- April 23, 2020
- |Legal Moneylender
- 0
Singapore has the reputation of being one of the most expensive places to live in the world. But if you decided to be here and now have moved in, you need to think about your finances at every point. Whether you are here to work or to complete your studies, we will share some smart ways to save money every day so that you can live a comfortable life while you are in Singapore.
1. Decide Where to Eat From
One of the best things about this place is that you can get food at every cost. Newcomers are often amazed that locals can eat out (all three meals) for around S$9 a day. But if you don’t know the trick, you may even spend more than S$50 per meal. Watch where Singaporeans or anyone who has lived here a while go to eat and drink. The sooner you learn from the locals, the sooner you will be able to save money for other things. You’ll quickly realize that an S$3 meal can taste as good as the S$35 one. And yes, portion sizes are almost equal. So for the first few days, take walks around your house and office and find out who serves what, how much, and at what price.
2. Get a Singaporean Credit Card
If you are someone who uses a credit card for every other transaction, this is for you. When making credit card transactions, avoid using a credit card from your home country. On top of currency differences, you may get charged foreign transaction fees, which can be as high as 2%. Get a local credit card instead. Besides avoiding these fees, credit cards in Singapore can save you money in the form of cashback, 1-on-1 restaurant deals, or discounts at your favorite retail shops. All these also play a vital role when it comes to saving money or using discounts instead of paying directly.
3. Choose a Bank
When in Singapore, it is advisable to have two bank accounts. The first bank should be an international bank used to send money to and from home. This is usually cheaper than using a non-bank remittance service, and you may get a better exchange rate. The second bank should be a local bank, through which you can have your salary credited and conveniently handle withdrawals or deposits. Singapore is a host to a range of well-known banks like DBS and HSBC, and also private and offshore banks that may offer you a better deal if you are affluent. Don’t go by the big names and reputation of these banks. Compare the offerings and interest rates offered by each local and international bank and get two accounts on your name. If you already have an account in an international bank that is well-known in Singapore as well, you don’t have to worry about this then.
4. Double-check When Shopping
There’s no denying in the fact that mark-ups in Singapore stores can be high. This is doubly true for high-end brands and touristy areas, such as the shops along Orchard Road. So if you are someone who loves shopping or even if you happen to shop once in a while, do it from your hometown or online. Compare the rates in branded stores and shopping malls with the rates of the same products online. You will find a considerable difference in both. Avoid paying more the next time you want to shop and compare rates before setting out. You never know, being at home and shopping might be easier, time-saving, and cheaper than going from stores to stores.
5. Shop for Groceries Locally
Avoid grocery shopping at expat-friendly grocery stores like Tanglin or even Cold Storage. Go local and shop at Fair Price Finest, Giant, and local wet markets. Local Fair Price stores are not good substitutes for shopping but look for Fair Price Finest which is a huge supermarket. Once you start shopping regularly, you will be able to compare costs at both of these options and decide which type of store gives the best deal. Look for quality and cost of groceries and make your choice.
6. Think About Your Commute
Look for a place to live in Singapore that is near to various public transportation modes. Live somewhere convenient to public transportation. Buses and the MRT are fantastic, plus you can even use taxis to supplement your transport from there. Don’t get a house that requires you to have a car. Buying, or even renting a car, and maintaining it is very expensive in Singapore. Try to rely on public transport that too as less as possible so that you can save enough every month.
7. Try Auctions for Furniture
If you need to furnish your place (which you will most likely have to), Expat Auctions is a really great and affordable way to get great furniture with local character. Auctions happen at least twice a month and have good bargains and deals that you can choose from. You can start looking for deals even before moving to Singapore so that you have all that you are looking for in your house within a couple of days after you land.
Apart from these, you need to be mindful about the way you live, and you spend. Compromise a bit, feel the crunch, save money, and live moderately. Lavish living won’t take you anywhere in Singapore. Unless you have a handsome salary-paying job, you can afford going out for recreational activities frequently.
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