Despite Singapore being among countries with the highest per capita economies, it is also known for high living costs. Actually, it is the most costly city. You will feel the effects whether you belong to the lower or upper earning brackets. That is why your financial advisor might suggest cost-saving strategies to ease issues of cash-flow.
Certainly, you might encounter many online experts promising you quick-fix solutions for your finances. However, most consumers still suffer financially.
Despite all that, how can you ease your cash flow issues? Below we shall look at tips you can use to save that extra buck. Here goes!
Switch to Energy Saving light bulbs
Consider switching to energy-saving light bulbs around your home. You could try LED lighting as it is much cheaper and you can get outdoor lighting fixtures which will help you reduce the overall electricity cost. In using water-saving fixtures, you could reduce your entire PUB bill cost. Other easy strategies to reduce maintenance costs are using natural light, air drying the clothes, opening windows to allow cool air in, and installing an automatic thermostat.
Eliminate Cable and Landline
If you still depend on your expensive landline and cable, it is likely that your monthly bills are ever piling up. How can I reduce my monthly cable bill? Now, it is affordable to stream programs online which is more effective since you will only be paying for what you watch. There are affordable internet TV options as well as the latest movies and series which you can access on channels like as Netflix at a cheaper price.
Utilize Tax Benefits
In Singapore, household owners have many benefits that they can take advantage of but unfortunately, most are not even aware of them. How can you learn of tax benefits you can utilize? It is essential that you talk to the financial advisor to get some guidance on tax benefits that apply to your situation. For example, making energy-saving home remodels could lead to you getting tax deductions while your work situation might qualify you to get some useful benefits.
Use Online Shopping Portals like Taobao or AliExpress
By using online shopping portals as a consumer you could shop for anything you want under the sun. Whether it’s a most current smartphone you are looking, used or a new car, internet service packages, plumbing services and anything else. And by doing online shopping you will be able to save more. It also allows you to negotiate for a better deal considering the online market is very competitive. It’s also easy to get the best rates by comparing websites.
Use The Public Transport
In the past having a personal car served as a social status symbol. But today, your car is more a convenience and oftentimes you could even switch to using public transport. Will this switch help me save some money? This will help you save lots of money. Consider that daily commute to work using your car can be expensive when you look at the gas costs and car maintenance. Actually, most financial advisors will recommend against purchasing a car due to the high cost of maintenance and Certificate of Entitlement (COE).
Refinance HDB Home and Condo
Refinancing your mortgage could be a really useful option for homeowners. Especially when they are looking to improve their cash flow. Now, it is possible for you to refinance following each lock-in period which allows you to get better interests in the market.
Since mortgage financing takes a huge part of your monthly salary, it means that any opportunity to save on interest costs should be seized fast. Also, you may choose a lock-in rate when it is anticipated that interests will increase.
Additional cost-saving hacks to try
- Maximize on balance transfers
Would you consider doing a balance transfer on your high-interest debt? The ideal balance transfer cards have deals like 0% APR running for about 18 months – while other even have rewards programs. Maximizing on the 0% APR deal could help you reduce your debt hence saving a substantial amount on interest. Just be sure to consider the balance transfer charges, and repay the whole transferred balance within the introductory period when you can.
- Eliminate or reduce eating out or having take-out
Dining out and take-outs could be a huge time saver and a nice luxury for the busy family. However, the expense could be tremendous. Instead, consider other options available to make dining in more convenient — for instance, you could prepare lots of different meals at a go then freeze them for convenience later. In the meantime, mostly focus on easy recipes, and pick recipes that require fresh in-season produce in your area.
- Use personal loans to consolidate your student loans
What can you do when your student loans have a high rate of interest? Consider looking for some ways to consolidate some or all of them. Even though this is not a silver-bullet saver, you can use this option since most of the loans come with fixed rates. When you are not able to find a suitable moneylender loan option for consolidating your loan such as using a personal loan. Having one from a moneylender could actually pay back every single month.
- Unplug all unused electrical devices
Are there electrical devices in the house that remained plugged in, yet you hardly use? Most electronic devices always draw a tiny amount of electricity, the phantom charge, which could quickly add up. If you really consider the number of small appliances and devices you own then the total usage will be high. So to rid of that usage, you could simply unplug power strips or any items you rarely use.
When it comes to your finances, it is important to recognize that only you are in control. Even so, there are several generally accepted tips mentioned above which could help you deal with the high costs of living. Through trying some of the strategies above could result in huge savings later on. Then again, trying them all could literally change your financial future – a dollar a time.