Save Money in Singapore | Money Management in Singapore
Budgeting | Lifestyleby Priyadarshini 4 February 2022
Whether you need a little help getting started or some motivation to get out of a bad financial spot, here are easy but effective things you can do this year to achieve your financial goals. We tell you how to save money in Singapore.
Save Money in Singapore
Make a goal for yourself to save for
Some people, find it difficult to save money. Some simply don’t see the value of saving for the sake of saving.’ If this describes you, setting a specific goal to save for may be beneficial. By assigning a goal, an amount, and a deadline, you give the act of saving money purpose and significance. This, in turn, helps you focus on and achieve your financial goal.
This strategy works well if your financial aim is moderate. If the amount is so vast that you can’t see the end, there’s a good probability you’ll get lost halfway through.
Automate your savings
Getting started with saving money is the most challenging step. You’ll be far more inclined to stick with it after you’ve established the habit. Set up an automated savings plan for a foolproof and simple way to save money. This is as simple as opening a secondary account and establishing a standing instruction for a funds transfer. Once completed, the amount you indicate will be sent into your secondary account on a monthly basis.
Begin by conserving a tiny amount to give yourself time to acclimatize to your new, more limited budget. When you’ve gotten the hang of it, consider increasing the amount you save each month and watch your savings increase.
Make saving money a game
If you despise saving money because it makes you feel deprived, try turning it into a game. You can minimize or even overcome your initial distaste by shifting your emphasis to winning the game. Stick to something small and manageable, with well-defined rules. Clear objectives will help you focus better and give you the motivation to excel.
Utilize endowment schemes
Endowment plans can help you save money by ‘locking away’ your premiums for the duration of the plan before returning them to you — with a nice pile of interest on top. They also include harsh penalties for early termination, raising the stakes to the point where you will stop saving money. Endowments are a good way to save money as long as you pay the premiums on time. As a result, some see this as a form of ‘forced’ savings.
It is best to begin with a shorter-term endowment plan and a budget that you are confident you can pay for the duration of the plan. If you find that this technique works for you, you may always buy more endowment plans later.
Get rid of any saved credit cards and shopping carts
If you’re having difficulties managing your internet buying, this advice will come in handy. Enter your browser and remove any saved credit cards you come across. If you’re tempted to spend money on foolish goods, you’ll have to re-enter your credit card information. This causes an interruption, allowing you to evaluate your purchase.
While you’re at it, empty all of your online shopping carts. You won’t receive reminder emails and be enticed to spend this way and you can save money in Singapore.