Adopting a money saving lifestyle in Singapore
Singapore is rated as one of the most expensive cities to live in. Therefore one has to be very keen on how they spend their money if they are to have any money left to save. Below are a few things you can do to adopt a lifestyle that will allow for more savings.
Take advantage of free early morning MRT rides: Transportation is one of the major costs of anyone who commutes frequently in Singapore. Working people and students often commute 5 days a week. That is at least two trips, to and fro each day. These costs can accumulate to a significant amount over time.
There are some designated stations in Singapore that allow riders to enjoy free rides if they use the MRT transport service before 7:45 am early in the morning. These designated stations include Bayfront, Bras Basah, Bugis, Chinatown, City Hall, Clarke Quay, Dhoby Ghaut, Downtown, Esplanade, Lavender, Marina Bay, Orchard, Outram Park, Promenade, Raffles Place, Somerset, Tanjong Pagar and Telok Ayer.
If you are late and miss out on the free ride, you can still enjoy a discount of upto 50 cents if you use the MRT services before 8:00 am.
Avoid buying cars: One of the factors that contribute to Singapore ranking so highly among the most expensive places to live in is due to the high cost of ownership. For example, if you own a vehicle you must have a Certificate of Entitlement. The cost of this CEO certificate is about $50,000 for each purchase of a car. A good illustration to show how getting a car in Singapore would make your life expensive is; the cost of buying a Toyota Corolla Altis 1.6 in Singapore is the same cost as buying the luxurious Porsche 911 in North America. This is also the same cost as buying a Mercedes Benz SLK in Canada.
Cars also accumulate other additional costs such as maintenance costs, insurance, parking fees, and other additional costs. Use the public transport services such as the trains and buses or you could also use taxi services. You might even get a bike!
Get a HDB house! HDB room rental is provided by the government to ensure that all the Singapore citizens are able to get good affordable residences. It is therefore better to go for a HDB rental rather than to spend lots of money on privately owned rental houses.
Use point systems rather than loyalty cards and make use of other sale promotions: If you are a frequent customer at a certain shopping outlet, it would save you a lot of money if you could get a card and earn from a point system that can help you redeem the points for an item that you actually need.
Avoid expensive eateries: Avoid the urge of splashing your money on expensive food. This is especially if it can lead to a habit which normally happens if where you are close to one of the famous joints that serve Singaporean tasty buffets. If you want to get cheap food for lunch, the hawker centers can provide you with clean healthy food that is kind on your wallet.