Best Guide: 31 Ways for Singaporeans to Save SGD300 per Month

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In today’s challenging economic climate, many Singaporeans are struggling to keep up with rising costs. With Singapore’s headline inflation averaged 4.8% in 2023 and estimate headline inflation ranging between 2.5% and 3.5%, it is becoming increasingly difficult to maintain the same standard of living.

How can you save SGD300 per month amidst these rising expenses?

The good news is that we have practical strategies to help you save money without making dramatic lifestyle changes. With careful planning and a few clever tweaks to your daily habits, your money will grow steadily in your bank accounts.

1) Plan Your Meals

By planning your meals in advance, you can save money on food.

Cooking at home might seem time-consuming, especially with a busy work schedule. Many Singaporeans are finding it tough to cook daily. A recent survey showed just 22% of Singaporeans cook at home daily, compared to cities like Shanghai and London. Plan for 5-day meals on weekends, prepare the ingredient, store them in containers, and keep them in the refrigerator.

Despite the hassle of grocery shopping, meal preparation and dishwashing, cooking at home can help reduce your expenses. If you spend an average of SGD10 per meal eating out, you could save around SGD300 per month by cooking at home.

You can start with simple one-pot recipes. Dishes like Teriyaki Chicken with Rice are easy to be prepared in advance and require less cleaning up afterwards.

On top of that, by packing your own lunch, you can save a significant amount of money each month. For instance, packing a nutritious lunch might only cost up to SGD10 per day. This can lead to savings of over SGD200 each month.

Another benefit of bringing your own lunch is that you have control over the ingredients. This allows you to eat healthier by avoiding excessive sugar, salt and unhealthy fats often found in cooked food.

Meals like salads, sandwiches and leftovers are easy to prepare and can be both nutritious and satisfying. If you need inspiration, check out lunch box ideas to keep your meals interesting.

2) Limit Dining Out

By cutting back on dining out, you can save a significant amount of money each month.

If you do decide to eat out, look for ways to save money. Look for restaurants that offer discounts or promotions.

There are guides available to help you find places where you can spend less, such as this money-saving food hacks guide.

Another tip is to dine out during off-peak hours when some restaurants offer special prices.

3) Limit Alcohol Consumption

The Ministry of Health recommends that men should not drink more than two standard drinks a day, and for women, it is one drink a day. Exceeding these limits not only affects your health but also your finances.

A single drink in Singapore can cost at least SGD10. Cutting down on your alcohol consumption can save you a significant amount each month. For instance, if you cut out just three drinks a week, you could save around SGD120 a month.

Reports suggest that 11.3% of Singaporeans frequently drink alcohol, while 2.3% exceed the recommended limits. By reducing your intake, you join the 55.2% of non-drinkers or occasional drinkers, saving both money and improving your health.

Social events often include alcohol, but you can suggest non-alcoholic alternatives. Organising gatherings at home instead of bars or clubs can also save you money.

4) Carry a Water Bottle

Invest in a durable, reusable water bottle. A good example can be a stainless steel or BPA-free plastic bottle. Fill it up before you leave your house. You can save up to SGD2 a day by avoiding buying bottled water. That adds up to about SGD60 a month.

Avoid spending precious cash on bottled water. Remember, carrying a water bottle is not only a smart financial decision, but it’s also a more sustainable choice. According to HoneyKids Asia, filling a reusable water bottle can cut down on costs and plastic waste.

5) Grow Your Own Vegetables

You can start small with easy-to-grow plants such as kang kong, lettuce, or bok choy. These vegetables thrive in Singapore’s tropical climate and can be harvested in about a month.

One way to save is by using community gardens, which are becoming more popular across Singapore. Community gardens allow you to grow your own vegetables and herbs. You can save money on groceries by harvesting produce from these gardens. Growing your own vegetables can potentially save you up to SGD100 each month.

In addition, the National Parks Board (NParks) has been encouraging residents to take up urban farming by distributing free packets of leafy and fruit vegetable seeds. This initiative aims to encourage more people to grow their own produce at home.

Additionally, using household waste like vegetable stems can further reduce costs for growing your own vegetables. For instance, stems from Brazilian spinach, mint, and lemongrass can be placed in water to sprout roots before transferring them to soil.

6) Set a Monthly Budget and Track Spending

A good monthly budget starts with knowing your income and expenses. Use the 50/30/20 rule:

• Spend 50% on Needs: food, housing, utilities, basic transportation, healthcare and medical insurance, basic clothing
• Spend 30% on Wants: luxury goods, dining out, entertainment, subscription services, expensive hobbies, new car, latest technology, overseas holiday, shopping
• Save the balance 20%: emergency fund, debt payments, education, investing, retirement

Tracking your spending is crucial. Start by using budgeting apps available in Singapore like Dobin, which uses AI to help manage expenses.

