Money Saving Techniques

[neanea]

Save money with interest rate 11% pa stable, I think it is quite good to leverage.

Where???????

 

[lkt5525]

beg borrow steal

 

[WhiteAnt]

Only can use on two miserable hawker centers and taxi?

true, only these 2 hawkers only...

won't remember if really taking taxi

 

[xsashimix]

bookmarked....

 

[makeupconnect]

Had a chat with my friends recently and realised that many people don't even know how much they save monthly. My friends have no idea what is their current financial position, let alone, take stock of it regularly. Many of them said they want to do something concrete about it this year.

Thus, I found this post to be quite interesting. Here's just 3 out of the 10 tips. You can read the blog post for the rest.


1 Save a fixed amount of your salary, not whatever’s left of it

How: Auto-transfer a fixed amount of your salary into a separate account for savings (e.g. 40% of salary). When considering the amount to be auto-transferred, consider what is a reasonable amount of saving that you can make without making life too hard for yourself. A good way is to think through what are “fixed and regular” expenses (e.g. tithe, parents’ allowance, insurance expenses)
Why: Sign up once and let the bank do the job of “saving” for you without having to think. Works like magic!

2 Top-up your SRS to minimise tax and invest using SRS

To do: Top-up your SRS (annual cap S$12,750 for Singapore citizens and PR; 2016- S$13,500 annual cap)
Why: Lower your tax burden; enjoy tax-free investment gains made through SRS funds, and pay tax on only 50% of amount withdrawn upon retirement
(Supplementary Retirement Scheme(SRS) | POSB Singapore)

3 Donate to an IPC charity to help others and reduce your tax

To do: Donate to a charity of your choice and enjoy giving to the less fortunate
Why: Tax deductions will be 300% instead of 250% for 2015; 250% tax deductions till 2018
(https://www.sggives.org/SGGives_P_Home.aspx)

 

[BfGf Money Blog]

Save Money

Don't smoke, don't drink, don't club.

Confirm save a lot of $$$$$

 

[djchris]

Taken from http://earlyretirementextreme.com/what-should-my-savings-rate-b.html

The quintessence of saving is to spend the money while not working. Thus if you work for a month and save half your income, you can take the next month off. That should be obvious. So …

If you save 5% if your income, you can take 1 year off every time you work 19 years.

If you save 10% of your income, you can take 1 year off every time you work 9 years.

If you save 20% of your income, you can take 1 year off every time you work 4 years.

If you save 30% of your income, you can take 1 year off every time you work 2 years and 4 months.

If you save 40% of your income, you can take 1 year off every time you work 1 years and 6 months.

If you save 50% of your income, you can take 1 year off every time you work 1 year.

If you save 60% of your income, you can take 1 year and 6 months off every time you work 1 year.

If you save 70% of your income, you can take 2 years and 4 months off every time you work 1 year.

If you save 80% of your income, you can take 4 years off every time you work 1 year.

If you save 90% of your income, you can take 9 years off every time you work 1 year.

 

[missotah]

for me i am using the Citibank smrt card, it auto up, admin fee is $0.25 each top up, and i set it in such a way that each top up is $50... so far so good, save me alot of trouble. at most only top up 3 times per mth... $0.25 x 3 per mth = 0.75, not even enough to get a cup of kopi-o , so i think its worth it for the convenience u get.

Plus the queue at the top up machine can be quite long at times, and another feature is, if you ever lost the citibank smrt card, you can terminate the card, make it unusable and get back your value inside the card.

Can I top up my SMRT CC at control station or interchange? And save on the 25cents if I have the time?

If I claim rewards against smrt card means I can offset my top up amount?

 

[GenerationX]

Don't smoke, don't drink, don't club.

Confirm save a lot of $$$$$

yes. I stop all these 3 and save quite a lot!

 

[GenerationX]

Can I top up my SMRT CC at control station or interchange? And save on the 25cents if I have the time?

If I claim rewards against smrt card means I can offset my top up amount?

yes u can, but u dun get rebate if it is not auto topup by ur Citibank cc
u use the point to redeem SMRT$. they will send to ur mail box. then u go control stn pass the the staff and they will ask u fill in something then they will top up the voucher value to ur card. so far I redeem $10 each time. not sure if got higher value. (u reminded me. think I got enough to redeem again liao. haha)

 

[SCG8866T]

Buy ntuc vouchers at carousell at as high a discount as possible.

Use credit cards to your advantage primarily for rebates(ANZ optimium card to get 5% off groceries, Frank to get 6% off online purchase)

Beat inflation by stocking up tooth paste or toilet paper(buy at bulk price at big box jurong east)

Use UOB One card to pay for SP service bills at PWC building to get 3.33% rebate

Make use of risk free accounts like 360, UOB one and Starsaver to act like a "rebate" to your daily expenses.

When in doubt always check HWZ forum

 

[Perisher]

When in doubt always check HWZ forum

Best of them all.

 

[neanea]

Don't eat also. Eat air can save a lot. What is the purpose of staying alive?

 

[Genesisz]

Don't eat also. Eat air can save a lot. What is the purpose of staying alive?

This is funny.

