Though it’s generally regarded as a great place to live and develop a career, Singapore also has the dubious distinction of having some of the highest median living costs anywhere in the world. Thankfully, while some costs are unavoidable, there are plenty of areas where you can stand to save a substantial amount of cash, over time. In this short guide, we’ve highlighted several areas where you could cut down your spending without making a negative impact on your lifestyle.
1) Mobile Plans
Most Singaporeans overspend on their mobile plans by choosing options that offer excessive data allowances that would never be used anyway. If you rarely use your phone outside your home or only use it to receive calls, consider getting affordable SIM only plans from Singtel, StarHub, M1 or SIMBA, or maybe one from Singapore’s smaller mobile virtual network operators.
2) Dining Out
Singapore is known for its affordable yet high-quality dining options. That said, you can have too much of a good thing, as dining out too frequently will quickly drain your bank account. To save cash, consider meal prepping or cooking at home more often. Save dining out for more special occasions or for when you’re craving items that you can’t recreate yourself.
3) Cable TV
With streaming services like Netflix and Disney+, traditional cable TV subscriptions have become mostly unnecessary. Unless you enjoy watching old-school TV, consider cutting your service off or downgrading it to something that better fits your lifestyle.
4) Gym Memberships
While staying fit is important, gym memberships can be costly—mostly because people neglect to maximise them. If you don’t use your gym membership, cancel it and explore alternative fitness options like outdoor activities, home workouts, and community sports clubs. You can also use Singapore’s plethora of free exercise spaces to maintain an active lifestyle without breaking the bank.
5) Expensive Name Brand Clothing
Unfortunately, many Singaporeans often fall into the trap of buying expensive name brand and designer clothing, so much so that certain luxury brands actually mark up prices when they’re in Singapore. Thankfully, they’re not the only game in town, with a plethora of high-quality yet affordable options available to consumers these days. To save cash over the long term, consider only buying high-quality pieces—even if they’re just a bit more expensive upfront.
6) Cafe Coffee and Beverages
It’s no secret that Singaporeans love their coffee and tea, but those daily trips to fancy cafes can put a dent on one’s savings. Fortunately, with some initial investment in supplies, you can brew superior coffee and tea at home. You'll not only save money but you’ll also have many opportunities to explore various recipes and flavours.
7) Private Transportation
Buying a car in Singapore can be prohibitevely expensive. Fortunately, Singapore has an excellent public transport system and there is very little reason to own a car outside of a few very specific situations. Using public transportation is not only cheaper in terms of saving you money on petrol and other car-related expenses but it can also be healthier as well, as you’ll be able to avoid a completely sedentary lifestyle.
8) Subscriptions
Review subscriptions to media streaming services, apps and—if you still get them—newspapers and magazines. Chances are you can easily cancel some of them and not feel that you’re missing anything. Don't forget to keep an eye on automatic renewals that might be draining your funds without you realising.
9) Beauty and Personal Care
While self-care is important, the products you need for trendy personal care regimes can often be unreasonably expensive. Consider shopping around for lower-priced alternatives or making your own beauty treatments with natural ingredients to save yourself some cash.
10) Entertainment Expenses
Tickets to movies, concerts, amusement parks, and other entertainment options are, frankly, much more expensive than they used to be. Unless you’re pulling in a lot of cash, going out for entertainment each week isn’t usually a very good use of your limited funds. However, we do need to have a bit of fun sometimes, so be mindful of discounted tickets, promotions, and free events happening around the city.
11) Impulse Buys
With credit cards making impulse buys easier than ever before, it’s easy to see how they can be a major drain on your finances. Practise mindful spending and consider the long-term value of the item before parting with your money.
12) Excessive Dining Delivery
With delivery apps like Grab and Foodpanda making food delivery more convenient than ever before, most Singaporeans will probably admit to falling into the trap of paying significantly more for meals that should cost a fraction of what they should be. When possible, limit dining deliveries to special occasions and try to cook at home as much as possible. Given the high surcharges typical of food deliveries these days, you’d probably be much better off eating out in many instances.
13) Water and Electricity
Keep a close eye on your utility bills and look for ways to reduce your home’s energy and water consumption. Simple changes like switching to LED bulbs, turning off appliances when not in use, and installing water-saving fixtures can lead to significant savings over time.
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Our needs tend to change over time so it’s important to review your expenses regularly, taking care to adjust our spending habits so that we not only avoid overspending but also get to enjoy some of the better things in life. With a little effort and self-reflection, you’ll eventually free up funds for the things that truly matter to you.
