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Ways for Financial Savings | Plan Your Finances in Singapore 2022

Budgeting
by Priyadarshini 19 January 2022

Tired of setting resolutions and breaking them within the first week of the new year? If you want to have more discipline, routine, and balance in your life in 2022 then read this blog. In this blog, we tell you about five ways for financial savings in 2022.

Ways for Financial Savings

Your Investment Portfolio Should be Rebalanced

Before you run screaming, rebalancing your investment portfolio isn’t as difficult as it appears. When you initially started investing, you would have decided how much of your money to put into each sort of investment based on your risk tolerance. However, as some of your investments grow faster than others, the percentage will fluctuate over time. Take a glance at your investment portfolio today, and you might be surprised to see that the proportion of riskier investments is much higher than it was previously. Rebalancing your portfolio simply involves rearranging your investments so that you have an investment mix that you are comfortable with. This is something you may not have done in a long time, so make a commitment to do it.

Wait 5 Days Before Making Any Purchases

If you have a problem with impulse purchases, cutting up your credit cards or avoiding Orchard Road isn’t the solution because you’ll have a meltdown and wake up in a coma surrounded by a new Spring/Summer 2022 outfit sooner or later. Instead of denying yourself and then putting yourself in a straitjacket, commit to giving yourself five days to make up your mind if you’re considering purchasing something. If you’re still hankering after the thing five days later, go ahead and get it. Try this approach and let us know in the comments if it helps you save money.

Find Three Low-Cost Restaurants in Each of your Frequented Places

If you’ve ever been a visitor trapped in a bubble of overpriced, lousy eateries, you’ve probably felt the same way in some parts of Singapore (Sentosa, Marina Bay Sands, I’m looking at you), especially when you were so hungry you were ready to eat the next thing or person standing in your way. You know best where you like to hang out, and researching and making a list of three value-for-money eateries for each region will save you a lot of time and trouble when you’re out and about. It is one of the great ways for financial savings and overall financial discipline in life.

Give Up One Small money-Wasting Behaviour

We’re not saying you should stop smoking or drinking. No, we aren’t expecting you to be that ambitious. But, whether we realize it or not, most of us are guilty of developing small habits that cost us money. It may be the cup of Starbucks coffee you buy every morning before work or your habit of purchasing a tube of candies every time you pass a 7-11. Identify one tiny money-sucking habit you’d like to modify and make a resolution to cease doing it this year. One simple modification could be to start carrying a water bottle everywhere with you so you don’t have to buy water when the oppressive Singapore heat gets to you. Just changing one small habit could make a big difference.

Earn Your First Money Away From Your Job

If you’ve ever pondered a career change or simply fantasized about quitting your work, this is just one of the reasons you should start looking for an alternate income stream. With an increasing number of Singaporeans working past retirement age, it’s a good idea to start experimenting with generating money outside of the confines of your job if you don’t want to be sitting at the same desk decades from now.

How you earn your first dollar outside of work is entirely dependent on your ability and interests. Whether you opt to work as a private tutor, a pub musician, or create a small business, the act of making money that is entirely yours. Not your boss’s! Might have a greater impact on your future plans than you realize.

With these five ways for financial savings, you can apply them in your life save more money and get a better sense of where your money is going!

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Tags:
budgeting
budgeting tips
Expats
financial management
financial savings
investing
investment
money saver
saving money
Singapore
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