 

[Genesisz]

Had a chat with my friends recently and realised that many people don't even know how much they save monthly. My friends have no idea what is their current financial position, let alone, take stock of it regularly. Many of them said they want to do something concrete about it this year.

Thus, I found this post to be quite interesting. Here's just 3 out of the 10 tips. You can read the blog post for the rest.


1 Save a fixed amount of your salary, not whatever’s left of it

How: Auto-transfer a fixed amount of your salary into a separate account for savings (e.g. 40% of salary). When considering the amount to be auto-transferred, consider what is a reasonable amount of saving that you can make without making life too hard for yourself. A good way is to think through what are “fixed and regular” expenses (e.g. tithe, parents’ allowance, insurance expenses)
Why: Sign up once and let the bank do the job of “saving” for you without having to think. Works like magic!

2 Top-up your SRS to minimise tax and invest using SRS

To do: Top-up your SRS (annual cap S$12,750 for Singapore citizens and PR; 2016- S$13,500 annual cap)
Why: Lower your tax burden; enjoy tax-free investment gains made through SRS funds, and pay tax on only 50% of amount withdrawn upon retirement
(Supplementary Retirement Scheme(SRS) | POSB Singapore)

3 Donate to an IPC charity to help others and reduce your tax

To do: Donate to a charity of your choice and enjoy giving to the less fortunate
Why: Tax deductions will be 300% instead of 250% for 2015; 250% tax deductions till 2018
(https://www.sggives.org/SGGives_P_Home.aspx)

I have been doing No. 1 monthly and No. 2 annually for the last many years.

Good advice.

 

[tianyi95]

I have a habit of saving up my coins everyday into the piggybank. As you know, most of us tend to use notes instead of coins, and i am one of them. I will make sure i put all my $1, $0.50 and $0.20 into the piggybank before i leave the house everyday!

Another way is that you can actually prepare your own lunchbox to work.

Also, i have been saving my money through shopping online - cashback shopping. The percentage cashback differs! Then items can be from electronics (Challengers, Courts), fashion(Zalora, Superdry) or groceries (Redmart) etc.

If you are interested, you can go to sg.shop.com/tianyi95 > click on the partner stores > enter your email address and sign up for free > enjoy the cashback!

 

[xrubiksx]

I'm not a savings pro, but if you ever shop online you should take note of day-specific discounts some sellers have like Lazada's Mastercard Monday. Want save more go sign up check out coupon and cashback websites.

I personally use Shopback since they have exclusive codes that can stack with their cashback service. Doesn't work all the time but really helped me save quite a lot from all my purchases. Only downside is that it takes freaking long to cash out for some merchants.

In most cases I always buy in bulk - cheaper and more convenient if not every alternate day have to do grocery shopping damn ma huan. Buy clothes buy books also always buy in bulk cos some e-sellers got discounts for purchase above certain amount.

 

[Panerex]

Taken from http://earlyretirementextreme.com/what-should-my-savings-rate-b.html

The quintessence of saving is to spend the money while not working. Thus if you work for a month and save half your income, you can take the next month off. That should be obvious. So …

If you save 5% if your income, you can take 1 year off every time you work 19 years.

If you save 10% of your income, you can take 1 year off every time you work 9 years.

If you save 20% of your income, you can take 1 year off every time you work 4 years.

If you save 30% of your income, you can take 1 year off every time you work 2 years and 4 months.

If you save 40% of your income, you can take 1 year off every time you work 1 years and 6 months.

If you save 50% of your income, you can take 1 year off every time you work 1 year.

If you save 60% of your income, you can take 1 year and 6 months off every time you work 1 year.

If you save 70% of your income, you can take 2 years and 4 months off every time you work 1 year.

If you save 80% of your income, you can take 4 years off every time you work 1 year.

If you save 90% of your income, you can take 9 years off every time you work 1 year.

Any assumed returns for money saved to generate the above?

 

[frenchbriefs]

Taken from http://earlyretirementextreme.com/what-should-my-savings-rate-b.html

The quintessence of saving is to spend the money while not working. Thus if you work for a month and save half your income, you can take the next month off. That should be obvious. So …

If you save 5% if your income, you can take 1 year off every time you work 19 years.

If you save 10% of your income, you can take 1 year off every time you work 9 years.

If you save 20% of your income, you can take 1 year off every time you work 4 years.

If you save 30% of your income, you can take 1 year off every time you work 2 years and 4 months.

If you save 40% of your income, you can take 1 year off every time you work 1 years and 6 months.

If you save 50% of your income, you can take 1 year off every time you work 1 year.

If you save 60% of your income, you can take 1 year and 6 months off every time you work 1 year.

If you save 70% of your income, you can take 2 years and 4 months off every time you work 1 year.

If you save 80% of your income, you can take 4 years off every time you work 1 year.

If you save 90% of your income, you can take 9 years off every time you work 1 year.

Thats amazing,save 90% income can take next 9 years off.might as well say if I cut spending down to $5 a day I can take next 30 years off.

 

[Initiatives]

Think one of the most important thing when it comes to setting aside a fix amount to save per month is not to be unrealistic. Once you find it very hard or can't hit your target, the tendency for you to stop saving all together is very likely.