Consider also using expense tracker apps to categorise your spending and set budget limits. Apps like these can alert you when you are close to going over your budget.

Keeping a record of daily expenses in a simple spreadsheet can also be effective. By knowing where every dollar goes, you can identify unnecessary expenditures and adjust accordingly.

You should always keep in mind that money saved belongs to you, and money spent belongs to others.

7) Buy in Bulk When Possible

Buying in bulk might seem costly at first glance. Shelling out extra cash upfront can be painful, but the savings add up in the long run.

Purchasing common household goods like batteries, soap, detergents, toilet paper, and kitchen towels in bulk can save you quite a bit. For instance, a 24-roll pack of toilet paper might cost SGD20, while smaller packs can be much pricier per roll.

To cut costs further, use a cashback credit card for grocery shopping. This way, you can earn back a small percentage of what you spend, especially if the card offers rebates for supermarkets.

Besides that, bulk buying allows you to take advantage of special discounts and deals that you wouldn’t get otherwise. For example, buying rice, pasta, rice, dairy products, canned goods, and packaged goods in larger quantities often reduces the cost per unit. You also save money, time and effort by reducing the number of trips to the supermarket.

Bulk buying reduces waste too. Less packaging means fewer trips to dispose of recyclables. You can share the cost of bulk purchases with friends or family, which makes it even more affordable.

8) Buy Second-Hand Items

In Singapore, platforms like Carousell offer a wide range of second-hand goods from fashion to furniture. This consumer-to-consumer platform allows you to find bargains on almost anything.

Thrift stores are another excellent option. Besides the well-known Salvation Army, there are numerous thrift stores throughout Singapore. These stores give second-hand baby items to luxury goods a second life.

You can save a significant amount by choosing second-hand over new. According to some reports, buying used items instead of new ones can cut costs by up to 50%. Used items like furniture, clothing and electronics are not uncommon to be listed on Carousell at a fraction of their original price.

9) Buy Store Brands

Store brands are often produced by the same manufacturers as premium brands. Sometimes, it’s just the packaging that’s different. Many consumers report virtually no difference in taste or performance.

For example, a study by Singsaver found that you can save up to 30% on your grocery bill just by choosing store brands over national brands. If your monthly grocery bill is SGD600, this simple switch could save you SGD180.

The range of products available under store brands has expanded. From cleaning supplies to food items, you’ll find a store brand alternative for almost everything. Supermarkets often run promotions on their own brands, increasing your potential savings.

10) Shop During Sales

Many stores in Singapore have major sales during events like the Great Singapore Sale (GSS) is a month-long event held every year in the months of June and July.

Shopping during sales isn’t just for clothes — electronics and household items often have huge discounts.

Online shopping platforms like Lazada or Shopee frequently offer flash deals and promotional codes. Look for discounts and cashback offers by using rewards credit cards.

Take note of off-seasons, public holidays and special events like Chinese New Year or National Day, when retailers tend to have substantial sales.

11) Compare Prices Online

Using price comparison tools can help you save money. Buyandship offers a Chrome extension that shows a list of sites selling the same product. This allows you to quickly see which site offers the best price.

Another effective tool is RateX. This browser extension automatically finds and applies promo codes at checkout, helping you get the cheapest deal. It also lets you pay in your local currency, saving you on exchange rates.

For instance, Qoo10 and Amazon consistently offer lower prices across various categories.

12) Use Public Transport

By using MRT and buses, you only need to spend up to SGD150 per month if you travel frequently within Singapore. You do not need to pay for car loan instalment, insurance, petrol, parking, ERP, and maintenance fees!

Driving is not only expensive but also contributes to traffic congestion and pollution. Switching to public transport can make a noticeable difference in your monthly expenses.

According to SingSaver, monthly car loan instalment, maintenance and running costs could set a car owner back by SGD2,000 per month.

13) Carpool to Work

Driving alone to work every day can feel like a never-ending expense, especially with rising fuel prices. Besides, traffic congestion during peak hours can be extremely frustrating and time-consuming.

Carpooling can significantly reduce your monthly travel costs by sharing expenses with other commuters. According to Carpool SG, the average monthly savings from carpooling versus taking taxis can be around SGD200. This can be a substantial portion of the SGD300 you aim to save each month.

