting your retirement fund in your 20s can set you up for a comfortable future. The earlier you start, the more your savings will grow, with interest building on both the principal and the interest already earned.

INVEST IN YOURSELF

Before diving into stocks or real estate, focus on the most valuable investment: you. Whether it’s pursuing a degree, learning new skills, or taking courses unrelated to your job, self-improvement pays off in the long run.

Employers value well-rounded individuals who demonstrate ambition and a commitment to growth. Explore free or low-cost learning platforms like the Singapore University of Social Sciences or SkillsFuture Singapore.

ADOPT A HEALTHY FINANCIAL MINDSET

Financial stability isn’t just about numbers as it’s about mindset. Create a lifestyle that’s both enjoyable and sustainable. Learn to view money not as the goal but as a tool to achieve your dreams.

As Melissa Olson, AVP and Wealth RPS Education Coordinator at Johnson Financial Group, puts it:
“Adopting a healthy money mindset involves more than just managing your finances—it’s about creating a sustainable lifestyle that aligns with your financial capabilities and future aspirations.”

By living within your means and developing a strong savings plan, you’re setting yourself up for a lifetime of options and freedom.

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Budget wisely, educate yourself, and never stop investing in your future. The road to financial stability starts with small, intentional steps. Take yours today!

Sources: 1,2, & 3

 

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