Worried about rising costs? Get ahead financially with these easy-to-implement budget hacks.
If you were glued to your screen during the recent Budget 2023 announcements, you’ve probably heard all about the increasing inflation rates and soaring cost of living in Singapore. This can feel a bit daunting, especially in today’s uncertain economy. But fret not – there’s hope for your wallet. These budget hacks will help you manage your money and make savvy financial decisions during trying times.
Handy budget hacks and money saving tips that are kind to your wallet
1. Chuck your savings into another bank account
Let’s face it, setting a spending limit for yourself is a piece of cake. But sticking to it is a whole different ball game. Especially when you’re making digital transactions left and right, and your expenditure isn’t staring you in the face. We’ve got just the trick to handle this. Stash your savings away in a separate bank account from the one you use for daily expenses. This way, if you decide to cap your spending to $600 a month, you won’t end up using more than you should.
2. Use a rewards app
Spending on food, date nights, and other essentials? Make it worthwhile with rewards! Check out Kris+, the lifestyle rewards app of Singapore Airlines, to earn the best miles rates in Singapore. The app offers up to 9 miles per dollar spent at across 1,500 shops. Better yet, Kris+ rewards have no cap and are even stackable with rewards on your credit cards, so you can get the best bang for your buck. Plus, there’s a selection of exclusive deals and privileges at popular retail stores, restaurants and more. Shop and dine with Kris+ to accumulate your miles fast, and use them to redeem flights for your next holiday.
Psst: keep an eye out for Kris+ promotions in May 2023 with their Kris+ Gastronomy series where you can earn up to 12 miles per dollar spent at select dining partners. Make your reservations using “Reserve a Table” function on Kris+ to earn additional 100 miles.
3. See no evil
Next on our list of budget hacks? Limit what you see on social media. It’s hard not to get sucked into paying for shiny new toys when they’re flaunted on your feed. So do yourself a favour, and click unfollow on these accounts. Trust us, it works like a charm at curbing your spending impulses. As they say: out of sight, out of mind.
4. Swap, don’t buy
We get it, fashion is always changing and you want to keep up with the latest trends. But buying brand new clothes every season can seriously break the bank. Instead of hitting the store for new threads, why not swap your old ‘fits for secondhand gems? Circular fashion brands like Cloop and The Fashion Pulpit hold regular pop-ups and open wardrobes you can raid. It’ll save you a ton of money and do some good for the environment.
5. Stick to the 24-hour rule
Ever bought something and regretted it a few minutes later? We’ve all been there. That sudden urge to spend on something new can be pretty hard to resist. This trick on our list of budget hacks will help you avoid those situations. The next time you feel the urge to splurge, give yourself 24 hours to think it over. Chances are, that initial feeling will fade, and you’ll save yourself some serious cash.
6. Download discount and cashback apps
Who says you can’t have your cake and eat it too? If you like to dine out occasionally or treat yourself to an afternoon of shopping, consider downloading discount and cashback apps. These platforms offer money-saving deals and promos to keep you from burning a hole in your wallet. Some of our favourites include Burpple, Entertainer, and ShopBack. You can thank us later.
7. Keep track of your expenses
Nothing’s as sobering as seeing the dollars depleting from your bank account as you spend them. Keep track of your expenses with a handy notebook, and you may feel less inclined to spend on things that aren’t necessary. We personally enjoy using expense tracking apps like Monny, as it means we don’t have to deal with messy receipts.
8. Turn saving into a game
Restricting your spending can feel like a drag. But it doesn’t have to be a total buzzkill. It could be fun if you treat it like a game. Set some goals and turn them into a challenge. For instance, try going without buying new clothes for a whole month. If you succeed, treat yourself to something nice within a reasonable budget. Do this just two or three times a year, and you could end up saving heaps of cash.
There you have it! Start saving with these smart budget hacks and money savings tips.