Using carpool apps like GrabHitch is a popular option in Singapore. These apps allow you to connect with fellow commuters going in the same direction. You don’t need a Private Hire Car Driver’s Vocational Licence (PDVL) to participate, making it easier for you to start.

SG Maxi Cab offers another convenient way to carpool, allowing you to ride with others without the hassle of driving yourself. Visit their website to learn more about their services and how they can help reduce your daily commute stress.

14) Avoid Impulse Buys

To avoid impulsive purchases, always have a shopping list. This list keeps you focused and reduces the chance of buying unnecessary items. Just note what you need before heading to the store, and stick to it.

Waiting 24 hours before making a purchase can also help. This “24-Hour Rule” suggests you give yourself a day to think about buying an item. Often, the urge will pass, saving you money in the process.

Another tip is to avoid shopping during sales if you tend to buy impulsively. Sales like the Great Singapore Sale (GSS) can lure you into buying things you don’t need just because they’re discounted.

15) Cancel Unused Subscriptions

In Singapore, stopping payments for forgotten subscriptions can save a significant amount. For instance, gym subscriptions alone can cost you less than SGD4 per day, which adds up to around SGD100 per month.

Other common subscriptions include streaming services, meal kits and magazines. If you no longer use these, you’re throwing money away. Tools like DoNotPay can help you quickly identify and cancel these services.

Review your credit card and bank statements regularly to spot recurring charges. Cancel those you no longer need or use.

Subscription Type	Estimated Monthly Cost
Gym	SGD100
Streaming Service	SGD15
Magazine	SGD10
Meal Kits	SGD200
Total Savings	SGD315

16) Opt for Local Holidays

Local holidays can save you a significant amount of money. You avoid costly airfares and can take advantage of off-peak pricing. Visit places like Sentosa Island or Pulau Ubin for a fraction of the price of an overseas trip. Perhaps, you could pack a picnic and head to East Coast Park or booking a night at a neighbourhood hotel.

You can find affordable activities and attractions in Singapore. For example, spending a day at Gardens by the Bay or the Singapore Zoo can offer a fun and enriching experience without breaking the bank. Additionally, using public transport or biking around the city can reduce transportation costs further.

Staycations are also a great way to use your SingapoRediscovers vouchers. These vouchers can significantly reduce the cost of your hotel stay.

Consider cheaper options, like the deals found at affordable hotels across Singapore. These options offer comfort and convenience without breaking the bank.

17) Set Up Automatic Savings

Setting up automatic savings can almost make you forget the pain or hassle of the act itself.

By arranging for a portion of your salary to be transferred automatically to a separate savings account, you can build your savings without even thinking about it.

Another advantage of automatic savings is that it reduces the temptation to spend.

When the money is moved out of your main account immediately, it becomes less accessible, which can help curb impulsive spending.

Many financial experts recommend starting with a small amount, such as $50 to $100 per month, and gradually increasing it.

Some savings accounts also offer higher interest rates compared to regular accounts, which can further optimise your savings efforts.

18) Keep a Change Jar

It might seem old-fashioned, but keeping a change jar can be surprisingly effective. Many people underestimate how much spare change they accumulate.

Find a large jar or container and place it in a visible spot in your home. Encourage everyone in your household to drop their coins in there.

According to several studies, the average household can collect over $20 a month in loose change. That’s potentially over $240 a year without much effort at all.

Each time you come home, empty your pockets and add the coins to the jar.

Make it a habit to count and sort the coins monthly. Deposit them into your bank account or use them for small purchases.

Additionally, some banks and supermarkets offer coin counting machines that make it easier to exchange coins for notes.

19) Invest in Energy-Efficient Appliances

For a limited time, the Singapore government is offering Climate Vouchers worth SGD300 to households staying in HDB flats. You should use these vouchers to buy energy-efficient products so that you can save on your utilities.

For example, an energy-efficient fridge can save you about SGD75 each year on electricity costs. In addition, energy-efficient washing machines consume less water. This leads to lower water bills.

LED bulbs consume about 75% less energy and last 25 times longer compared to incandescent bulbs. This means fewer replacements and lower maintenance costs, which directly contribute to your savings. Using energy-efficient bulbs can also contribute to conserving energy. According to the Energy Efficiency Programme Office, LED bulbs are one of the most energy-efficient options available.

For more details on the Climate Vouchers, visit the official Climate Friendly Households Programme. This programme makes it easy for you to start saving on your monthly expenses.

