Saving money in Singapore can be challenging given our high cost of living, but it is not impossible. There are many ways to reduce your expenses and increase your income, without compromising your quality of life. Here are some tips to help you save money in Singapore:
Method 1: Track your spending and budget wisely.
You can use apps such as DBS Digibank (Plan and Invest) to see how much you spend in different categories, such as food, transport, entertainment, and shopping. This can help you identify areas where you can cut down or save more. You can also set up automatic payments or reminders for your bills, to avoid late fees and interest charges.
If you do not like to track every single expense diligently, do check out this fast and easy method that I use to get a good estimate of my monthly expenses:
How Much Is Enough For Retirement Or Emergency Funds? | How I Calculate My Monthly Expenses
Method 2: Use apps and cards that offer discounts and rewards.
There are many apps and credit cards that can help you save money on your daily necessities, such as groceries, food delivery, dining, transport, and entertainment. For example, you can use ShopBack to get cashback on your online purchases, Grab to earn points and vouchers for your rides and food orders, and Eatigo to enjoy discounts at restaurants. You can also use credit cards that offer cashback, air miles, or other perks.
I like to use the Citibank Cashback credit card for 8% cashback on grocery shopping, the BOC Family Card for 10% cash back on dining, and the Standchart Manhatten card for big purchases which earns 3% cashback on total spending above SGD$3,000.
Method 3: Grow your money with high-interest savings accounts and CPF top-ups.
Instead of letting your money sit idle in a low-interest savings account, you can switch to a high-interest savings account, such as the DBS Multiplier Account, UOB One Account, BOC Smart Saver account, which rewards you for your income and transactions.
I am personally using the BOC Smart Saver account which gives around 5.2% interest off my savings and I like the cash rebate rewards from using the BOC family card on my spending every month.
Method 4: Take advantage of free or cheap activities and events.
Singapore has many free or low-cost attractions and events that you can enjoy with your family and friends, such as parks, museums, libraries, festivals, and concerts. Check out this free live performance at Smash Park (just beside Stadium MRT station):
You can also look out for promotions and deals on websites like Klook, Fave, or Hapz, that offer discounts on tickets and experiences. I personally like to use the Klook app to buy movie tickets at a discount for weekend shows. For a bundle of 5, you can earn up to 8% discount off your movie tickets when you watch a movie over the weekend or public holiday.
You can also join interest groups or communities on social media platforms such as Facebook or Telegram that share your interests and hobbies, and participate in their activities and events.
Method 5: Be smart about your travel plans.
If you love to travel, you can still do so without breaking the bank. You can use websites like Skyscanner, Expedia, or Kayak, to compare and book cheap flights and hotels. You can also use apps like Airbnb, Couchsurfing, or Hostelworld, to find alternative and affordable accommodation options. You can also use credit cards that offer air miles or travel insurance.
I love to use Scoot to book flights to nearby countries like Taiwan because they offer good flight timing and very competitive prices. The service is not too bad overall for a company that is a subsidiary of Singapore Airlines.
Method 6: Find ways to reduce Income Tax
You can also make cash top-ups to your own or your loved ones’ CPF accounts, to enjoy tax relief and higher (risk-free) interest rates. This can help you save for your retirement and other long-term goals. With more tax relief, you are essentially paying less taxes every month and that is a form of saving.
Check out the IRAS website on the types of tax relief you are eligible for. Do also periodically review your income tax filing so that you do not miss out on the reliefs that you are eligible for. I personally have forgotten to file a claim for spouse relief for several years and they are not refundable after the assessment period is over.
Method 7: Sign up for brokerage accounts and earn free shares
You may want to consider signing up brokerage account such as Webull or MooMoo, to earn free shares off their welcome rewards promotion. For example, the latest promotion (March 24) from WeBull allows you to earn free Nvidia shares when you sign up with them. Thereafter, you can sell the shares to redeem the cash value or you can keep them in the brokerage for long-term investment.
How To Earn Free Nvidia Shares (Worth USD50 ~ USD10,500) + SGD40 Cash?
Method 8: Sign up for credit cards for their instant cashback and welcome gifts
If you are a working adult with more than $30k of annual income, you are likely to qualify for signing up for credit cards from major banks and companies, which allows you to earn instant cashback or welcome gifts once you have successfully signed up for them. There is a comprehensive list of the latest credit card promotions compiled on Moneysmart Singapore and Singsaver.
I had previously signed up for the HSBC Revolution credit card to earn a free Samsonite luggage that is worth over $600 and that helped me save because I was intending to buy a luggage during that time.
Concluding Thoughts
These are some of the ways to save money in Singapore, but there are many more. The key is to be mindful of your spending habits and to look for opportunities to save and earn more. Remember, every dollar counts, and you can achieve your financial goals with some planning and discipline.
Do also check out this article on the 10 tips to help you deal with the rising cost of living:
10 Ways To Save Money To Help You Fight Inflation & Rising Costs Of Living
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