12 tips on saving money for the family in Singapore
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With the rising cost in Singapore, it makes perfect sense to seek out ways to save money for the family. We decided to do some research and source out the best way to stretch your dollar. From savings of a few dollars to even thousands of dollars, we got you covered.
Here are some ways you could consider to save a pretty penny. After all, a penny saved is a penny earned.
1 Shop at Hypermart
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There are several types of supermarket in Singapore. From the upmarket names such as Jasons Market Place to hypermarts like Giant, Singaporeans have a wide range of supermarket options to choose from.
The truth of the matter is that for the SAME type of product, the premium supermarkets tend to charge more. If you are getting your daily bread and butter, head to the fuss-free hypermart instead.
Savings: A few cents to dollars per item. Multiply it and you could save anywhere from $1 to $100 per grocery shopping trip
2 Buy online
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The reason why so many retail stores are closing down is mainly due to online stores. Unlike retail stores, online stores do not have any rental overheads, thus they can sell their products cheaper. Good buys include gadgets, clothes and more.
To maximise returns, look out for cash vouchers, credit card rebates or special sales day ( such as Singles Day and Black Friday).
Popular sites include Qoo10 , Lazada , Taobao and Aliexpress
Qoo10 Pro Tip
1) Use Qpoints for redemption. You can get Qpoints via purchase review or simply visit the site everyday.
2) For big money items, change to qmoney before purchase. Qmoney works like real cash. you can purchase a $100 value Qmoney for only $97, saving you an extra $3
3) Use a Credit card for the purchase, some credit cards give online purchase rebates for up to 5%.
Stack all these up with existing promotions and you will enjoy substantial savings.
Savings: If you are savvy in using the discounts and sales, you might get a pretty good deal at 20% or more. We managed to snag a GoPro Hero 6 for less than $500 when it retails for $595 at Q0010
3 Look out for deals on Carousell
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Carousell is a pretty nifty app that lets the ordinary folks buy and sell used or unwanted items. Many times you can find a gem and a great bargain even for new and unused products.
The risk is meeting irresponsible sellers and buyers. So it is best to check their ratings before doing a deal. We have our own carousel page too and had bought and sell over 100 items since then. You can find us here.
Savings: Depends on what you get, second-hand items might sell for as much as 50% discount or more. On the flipside, sell your unused and unwanted item to earn some kopi money.
4 Go to trade shows for display sets
Popular trade shows such as IT show, PC Show, Comex, Sitex are a good hunting ground to find your next TV or computers. Other than that, if you happen to spot an electronic roadshow in the mall, take a closer look at their display sets. Most of them are in almost new condition save for being used during the exhibit for a few days. TV sets usually go for 20% or more discounts for display sets
Savings: Tens to hundreds of dollars
5 Consider a used car or even better ... no car!
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Imagine this scenario, you purchased a new car, drive it out and immediately lose 10K in resale value the moment it leaves the dealer. New cars are great, but with a 10-year-old COE, cars are always a depreciating asset. The next time you are in the showroom, ask for an event or management car. Those are used for only a week or a month, but you saved a couple of thousands for petrol. You might even want to consider 2-3 years old car. Who knows, you might find one with low mileage for a great price, making your ride more affordable.
Better yet, take public transport and ditch that car. With an average depreciation of $1000 or more (including maintenance, petrol, road tax) per month, a car would cost you twice as much as public transport. The bottom line is that car is not an asset ( unless you use it for a living).
Savings: Up to 6 figures (more if you are driving a Bently) if you forgo the ride!
6 Book travel attractions before you head for the holidays
Being a Lifestyle and travel blog, it is not surprising to hear that we love to travel. Travelling does not come cheap, but we do find good deals on Klook. We used them mostly to book our overseas trip activities. Check them out here.
Savings: Enough for a good meal or two
7 Book hotels on your own
It had been a long while since we engage in tour groups for our overseas trips. Nowadays, we would head straight to book our hotels from Booking.com. Rates are pretty good and sometimes even better than booking straight from hotels. With a wide range of hotels to choose from and the ability to cancel without fee, Booking.com has been our choice of travel portal ever since.
Book your next holiday home here
8 Check out credit card deals
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Having a credit card means more than just going cashless. Competition for credit cards is pretty healthy. Get the right card and you can enjoy cash rebates, 1 for 1 deal, kris flyer miles and more.
Check out this comparison of credit cards to choose your next credit card.
Savings: Cashback = discounts on your expenses.
9 Look out for deals at attractions
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Deals are aplenty if you look close enough.
Certain attractions such as Gardens by the Bay and Singapore Zoo offers promotion such as local resident price or multi attractions discounts. If you really like the attractions, go for the annual pass. Usually, you can cover the cost of the annual pass within 2 to 3 visit.
Savings: A couple of bucks for a meal at the attractions.More if you take and use the annual pass.
10 Stock up during Great Singapore Sales
Fancy the outfit you want for Christmas or New Year? Wait for the GSS for a good deal. We reckon the savings of 20-80% is for such deals. Applies to other items such as household products or electronics as well.
Savings: Depending on what you purchase, it could mean a couple of additional zeros in the bank account.
11 Place money in Fix Deposit
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Nor sure what to invest in for your spare cash?
No fret, putting money in Fix Deposit is better than standing at the side and let your money lay idle in a savings account. Using compounding rate of return at 1.5 % over 5 years, a $100 000 Fix deposit could give you $7728 return in 5 years. Enough to go on a short holiday.
For the record, the current FD rates range from 1.2% to 1.55% pa. you might like to shop around for the best rate in town.
Savings: The more you have, the more you save. With a million dollars savings in 10 years in FD alone, you could even get a free car after 10 years!
12 Utilize free entertainment
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Always scratching your head to find entertainment for your kids every weekend?
With the escalating price of raising a child, it is worthwhile considering saving a penny or two on entertainment. However, that does not mean that they have to miss out on the fun.
Check out these mega playgrounds that do not cost a single dime!
Click to read our reviews
- Gardens by the Bay Children's Garden
- Palawan Pirate Ship at Sentosa
- Marina Cove Playground
- Pasir Ris Park Playground
Savings: Funds for the enrichment classes
There you have it, 12 tips for saving money for the family.
With these tips, how much did you save this year?
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