Singapore has the reputation of being the most expensive city in the world. While living in the country can be costly, but if you know some money-saving tips, you can easily build your financial resilience. With that attitude of saving money in Singapore, check out these five hacks on how to save money.

1. Open a Second Savings Account

Most of Singaporeans have one savings account. But as your financial needs change over the years, opening a second savings account could be a good way to prepare for that next step in your life. You could use your second account to keep your savings every month and the first account for daily expenses. You can open the second account with the same bank or different banks. Just find out which bank offers the best interest rates and perks on your second savings account.

2. No-Spend Day

The idea of a no-spend day is simple — you don’t spend any money on wants that day. Every month, you can observe a no-spend day and give a boost to your saving habit. However, do remember, a no-spend day might actually include some spending on necessary items like utility and grocery. To accomplish a no-spend day, you must avoid eating out, going out for shopping, or impulse buying.

3. Make Short-Term and Long-Term Financial Goals

Setting short-term and long-term financial goals can help you in saving money in Singapore. Short-term goals are your immediate expenses, such as home rent, student loan, debt payments, home improvements, wedding, and emergency fund. Long-term goals are your big-picture costs. You may need to save several years to achieve them. Long-term goals are retirement fund, paying off a mortgage, or saving for a child’s college tuition.

4. Improve Your Purchasing Habits

Make every dollar count for your goals and budget. With good saving habits and purchasing tricks, you can save money in Singapore. If you want to buy furniture, appliances, or electronic gadgets, time your purchases to grab huge discounts and make savings. You can take advantage of festive discounts during Chinese New Year, Christmas, New Year, and more. You should avoid impulse buying online. Make a list of items you need to purchase when you go to a market.

5. Rethink Loans and Debts

Make a list of your ‘needs’ and ‘wants’. Every Singaporean has different needs based on their current lifestyle and situation. There are some essential things that you need in your life like owning a home. If you want to take a home loan, do find out what is the effective interest rate. You should only take a loan that you can repay comfortably. Avoid using credit cards for repaying loans. Rethink taking loans for non-essential items like luxury cars. If you’ve fulfilled your essentials and needs, you may consider borrowing money for non-essentials based on interest rates, income level, and job stability.

Conclusion

Saving money in Singapore is easy if you’ve smart tricks and act wisely. If you want to save money and fulfil your dreams, you should start making short-term and long-term financial goals, improving your purchasing habits, reducing debts, and observing a no-spend day every month. Remember, saving money starts with your attitude and mindset. And, changing your mindset starts and ends with you.