New Year Resolutions: 7 Ways to Save Money in 2019
Growing your funds and saving are two continuous processes that require in-depth knowledge of financial planning and discipline. The closer you stick to the plan, the easier it is to grow your earnings and savings. As 2019 approaches, it is prudent that you establish an idea on how you are going to start saving, the amount to save and how long you intend to save. Investing is also an excellent option but requires some patience and risk tolerance.
If saving is one of your new year resolutions, here is a money saving checklist that will help you get your New Year’s resolutions on track , to the right start and get you to a healthier financial you in 2019.
Get affordable electricity
If you are an economic news follower, you by now have an idea of the open electricity market whereby there will be several new energy distributors in the country venturing the retail market. You can take advantage of the situation and switch to a provider that offers the most economical rates based on your budget and get the most suitable plan for you.
You can start your own little research do the math and come up with a wise decision that will enable you to save on energy bills mainly if your electricity consumption rates are always high. Also, watch out for promotional discounts from the new providers, that can help boost your savings.
Switch to data-only plans
One financially draining partof our lives is our mobile phones. Your mobile could be using up lots of money every month depending on the service plan you have installed. Talk time and SMS are the predominant money extractors in most cases. Reliable and fast networks available in Singapore allow you to virtually do everything including making phone calls and sending high definition videos through data alone.
Switch to sim only data plan which will help you stop paying for services that you don’t need. These data only plans provide you with more data food, reducing the need to purchase costly data top-ups.
Don’t pay for packaging
Have you ever tried to calculate the amount you use each month for the cardboard and plastic packaging whenever you purchase things from the stores? You may assume that cardboard and plastic packaging you pay for every time cost a relatively little amount, but you will be quite shocked to learn how costly packaged goods can be.
Packaged items are usually pricier than other fresh items which makes them stay longer in the supermarket. What you don’t know is that you are paying for that can or that bottle unknowingly. Now that you know, 2019 is the year to pick items that don’t charge too much on packaging. In any case, packaged items are not always the best, try fresh grocery and get your own package when freezing them. This way you save more and reduce wastage by paying for quantities you do not need.
Consider the local brands
Some of us are obsessed with various brands — Victoria secrets, Gucci, Abercrombie, Michael Kors, Adidas, Polo, NIKE and many more. When it comes to food items, we purchase the imported and leave the local brands on the shelves. For any wealthy—really wealthy Singaporean, this is a perfect lifestyle but for anyone with goals to accomplish in the next few years, choosing expensive brands isn’t the way to go. The Singaporean market provides its residents with quality, unique brands that are averagely priced which could well serve as any worldwide brand. Instead of focusing on the brands, why not check out what your style is an decide to find local brands with similar taste. You may see yourself getting sweet deals and liking the local brands more, which will allow you to save more.
Maximize credit card cashback
Cashback is the money given back to you for the items you already intended to buy. You can optimize your cashback funds by getting the right credit card. The seemingly measly earn rates should not fool you. With a maximum cashback of between $60 to $100 a month, the cashback cards can help you save almost a thousand Singaporean dollars every year. For instance, the Citi Cashback for rebates on petrol, dining and groceries is one excellent card as it gives you cash back on things that you use every day. If you’re a travel enthusiast the OCBC is the card for you; you get cash back for travelling, dining, and booking hotels.
Get proper travel insurance
Holidays are meant to be enjoyed and for people to have fun and forget a little about their problems, work, and personal wrangles but accidents and mishaps do happen. Having the right insurance ensure that you are well covered financially and do not have to spend any money when things go wrong. If you are travelling, make sure that you have travel insurance that covers for crucial things like flight cancellations in case of a disaster, the cost of lost luggage, and medical coverage.
Credit cards do offer some form of coverage, but it is not reliable as it may not cover for all your needs. Purchase insurance from a reputable insurance company to make sure that you get the most out of it. In case you are far away and suddenly got sick; the insurance must convince you that you won’t have to pay a penny for treatment.
Move to a better bank
2019 is the year to make changes with regards to your finances. If you have been in Singapore for the last five years, you probably must have noticed that the local savings accounts interests rates have been stagnant for the longest time now. You may want to seek alternatives from other banks with better prices. However, it is not that bad as banks have launched several types of savings accounts that offer better interest rates. You can open a saving account—strictly meant for saving—and earn interest from it while the other account serves as the expense account.