20) Install Water-Saving Devices

Smart water meters are a great starting point. These devices provide near real-time usage data, allowing you to adjust your habits. By doing this, you can save money and reduce your water bill. You can learn more about them from Singapore’s National Water Agency, PUB’s Smart Water Meter initiative.

Faucet aerators are another efficient tool. These inexpensive devices mix air with water to maintain water pressure while reducing usage. When installed in your home, they can save significant amounts of water. More information can be found on efficient plumbing tips from Plumber Singapore.

For those willing to invest a bit more, replacing old toilet bowls with modern, water-efficient ones can cut down water consumption significantly. Some programmes even help lower income households in Singapore replace their outdated 9-litre toilet bowls with ones that reduce water bills by up to 10%. Details are available in the Straits Times article.

21) Conserve Water

Singaporeans use 130 litres of water per person per day. Reducing this can lead to significant savings. For instance, taking shorter showers can save gallons of water each day.

Using a full load when doing laundry can save up to 1,000 litres of water. This not only reduces water waste but also saves money on your water bill.

Fixing leaky taps quickly can also lead to substantial savings. Just one dripping tap can waste up to hundreds of litres over a month. Addressing these issues promptly can help you conserve water and cut costs.

Turning off the tap while brushing your teeth can save about 6 litres of water per minute. Making this small change in your daily routine adds up over time and can lower your water usage significantly.

22) Use Less Air Conditioning

Running air conditioning all day and night can be quite costly. If you’re trying to save money, this is an area where you can make a noticeable difference in your electricity bills.

Turning off the air conditioning when you’re not in the room can save you a significant amount. You don’t need it cooling an empty space. Using fans to circulate air can also help reduce the reliance on air conditioning.

Investing in an eco-friendly air conditioner or alternatives is another good idea. Some new models use up to three times less energy than traditional units. For example, Cool Focus runs on only 300 watts, which is much lower than typical portable air conditioners.

Choosing the right air conditioning unit that fits your needs will prevent overspending on energy. A guide on how to save money by choosing the right air con can be very helpful for making informed decisions.

23) Install Draft Stoppers

Did you know if you could end up spending SGD300 or more per year on electricity due to drafty doors?

Draft stoppers not only minimise cool indoor air from escaping through gaps underneath your doors, they also block out noise, smells and even pests from crawling into your house.

Luckily, installing a door draft stopper is easy.

You can buy one from the store or make your own using materials like old towels or foam tubing, according to Angi.

Double-sided draft stoppers are particularly effective and stay in place when you open and close the door, as mentioned by Architect Two Cents.

According to BetterDoor, while a new door bottom or weathersealing is a more permanent solution, draft stoppers are great for immediate, short-term protection.

24) Switch Off Power Sockets

Switching off power sockets when not needed can save a lot of energy. According to various reports, switching off a power socket for just one extra hour per day can save about SGD25 a year. If you consider multiple power sockets, the savings add up.

You could save up to SGD124 per year if you switch off water storage heater when not in use.

For more tips on saving energy at home, visit the National Environment Agency’s website.

25) Refinance Your Mortgage

Consider using a refinancing calculator to estimate your potential savings. This tool will help you quickly determine how much you could save.

Many people refinance to take advantage of better interest rates or to manage their cashflow by lowering monthly repayments. Comparing the best refinance home loan rates from multiple financial partners is crucial.

Some homeowners may face challenges such as tedious procedures and paperwork. Tools like PropertyGuru’s SmartRefi can simplify the process.

Consider refinancing if your current loan rate is high. It could be your key to saving SGD300 or more per month on your mortgage.

26) Utilise Cashback and Rewards Programmes

One well-known platform is ShopBack, which offers rebates on a variety of online purchases. Whether you’re booking a hotel, ordering food or buying electronics, you can earn cashback on your spending.

Another useful app is MoneyMate, which helps you access the best deals without the fuss. This app rewards you with money back on your purchases, making it easier to save without changing your shopping habits.

Using cashback credit cards is also a smart move. The UOB Absolute Cashback Card offers 1.7% unlimited cashback on eligible spending. There’s no minimum spend required, and there’s no cap on the cashback you can earn.

In Singapore, rewards credit cards offer points, miles, or cashback on your everyday spending. By choosing the right card, you can earn significant savings. For example, some cards offer up to 10% cashback on groceries and dining.

The 2024 List of the Best Rewards Credit Cards for Singapore includes options with impressive benefits. Cards such as Citibank and DBS can reward you generously for your spending habits.

