There is no doubt that Singapore has one of the highest cost of living in the world. Living in the country gives us so much pressure to have sufficient funds and money. During these difficult times, we need to save more than ever. We must have reserved funds at times of health emergencies and other unforeseen events. In this article, you will learn 10 easy and smart ways on how to save money in Singapore. These techniques will guide you in making sure that despite the economic crises we experience, you can still save for your future needs.

Modern device with netflix app

1. Share Subscription Plans With Families or Friends

First, make sure that you are not paying any unnecessary subscription plans. Prioritise which subscriptions you really need. One way to do this is to end your subscription to something that you have not used in the last month. You can always subscribe again, but the money you are paying them could have been spent on more important things.

You can also save through buying family subscription bundles on apps like Netflix, Spotify, Apple Music, and many more. Having subscription bundles will give you discounts. Identify which apps you all use at home and try to look for shared subscription plans. For Apple users, here’s a guide to help you which apps you can share with family and friends.

Spend time looking for mobile apps and products that are free. In most cases, the paid apps have equivalent apps that do not charge any amount. They offer the same quality of experience, which means that you are not missing any type of service.

Pasta with tomato sauce with sausage

2. Make Your Own Meals

Restaurants need to make a profit. Thus, they charge customers with every service they put in preparing and serving your food. To get away with this expense, you can instead try cooking at home.

Avoid eating or ordering from restaurants. One way to discipline your self is to make sure that you only eat out or order from restaurants once a week. For the rest of the week, you will have to make your own meals. This will even benefit your health in the long run as you can choose healthier options when cooking.

Preparing your meals every day can be tiring. You can instead cook a week’s worth of food and then consume it for the entire week. Also, you can tap other members of your household to make sure that everyone is contributing to making your finances better as a family.

3. Sell the Things That Don’t “spark Joy” Anymore

Another way to save is to follow the KonMari Method, which states that you have to let go of things that no longer spark joy. Assess each item in your household and ask yourself if such item still bring you happiness. If not, you can turn those items into cash. Sell or barter them in online shops in order to save and get some cash.

Learn the difference between things that you like and things that you need. What you like are not necessary for your life. Thus, do not spend money on buying them. Knowing the difference between these will help you learn the practice of saving.

reusable metal water bottle

4. Bring Your Bottled Water

One way on how to save money Singapore style is to avoid buying bottled water. Bottled water in Singapore is expensive. Bringing your own reusable hydro flask is not only a money-saving mechanism. It is also a way for you to help the environment.

Aside from bringing bottled water, you can also change your habits of saving. Admittedly, it is extremely expensive to live in Singapore. Recycling, living a minimalist life, going vegan, and many other lifestyle changes can also help you save money in Singapore.

Woman hand holding smart phone writing

5. Plan Your Groceries

Next time you shop, bring with you a shopping list. You do not only save time, but you also cash. When shopping, only get what you need. You should not spend money on things that you don’t really use. Having a shopping list will also help you spare time at the supermarket or other others.

Another technique is to buy in bulk. Try to buy non-perishable items in bulk because they do come at a lower price. Singapore has a lot of stores offering bulk items at a lower price. Find time to get your supplies from these stores. Buying bulk is even beneficial to the environment.

6. Calculate Your Purchases by Hours

To give you a sense of your spending, you can try to calculate your expenses and purchases by your hourly ware. Like for example, if you want to buy yourself a new phone, you’ll have to ask yourself how many hours of work do you need in order to afford it. This will make you realise which items are worth your time and effort.

This exercise helps you understand the actual value of the items you want to buy. Using digital currency gives you the illusion that you can easily purchase certain items. But in reality, buying such items could take you several hours or days. For sure, you would not want to spend your cash buying something that would require you hours of labour.

Beautiful asian woman using smartphone buying online shopping

7. Remove Your Card Details from Autofill and Limit Online Shopping

Let’s admit it, shopping using credit cards or debit cards is easy and convenient. You’re spending money that you cannot see. Hence, you’ll have a tendency to overbuy things. To counter this, you can remove your credit card or debit card details from the autofill options of your phone or computer.

Teach yourself to use credit cards sparingly. This would force you to get a better sense of your spendings. You can also ask you credit card companies or your bank to limit your monthly budget of spending. This will surely force you to limit your spendings.

Also, limit your online shopping through the use of the so-called waiting period rule. Here, you’ll have to give yourself at least 24 hours to decide if what you are buying is a need or just an impulse. In doing this, you’ll also train yourself to be smart in the way you are saving.

8. Have Financial Goals

Do not be satisfied with the idea that you are fine because you can afford what you need. You’ll have to realise that you will not remain healthy always. At times of sickness or emergency, you will need some extra cash. Try to plan your finances ahead. Want to learn more? Check out our guide on managing your finances.

Remember that savings and emergency fund are two different things. You have to allocate extra cash for an emergency situation. Try not to touch your savings when it comes to emergency situations. This is to ensure that you can still have spare money even after a hospitalisation or other emergency needs.

Woman is using calculator calculate expenses

9. Record Your Spending Every Day

Track what you are spending to give you an idea which of these spending you really use. Make sure that you only get the things that you use. In doing this, you can identify which fo your purchases are not needed. You can then stop spending your cash on these items.

If you live with your family, you can also teach them to record their daily spendings. It will be great training, especially for the children in your household. At an early age, they can understand the value of saving. Their spending tracker will also give you the idea of how you can further cut your spending.

You can also try to download a mobile app to help you track your spending every time you make a purchase. When you monitor your spending, you will then have an idea where you can conserve your resources. There are various mobile apps created to help you record and calculate your saving and spending habits. Read online to know more.

10. Consider Debt Consolidation Loan to Reduce Interest Rates

Another trick is to apply for a Debt Consolidation Plan (DCP). In this type of loan, you are basically making all your different loans into a single loan. This means that you will get a longer loan tenure and you will get a lower interest compared to having multiple loans. Having a Debt Consolidation Plan is helpful in paying your debt which means being able to save money in Singapore.

Debt Consolidation Plan is a government-supported project meant to guide people to manage their debts and loans in an effective way. Currently, there are 14 financial institutions that grant this type of loan. You can inquire to your bank or other financial institution if DCP is applicable to your situation. Debt Consolidation Plan has helped a lot of people in settling their debts, and you might just be the next recipient.

Just take note that not all people living in Singapore can apply for Debt Consolidation Plan. There are certain requirements needed. For example, you must be a citizen or a permanent resident of Singapore. In order to know these requirements in detail, you may wish to read more online resources.


These 10 steps will guide your journey towards financial independence. They will help you make a better decision when it comes to personal spending. In spite of this, you must also remember that finances can be a personal matter. If these steps do not work on your situation, you can try to experiment until you find the best way to set aside money. Saving money often requires commitment and discipline is which is the key to attaining a healthy financial breakthrough, here are some money mistake to avoid financial problems.

A lot of people are interested to know how to save money in Singapore. For many, it is crucial to discover the secrets on how to save money on unnecessary expenditures like credit card charges. You can start saving money by following the steps mentioned above. Remember that having sufficient savings will get you in a comfortable position at times of crisis, pandemics, and other social turmoils. Want to learn more? Check out 45 ways on how to save money in Singapore.

For those who are still looking for ways to save, you can continue your research through reading tips from financial experts. The team from Fortune Credit has a lot of great resources for people wanting to know more about saving and planning for their future. As they say, “save money save your future” which means saving is a way for your future.

You can also consult Fortune Credit and other smart money SG companies if you wish to be more financially literate. These companies could help you learn more about topics of savings, debt, loans and many other things. Do not hesitate to contact them for your questions and clarifications.