27) Minimise Bank Fees

One way to avoid these fees is by choosing a bank that offers fee-free transactions. For example, the DBS Multiplier Account offers no minimum balance and no fall-below fees. This allows you to maximise your savings without worrying about hidden costs. Another good option is the OCBC Frank Account. This account also has no monthly fees and is ideal for younger savers or students.

Additionally, use your own bank’s ATMs to avoid extra charges from other banks. Banks like DBS and OCBC have an extensive network across Singapore.

Another effective strategy is to maintain the minimum balance required by your bank to waive certain fees. This simple act can save you dozens of dollars each month.

Lastly, consider switching to digital banks which often have lower fees and better terms compared to traditional banks. Comparing the terms and fees of different banks can show you significant savings opportunities.

28) Review Insurance Policies

Typically, insurance coverage for medical and hospitalisation, critical illnesses and term insurance are sufficient for most Singaporeans. These provide essential protection and will not burn a hole in your pocket. However, if you have policies that overlap in coverage, you might be able to consolidate them and save money.

Financial advisors suggest spending 3% to 10% of your take-home income on insurance. Monitoring this percentage helps you maintain a balanced approach to your finances. If you find out you’re spending more than necessary, it’s time to cut down.

Review your insurance policies especially when you are expecting major life events like getting married, buying a house, expecting a new born, or getting a promotion. This helps you keep track of any new policy offering better coverage at lower prices.

Switching from exclusive insurance providers (e.g. Prudential, Great Eastern, AIA) to alternatives (e.g. Singlife, NTUC, Tokio Marine, Aviva, others) can also save you a significant amount on your premiums.

29) Choose Free Activities and Events

Singapore offers many free things to do, such as visiting Jewel Changi Airport, which has the largest indoor waterfall in the world.

Sentosa Sensoryscape is another place worth visiting. It’s full of stunning sights and it’s completely free.

Exploring Gardens by the Bay, where you can join Nature and Sustainability Tours, can also be a fun and cost-free outing.

Going on a hike at Mount Faber or Bukit Timah is not only good for your wallet but also beneficial for your health.

You can visit places like Bishan-Ang Mo Kio Park, Bukit Batok Hillside Nature Park and Bukit Batok Central Nature Park. These parks offer free activities like hiking, birdwatching or just enjoying the lush scenery. There are over 300 hectares of parks planned by the end of 2026, increasing green spaces across the island.

For a unique experience, visit the Buddha Tooth Relic Temple, which is rich in history and culture.

Another great option is attending free events. The MoneySmart Blog lists free events happening in July 2024, such as the Adoption Drive at Handlebar. These events provide enjoyment without needing to spend.

Check out websites that list free activities. Sites like BYKidO offer a massive list of events and samples for families.

Festivals and fairs also offer free entry. For example, the Children’s Festival in June featured various activities at no cost.

In addition, the Singapore Symphony Orchestra often holds free concerts at various venues such as Victoria Concert Hall and the Singapore Botanic Gardens. These events allow you to enjoy high-quality performances without affecting your wallet.

Another option is attending free concerts at Raffles Girls’ School, which hosts events like Concert Nova: A Journey Through Time. These concerts provide not only a cultural experience but also a chance to relax and unwind.

30) Exercise Outdoors

Engaging in activities like hiking, running or cycling not only saves money but also allows you to enjoy the fresh air and scenic views. For instance, East Coast Park and MacRitchie Reservoir are well-known spots for such activities.

Outdoor exercises also allow you to be social and meet new people. Participating in community gym classes or fitness clubs is a great way to stay motivated without the financial burden of a gym membership. Explore options like Ufit boot camps that provide the necessary equipment.

There are multiple outdoor fitness classes available. Some popular options include Skyline Aqua for high-intensity interval training on water, yoga with Yoga Seeds, and boxing sessions with Spartans Boxing Club. These can often be more affordable than traditional gyms.

31) Borrow Books from the Library

Borrow books instead of buying them. New books can cost between SGD20 to SGD40 each. By borrowing, you can read multiple books for free, saving potentially up to SGD100 monthly.

In 2021, library patrons checked out 37.9 million physical and digital items, which is close to pre-pandemic levels. This shows how popular and useful library services are among Singaporeans.

National Library Board (NLB) also has a Mobile App that allows you to borrow eBooks, eAudiobooks, and access eNewspapers and eMagazines. This means you can access a wealth of reading material from the comfort of your home.

There is even a new service called Borrow-n-Deliver, which delivers up to four library items directly to your home for a fee of SGD8. While this service comes at a cost, it can be convenient and still saves you time and money compared to buying physical books.